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North America Home Standby Gensets Market Size

Report ID: GMI6779
Published Date: Sep 2023
Report Format: PDF

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North America Home Standby Gensets Market Size

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.

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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.

North America Home Standby Gensets Market Report Attributes
Report Attribute	Details
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:	Surging intensity of weather-related disasters Unreliable grid infrastructure and ongoing refurbishment of T&D networks Extensive investments across the real estate sector
Pitfalls & Challenges:	High operation & maintenance cost

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Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of home standby gensets in North America was worth USD 2.4 billion in 2023 and may exceed USD 5.6 billion by 2032, due to the rising frequency and intensity of weather-related disasters in the region.

The > 10 kVA - 50 kVA home standby gensets market held 60% revenue share in 2022, due to the rising shift in the role of these units, from being a secondary power source to becoming an essential necessity in many households.

U.S. home standby gensets industry size is estimated to surpass USD 1.9 billion in 2022 and is expected to witness significant growth from 2023 to 2032, owing to the substantial investments in the housing sector and government-led electrification initiatives in the nation.

Major players operating in the market are Cummins, Inc., Kirloskar, Generac Power Systems, Inc., Caterpillar, Eaton, Champion Power Equipment, HIMOINSA, Powerica Limited, Gillette Generators, Briggs & Stratton, and Winco Generators.