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Home Standby Gensets Market Trends

Report ID: GMI3308
Published Date: Jul 2024
Report Format: PDF

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Home Standby Gensets Market Trends

The rising focus on environmental sustainability in line with paradigm shift toward renewable energy systems will propel the business outlook. Heightened awareness of energy security & resilience along with utilization of cleaner fuel sources including natural gas and LPG will complement the industry scenario. Moreover, the increasing incorporation of remote monitoring capabilities in these units combined with expansion of residential infrastructure will drive the adoption of standby generator sets. Continuous digital advancements in generators systems including remote monitoring capability, integration of IoT systems, and predictive maintenance will influence the business outlook.

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of home standby gensets was reached USD 7.9 billion in 2023 and is anticipated to register 6.7% CAGR between 2024 and 2032, due to the increasing frequency of extreme weather events and extensive investment across the real estate sector.

The diesel segment in the home standby gensets market will witness 5.5% CAGR through 2032, on account of their long operational life and highly reliable and increasing power demand to support moder appliances.

North America home standby gensets market is set to surpass USD 4.5 billion by 2032, due to the surging investments in the residential sector and proactive government initiatives.

Ashok Leyland, American Honda Motor Co., Inc., Briggs & Stratton, Caterpillar, Champion Power Equipment, Cummins, Inc., Eaton, ECHO Group, Generac Power Systems, Inc., and Gillette Generators, among others.