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Three Phase Home Standby Gensets Market Size

Report ID: GMI7658
Published Date: Dec 2023
Report Format: PDF

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Three Phase Home Standby Gensets Market Size

Three Phase Home Standby Gensets Market was valued at USD 2.8 billion in 2023 and is anticipated to expand at 6.5% CAGR from 2024 to 2032. The surging intensity of weather-related disasters along with increasing frequency of extreme weather events will result in an upward trend in the market. Furthermore, extreme weather events, aging power infrastructure, and grid vulnerabilities contribute to a growing need for reliable backup power solutions.

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The significant increase in the extensive investments across the real estate sector will play a pivotal role in shaping the industry's demand dynamics. Rapid urbanization and increasing consumer propensity is proven to be influential for the growth of the market, thereby augmenting the growth for the three phase home standby gensets market. Additionally, the desire for uninterrupted power supply for critical appliances, medical equipment, and other essential services drives the demand for these generators.

Three Phase Home Standby Gensets Market Report Attributes
Report Attribute	Details
Base Year:	2023
Three Phase Home Standby Gensets Market Size in 2023:	USD 2.8 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	6.5%
2032 Value Projection:	USD 4.9 Billion
Historical Data for:	2019 to 2023
No. of Pages:	400
Tables, Charts & Figures:	1,016
Segments covered:	Power Rating, Product, Fuel
Growth Drivers:	Increasing frequency of extreme weather events Ongoing refurbishment of T&D networks Extensive investments across the real estate sector Surging urbanization rate & increasing consumer propensity Aging grid infrastructure & rapid population growth
Pitfalls & Challenges:	High operation & maintenance cost Growing proportion of renewable power generation

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Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of three-phase home standby gensets was reached USD 2.8 billion in 2023 and is projected to surpass USD 4.9 billion by 2032, owing to the rising intensity of weather-related disasters coupled with the increasing frequency of extreme weather events.

The gas segment held 40% revenue share of the three phase home standby gensets market in 2023 and is estimated to witness high demand through 2032, owing to its advantages, such as long operational life and easier handling.

Asia Pacific market for home standby generator sets was worth USD 538.1 million in 2023 and is set to exhibit robust growth between 2024 and 2032, attributed to the ongoing shift in dependence on electronics and electrical appliances.

Some of the leading three phase home standby genset companies are Cummins, Kohler Co., Kirloskar, Generac Power Systems, Rolls-Royce plc, Caterpillar, Eaton Mahindra POWEROL, Ashok Leyland, HIMOINSA, Gillette Generators, and HIPOWER, among others.