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North America Home Standby Gensets Market size was valued at USD 2.4 billion in 2023 and is estimated to expand at 7.8% CAGR between 2024 and 2032.
The rising frequency and intensity of weather-related disasters have generated a greater need for standby generators in a wide range of applications. Events like severe sleet storms, freezing rain, and strong winds have resulted in extended power failures, ranging from a few hours to several weeks. As a result, the market for generator sets has experienced substantial growth.
Report Attribute | Details |
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Base Year: | 2023 |
North America Home Standby Gensets Market Size in 2023: | USD 2.4 Billion |
Forecast Period: | 2024 to 2032 |
Forecast Period 2024 to 2032 CAGR: | 7.8% |
2032 Value Projection: | USD 5.6 Billion |
Historical Data for: | 2019 to 2023 |
No. of Pages: | 100 |
Tables, Charts & Figures: | 179 |
Segments covered: | Power Rating, Fuel, Phase, Product |
Growth Drivers: |
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Pitfalls & Challenges: |
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The North America home standby gensets market remained unaffected by the COVID-19 pandemic. Instead, the industry has experienced a boost in its prospects owing to heightened consumer awareness regarding the need for dependable backup power solutions during lockdowns and disruptions. The increasing emphasis on uninterrupted power supply, coupled with the growing trend of remote work from home, has further complemented the industry growth.
Power supply interruptions ranging from a few hours to weeks are primarily caused by severe weather conditions including sleet storms, high winds, and freezing rain, driving the industry potential. These weather-related events often lead to the damage of power lines and equipment, thereby driving the business outlook. The robust growth of residential construction, including apartments and duplexes, will have a positive impact on the industry's expansion. Additionally, the increasing population of senior nursing and housing properties represents another segment with significant potential for the adoption of these backup power units.
The diesel gensets industry will grow at a rate of 7.4% through 2032. These generators continue to be a popular choice for homeowners who prioritize reliability during power outages. Diesel engines are known for their durability and ability to provide consistent power for extended periods. These units provide sufficient power to keep an entire home or even a small business operational during an outage.
The > 10 kVA - 50 kVA home standby gensets market holds a market share of about 50% in 2022. These generators are commonly installed in apartments and residences to ensure a dependable power supply during emergency situations. Moreover, the notable shift in the role of these units, from being a secondary power source to becoming an essential necessity in many households, will significantly enhance the North America home standby gensets market outlook.
The single phase generator sets industry is set to surpass USD 2.5 billion by 2032. The demand for home standby generators has been on the rise owing to increasing concerns about power outages caused by severe weather events, aging infrastructure, and other factors. Homeowners are increasingly recognizing the importance of having a reliable backup power source.
The air-cooled home standby generator industry have gained popularity among homeowners due to their lower maintenance requirements and ease of installation compared to its available counterparts. They are often considered a more cost-effective solution for smaller residential properties.
The U.S. home standby gensets market exceeded USD 1.9 billion in 2022, driven by substantial investments in the housing sector and government-led electrification initiatives. Ongoing technological advancements, including remote operation and integration with smart home systems, are also contributing to this growth, responding to rising consumer demand for dependable power supply. In addition, the region is attracting substantial foreign investments and witnessing the emergence of upscale real estate projects, which further enhance the industry's growth outlook.
The major players operating in the North America home standby gensets market includes
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By Power Rating
By Fuel
By Phase
By Product
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