February 28, 2020
According to recent study titled ‘North America Home Standby Gensets Market Size By Fuel, Phase, Product, Power Rating, Industry Analysis Report, Regional Analysis, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 -2026’ available with Market Study Report LLC, North America home standby gensets market is projected to record a growth of 6% by the end of 2026.
Severe weather conditions on account of global climate change is augmenting the demand for standby gensets for uninterrupted power supply across the region. Expansion of residential spaces supported by increasing real estate funds is augmenting the product demand. Additionally, rising number of metropolitan regions is encouraging investors to procure new assets which is positively impacting the market outlook. Growing consumer awareness and inflowing investments towards backup power supply will further enhance the growth of North America home standby gensets market.
High electricity costs, poor transmission & distribution infrastructure, and increasing energy demand from the ever-growing population are encouraging the product installation across the region. Moreover, lack of proper grid infrastructure especially in power deficit regions will augment the market growth in the forthcoming years. Rising disposable income coupled with growing dependence on powered operations such as water heater, kitchen appliances, furnace, security systems, and lights will continue to stimulate the product demand over the forecast timeline.
Elaborating on the product type, North America home standby gensets market is classified into air cooled and liquid cooled. Liquid cooled segment is presumed to gain decent traction during the study period, owing to the increasing deployment of these gensets in large residential spaces such as mansions and luxury homes. Higher efficiency as compared to its counterparts is favoring the segment growth.
Based on the phase, North America home standby gensets market is segmented into single and three. Single phase standby gensets market segment is expected to show considerable growth during the analysis period, owing to growing consumer awareness regarding power backup systems in conjunction with frequent power outages due to unreliable grid network. High operational efficiency for low power ranges and low maintenance costs of these systems are supporting the product adoption across small or medium residential establishments, thereby augmenting the segmental growth.
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Major players operating in North America home standby gensets market are Generac, Kohler SDMO, Cummins, Himoinsa, Briggs & Stratton, Caterpillar, Eaton, MTU Onsite, Siemens, and Honeywell International, Inc. among others.
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