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Single Phase Home Standby Gensets Market Trends

Report ID: GMI9021
Published Date: Apr 2024
Report Format: PDF

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Single Phase Home Standby Gensets Market Trends

The notable investments in the real estate sector along with ongoing grid vulnerabilities will drive the generator sets market. Increasing consumer propensity toward reliable backup power solutions along with surging urbanization rate will drive the industry outlook. Furthermore, the demand for these generators is fueled by the need for continuous power supply to support critical appliances, medical equipment, and other essential services. Growing emphasis on sustainability along with rising adoption of smart technologies will augment the business scenario.

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of single phase home standby gensets was recorded USD 5.1 billion in 2023 and is expected to depict 6.8% CAGR from 2024 to 2032, on account of the escalating severity of weather-related disasters and the rising occurrence of extreme weather events.

The ? 10 kVA power rating segment in the single phase home standby gensets market is estimated to account for over USD 2.5 billion by 2032, led by the growing concerns about power outages owing to extreme weather events and grid instability.

Asia Pacific single phase home standby gensets industry is estimated to be worth over USD 3 billion by 2032, due to the rising number of real estate construction projects and the widespread embrace of smart homes.

Ashok Leyland, Caterpillar, Champion Power Equipment, Cummins, Eaton, Generac Power Systems, Gillette Generators, HIMOINSA, HIPOWER, Kirloskar, Kohler Co., Mahindra POWEROL, Powerica Limited, PR INDUSTRIAL, and Rolls-Royce plc are some of the major single phase home standby gensets companies worldwide.