Global Home Standby Gensets Market to surpass USD 5 Bn by 2025

December 08, 2019

Global home standby gensets market is predicted to exceed USD 5 billion by the year 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.

Increasing severity of climate related power outages due to decrementing environmental conditions together with surging awareness about emergency preparedness among consumers is poised to propel global home standby gensets market. Moreover, burgeoning inadequacy of current grid infrastructure to cater to the elevating power demand would create opportunities for the deployment of these products, mainly across the power deficient areas.

In terms of regional contribution, European home standby generator sets market is predicted to grow more than 5 percent by 2025. The rapid development of the residential sector on account of massive investments in real estate would impact gensets demand in the region. In addition to this, increasing focus of investors on urban regions with opportunities for securing new assets would further create demand for home standby gensets. Furthermore, burgeoning consumer spending and increasing awareness about emergency backup power solutions would amplify growth prospects for the regional market.

On the other hand, the United States home standby gensets market is projected to be worth close to USD 1 billion by the year 2025. Increasing frequency and intensity of extreme weather conditions triggered by climate change would amplify the adoption of the product. For example, in 2017, Hurricane Maria, wrecked more than 80 percent of the power distribution lines in Puerto Rico, depriving around 1.5 million electricity consumers of power. Such incidences are increasing reliance on standby backup power solutions as an outage preparedness measure for unforeseen extreme climate conditions.

In terms of phase, single phase segment of home standby generator sets market is projected to observe strong growth due to unreliable grid networks together with surging consumer awareness about backup power solutions. These generator sets are fit for medium and small sized residential applications because of their comparatively lower maintenance and operational appropriateness for low power ranges. Additionally, financial feasibility of the product to serve low internal loads would expedite its deployment.

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Depending on the product landscape, the market can be bifurcated into air cooled and liquid cooled. The findings of the report claim that liquid cooled home standby gensets would expand at a CAGR more than 6 percent by 2025. These gensets demonstrate higher efficiency and are consequently more effective and stronger than air-cooled gensets.

Increasing disposable income leading to hike in residential investments is projected to augment home standby gensets market share over the forecast duration. Surging dependency on power for operating key circuits, including garage-door opener, lights, well pump, security system, water heater, furnace, kitchen appliances, etc. would boost the demand for generator sets to avoid disruption in day to day activities.

The leading organizations operating in the home standby gensets industry are Generac, Kohler SDMO, Briggs & Stratton, Mahindra Powerol, Cummins, Himoinsa, Caterpillar, Kirloskar Oil Engines Limited (KOEL), MTU Onsite, Siemens, and Eaton amongst others.

Frequently Asked Questions (FAQ) :

According to the report, increased pervasiveness of power outages due to deteriorating environmental conditions in tandem with increasing awareness pertaining to emergency response procedures are major factors driving the home standby gensets market growth. Rising inadequacy of existing power distribution networks to cater the growing power demand will assist the installation of home standby gensets, thus aiding the market size. Rising per capita income has led to surging investments in residential sector which in turn is stimulating the industry outlook. Increasing dependency on electricity for the operations of garage-door openers, lights, well pumps, security systems, water heater, furnace, and kitchen appliances are fostering the demand for home standby gensets across the globe.
The report states that liquid cool home standby gensets market segment is expected to grow with a CAGR of 6% during the period of 2019-2025. Although liquid cool home standby gensets are relatively expensive, these gensets are ideal for large residential establishments such as luxury homes and mansions, which is contributing towards the popularity of the product across the globe, cites the report.
The report cites that home standby gensets market in Europe is presumed to expand with a CAGR of 5% between 2019 and 2025. Growing residential sector due to surging investments in real estate for developing urban areas are augmenting the regional demand for the product. On the other hand, U.S. home standby gensets market is expected to exceed USD 1 billion by the year 2025. High growth is attributed towards rising prevalence of natural calamities which has led to rising adoption of home standby gensets. The demand for the product in Nigeria is expected to expand by 10% by the year 2025, primarily due to high costs of electricity, growing population and inadequate distribution network.
The prominent companies operating in the home standby gensets market are Powerica Ltd., Himoinsa, Ashok Leyland, Mahindra Powerol, DuroMax Power Equipment, Champion Power Equipment, Eaton Corporation, Honeywell International Inc., Siemens AG, MTU Onsite Energy, Caterpillar, Generac, SDMO Industries, Briggs & Stratton, Kirloskar Oil Engines Ltd. and Cummins.