Home Standby Gensets Market Size

Home Standby Gensets Market Size

Home Standby Gensets Market was valued at USD 7.9 billion in 2023 and is anticipated to grow at a CAGR of over 6.7% from 2024 to 2032. The increasing necessity for reliable and efficient backup power units in association with increasingly prioritizing uninterrupted power supply to maintain essential services and comfort during outages will energize the business potential. Ongoing construction projects in residential apartments including single-family and multifamily along with improvement in technological systems will escalate the industry scenario.

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Home standby genset is a power backup systems designed to automatically activate and provide electricity to a home during a power outage. Continuous efforts by the government to promote incentives program, regulations, and subsidies in line with growing concern toward environmental sustainability, disaster preparedness & energy security are the key factors, which will stimulate the market dynamics. Furthermore, supportive incentives comprising of rebates and tax credits for the deployment of generator sets coupled with rising need for low emissions and high efficiency units will enhance industry scenario.