Home Standby Gensets
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How Large Will the Home Standby Gensets Market Size By 2025?
The market size for home standby gensets has experienced significant growth in the past few years. The market is projected to expand from a value of $4.75 billion in 2024 to $5.11 billion in 2025, displaying a compound annual growth rate (CAGR) of 7.6%. The historic period’s growth is credited to factors such as enhanced power reliability, an upsurge in severe weather incidences, escalation in aged electrical infrastructure, heightened power dependence, and a rise in healT*HCare requirements.
How Big Is the Home Standby Gensets Market Size Expected to Grow by 2029?
In the coming years, robust expansion is anticipated in the home standby gensets market, with the market size projected to reach $7.3 billion by 2029, growing at a compound annual growth rate (CAGR) of 9.3%. The reasons for this growth in the projected period include an increase in home electrification, climate change and natural disasters, an aging population, energy transition, and improved energy resilience. Noteworthy trends projected for this period encompass the incorporation of smart technology, the usage of natural gas and propane as fuel alternatives, improved transfer switches, comprehensive house backup, and portable standby generators.
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Which Key Market Drivers Powering Home Standby Gensets Market Expansion and Growth?
The surge in city dwellers is anticipated to stimulate the expansion of the home standby gensets market. This shift of population to cities often leads to a higher demand for home standby generators, which are directly linked to the house’s electrical grid and can supply consistent power for several days if necessary. The swift move to urban living has amplified the reliance on home standby gensets due to the increased demand from urban residents. For instance, data from the United Nations Department of Economic and Social Affairs predicts that by 2050, 68% of the world’s population will be living in urban areas, with a staggering 90% of this surge occurring in Africa and Asia. Hence, speedily advancing urbanization is the driving factor for the growth of the home standby gensets market.
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Which Fast-Growing Trends Are Poised to Disrupt the Home Standby Gensets Market?
Leading businesses in the home standby gensets industry are focusing on the introduction of high-powered generators like the Home Energy Storage System product line to remain competitive. A Home Energy Storage System (HESS) is comprised of unified devices that store renewable energy, such as from solar panels or the electric grid, for household use. These systems enable users to manage energy use effectively, boost energy autonomy, and reduce electricity bills. For example, in September 2024, Generac Holdings, a company based in the US that manufactures backup power generation products, introduced the PWRcell 2 and the future PWRcell 2 MAX. The PWRcell 2 supplies 18 kWh capacity and a max continuous power of 10 kW, adequate to kickstart multiple home loads including a 5-ton A/C unit, while the soon-to-be-released PWRcell 2 MAX will offer 11.5 kW maximum power capable of handling loads over 200A LRA. Both systems are designed to integrate flawlessly with Generac’s generators, guaranteeing dependable backup during long-term power outages by recharging while powering the house. They also natively integrate with Ecobee smart thermostats, aiding homeowners in tracking and reducing energy expenses. The PWRcell 2 is set to be available by the end of the year, followed by the PWRcell 2 MAX in mid-2025.
What Are the Emerging Segments in the Home Standby Gensets Market?
The home standby gensets market covered in this report is segmented –
1) By Product Type: Air Cooled, Liquid Cooled
2) By Fuel Type: Natural Gas, Diesel, Other Fuel Types
3) By Phase Type: Single Phase, Three Phase
Subsegments:
1) By Air Cooled: Portable Air Cooled Generators, Stationary Air Cooled Generators
2) By Liquid Cooled: Residential Liquid Cooled Generators, Commercial Liquid Cooled Generators
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Who Are the Global Leaders in the Home Standby Gensets Market?
Major companies operating in the home standby gensets market include Cummins Inc., Briggs & Stratton Corp., Generac Holdings Inc., Caterpillar Inc., Honeywell International Inc., Eaton Corporation plc, Mahindra Powerol Ltd., Powerica Limited, HIMOINSA Yanmar Company, Ashok Leyland Ltd., Kirloskar Oil Engines Limited, Siemens AG, Kohler Co. Inc., Rolls-Royce Power Systems AG, MTU Onsite Energy GmbH, DuroMax Power Equipment, Atlas Corp., Doosan Portable Power, Gelec HK Limited, Aurora Generators Inc., RID GmbH, JS Power Solutions Pvt. Ltd., Champion Power Equipment Inc., Westinghouse Electric Corporation, Yamaha Motor Co. Ltd., Honda Motor Co. Ltd., Subaru Corporation, WEN Products Inc., Pulsar Products Inc., Buffalo Corporation, SUMEC Group
Which are the Top Profitable Regional Markets for the Home Standby Gensets Industry?
North America was the largest region in the home standby gensets market in 2024. The regions covered in the home standby gensets market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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