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 Phase (Single Phase, Three Phase); By Fuel (Diesel, Gas, Others); By Product; By Power Rating (< 10 kVA, 10 kVA – 50 kVA, 50 kVA – 100 kVA, > 100 kVA; 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 industry growth include increased weather-related electrical interruptions due to improving 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.
Have Questions? Request a sample or make an Inquiry before buying this report by clicking the link below: https://www.polarismarketresearch.com/industry-analysis/home-standby-gensets-market/request-for-sample
Further, since 2000, there has been a 67 % large power outage due to weather-related events, according to Climate Central’s national power outage data analysis. In recent years, two-thirds of states (34 states plus Washington, D.C.) have seen increased 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 disorders.
Thus, the rising electric disturbance across the globe, such as a tornado, hurricane/tropical storms, 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 with fossil-fuel consumption, and increasing inclinations toward renewables and green fuels will benefit the demand for the segment. Moreover, as more low-emission units 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 stopped several industrial operations across all economies. Meanwhile, the ongoing digital revolution will positively influence the industry share, attributable to an increase in industrial automation and technical advancements.
Major players include 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)
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
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa