The global home standby gensets market is anticipated to grow at a significant CAGR of nearly 4.8% during the forecast period. The major factor that drives the market growth include rising issues of outage in developed countries across the globe due to the unpredictable weather conditions and aging electrical infrastructure. Fixing damaged infrastructure caused by the bad weather takes large amount of time. For instance, Tropical Storm Isaias swept the East Coast of the US in July 2020. More than two million people were left without power during the storm. The outage continued for days in some places. In Connecticut, more than 4,000 people lacked power a week after the Isaias storm. However, continuing digital revolution attributed to upsurge in industry automation, and technological upgradations will positively influence the market share. These units cater to a wide range of applications across residential, and light duty commercial sites, thereby enhancing the product penetration.
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The COVID-19 pandemic had disrupted the manufacturing operations of various industries across the globe, which had drastically reduced the demand for home standby gensets. major players have suffered closures due to the lockdown measures implemented by various countries globally to curb the spread of the COVID-19 along with the disruption of the supply chain. various manufacturers shifted their production toward medical devices and equipment to support government strategies to combat the pandemic. Therefore, the demand for home standby gensets was adversely affected by the COVID-19 pandemic. As the COVID-19 situation normalizes, the home standby gensets market started recovery as industrial operations were normalized after the recovery.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Home Standby Gensets Market Report by Segment
By Cooling System
- Air Cooled
- Liquid Cooled
By Power Rating Type
- <10 kVA
- 10-50 kVA
- 50-100 kVA
- >100 kVA
By Fuel Type
- Natural Gas
- Diesel
- Others
By Phase Type
- Single Phase
- Three Phase
Global Home Standby Gensets Market Report by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global Home Standby Gensets market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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