Press release
Home Standby Gensets Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | Cummins Inc., Briggs & Stratton Corp., Generac Holdings Inc., Caterpillar Inc., Honeywell International Inc
Home Standby Gensets Market Size
The Business Research Company offers in-depth market insights through Home Standby Gensets Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The home standby gensets market size has grown strongly in recent years. It will grow from $4.46 billion in 2023 to $4.83 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to increase in power reliability, rise in extreme weather events, rise in aging electrical infrastructure, increased power dependency, increase in healthcare needs.
The home standby gensets market size is expected to see strong growth in the next few years. It will grow to $6.82 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to increasing home electrification, increasing climate change and natural disasters, increasing aging population, increasing energy transition, rising energy resilience. Major trends in the forecast period include smart technology integration, natural gas and propane fuel options, enhanced transfer switches, whole-house backup, portable standby generators.
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Market Segmentation:
The main types of products in home standby gensets are air-cooled and liquid-cooled. Air-cooled is a cooling device that reduces the temperature by circulating air. The different phases include a single-phase, and three-phase and involve various fuel types such as natural gas, diesel, and other fuel types.
Major Driver - Rapid Urbanization Fuels Growth In The Home Standby Gensets Market
Rapid urbanization is expected to propel the growth of the home standby gensets market going forward. Urbanization refers to the population shifted to the urban areas. Home standby generators are directly connected to the home's electrical system and can provide continuous power for days if required. The rapid urbanization had increased the use of home standby gensets as most of the urban people will be in need of home standby gensets. For instance, according to United Nations, department of economic and social affairs, the world's population living in urban areas is expected to project at 68% by 2050, where 90% of this increase is taking place in African and Asia regions. Therefore, rapid urbanization is driving the growth of the home standby gensets market.
Competitive Landscape:
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., J.C. Bamford Excavators Limited, RID GmbH, Nationstar Mortgage Holdings Inc., 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
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Top Trend - Strategic Partnerships And Collaborations Drive Innovation And Expansion In The Home Standby Gensets Market
Strategic partnerships and collaborations have emerged as the key trends in the home standby gensets market. Major companies operating in the home standby gensets are focused on partnerships and collaborations in order to expand their reach into new areas and become industry leaders. For instance, in February 2021, Cummins Inc., a US-based power company, and ISUZU a Tokyo-based automobile company operating in home stand-by gensets formed an agreement. Through this partnership, both firms will be able to use their capabilities to drive innovation in advanced diesel and other technology solutions. Isuzu and Cummins also signed an advanced technology agreement to collaborate on advanced engineering research for various powertrain technologies. Further, in February 2022, Sunnova Energy International Inc., a US-based provider of battery storage and system protection services partnered with Generac, a US-based company operating in homestand by gensets. Through this partnership, the companies aim to bring increased resiliency to homeowners.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Home Standby Gensets Market Characteristics
3. Home Standby Gensets Market Trends And Strategies
4. Home Standby Gensets Market - Macro Economic Scenario
5. Home Standby Gensets Market Size And Growth
…..
27. Home Standby Gensets Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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