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.