Home Press Releases Home Standby Gensets Market Size worth $9.66 billion By 2030 | CAGR: 8.3%

Home Standby Gensets Market Size worth $9.66 billion By 2030 | CAGR: 8.3%

The global home standby gensets market size is expected to reach USD 9.66 billion by 2030 according to a new study by Polaris Market Research. The report “Home Standby Gensets Market Share, Size, Trends, Industry Analysis Report, By Fuel (Diesel, Gas, Others); By Phase (Single Phase, Three Phase); By Product (Air Cooled, Liquid Cooled); By Power Rating; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.

 

The key factors responsible for the market growth include increased weather-related electrical interruptions due to increasing environmental conditions and the growing importance of emergency preparedness measures among end-users. For instance, according to Climate Central, Extreme weather fuelled by climate change affects the aging electrical grid in the United States, resulting in large-scale power outages. Extreme weather regularly damages the old electrical grid, costing Americans and the economy tens of billions each year and affecting public health.

 

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Further, since 2000, there has been a 67 % in large power outages due to weather-related events, according to Climate Central’s analysis of national power outage data. In recent years, two-thirds of states (34 states plus Washington, D.C.) have seen an increase in disruptions caused by extreme weather. The amount of weather-related power outages varies by country’s area, with the Northeast and Southeast experiencing the most disruptions. Thus, the rising electric disturbance across the globe, such as a tornado, hurricane/tropical storm, ice storm, lightning, wind/rain, or other cold weather,  among others, has led to an increase in the demand for the industry which is boosting the industry growth during the forecast period.

 

Based on the fuel, the gas-based segment accounted for the leading share in the industry in 2021. Concerns about energy security, problems about fossil-fuel consumption, and increasing inclinations toward renewables and green fuels will all have a beneficial impact on the demand for gas-based home standby gensets. Moreover, as more low-emission units are adopted to comply with existing industry standards, the gas generator business environment will improve.

 

With indefinite nationwide lockdowns and a severe limit on public mobility, the unexpected spread of COVID-19 has resulted in the stopping of several industrial operations across all economies. Meanwhile, the ongoing digital revolution will positively influence the industry share, which is attributable to an increase in industrial automation and technical advancements.

 

Major players such as Honeywell International Inc., Champion Power Equipment, SDMO Industries, DuroMax Power Equipment, Siemens AG, Kirloskar Oil Engines Limited, Mahindra Powerol, Eaton Corporation, Powerica Ltd., and Ashok Leyland are some key players operating in the global market.

 

Polaris Market Research has segmented the home standby gensets market report based on power rating, fuel, phase, product, and region:

 

Home Standby Gensets, Power Rating Outlook (Revenue – USD Billion, 2018 – 2030)

  • <10 kVA
  • 10 kVA – 50 kVA
  • 50 kVA – 100 kVA
  • >100 kVA

Home Standby Gensets, Fuel Outlook (Revenue – USD Billion, 2018 – 2030)

  • Diesel
  • Gas
  • Others

Home Standby Gensets, Phase Outlook (Revenue – USD Billion, 2018 – 2030)

  • Single Phase
  • Three Phase

Home Standby Gensets, Product Outlook (Revenue – USD Billion, 2018 – 2030)

  • Air Cooled
  • Liquid Cooled

Home Standby Gensets, Regional Outlook (Revenue – USD Billion, 2018 – 2030)

  • North America
    • U.S.
    • Canada
  • Europe
    • France
    • Germany
    • UK
    • Italy
    • Spain
    • Netherlands
    • Austria
  • Asia Pacific
    • China
    • India
    • Japan
    • Malaysia
    • South Korea
    • Indonesia
  • Latin America
    • Mexico
    • Brazil
    • Argentina
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Israel
    • South Africa

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