Press release
Surging Power Dependency and Climate Threats Fuel Growth in the Home Standby Gensets Market
Home Standby Gensets Market
What Is The Projected Market Size Of The Global Home Standby Gensets Market And Its Growth Rate?
The global home standby gensets market has shown impressive growth in recent years and this trend is likely to continue, driven by many factors:
o It will grow from $4.75 billion in 2024 to $5.11 billion in 2025 at a compound annual growth rate (CAGR) of 7.6%.
o It is expected to reach $7.3 billion in 2029 at a CAGR of 9.3%.
What Is Driving The Growth In The Home Standby Gensets Market?
Rapid urbanization leads to increased use of home standby gensets as these devices are directly connected to the home's electrical system and provide continuous power when required. For instance, the United Nations predicts 68% of the world's population will live in urban areas by 2050, most of the increase occurring in Africa and Asia. This surge in urban living is poised to further drive the growth of the home standby gensets market.
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Who Are the Key Players Driving Home Standby Gensets Market Growth?
Key market players include:
o Cummins Inc.
o Briggs & Stratton Corp.
o Generac Holdings Inc.
o Caterpillar Inc.
o Honeywell International Inc.
o Eaton Corporation plc
o Mahindra Powerol Ltd.
o Powerica Limited
o HIMOINSA Yanmar Company
o Ashok Leyland Ltd.
o Kirloskar Oil Engines Limited
o Siemens AG
o Kohler Co. Inc.
o Rolls-Royce Power Systems AG
o MTU Onsite Energy GmbH
o DuroMax Power Equipment
o Atlas Corp.
o Doosan Portable Power
o Gelec HK Limited
o Aurora Generators Inc.
o RID GmbH
o JS Power Solutions Pvt. Ltd.
o Champion Power Equipment Inc.
o Westinghouse Electric Corporation
o Yamaha Motor Co. Ltd.
o Honda Motor Co. Ltd.
o Subaru Corporation
o WEN Products Inc.
o Pulsar Products Inc.
o Buffalo Corporation
o SUMEC Group
What Are The Key Trends In The Home Standby Gensets Market?
Major trends expected to shape the market include:
o Smart technology integration
o Natural gas and propane fuel options
o Enhanced transfer switches
o Whole-house backup
o Portable standby generators
What Are The Segments Of The Global Home Standby Gensets Market?
The market is segmented by:
o Product Type: Air Cooled, Liquid Cooled
o Fuel Type: Natural Gas, Diesel, Other Fuel Types
o Phase Type: Single Phase, Three Phase
Which Region Leads The Home Standby Gensets Market?
North America was the largest region in the home standby genset market in 2024. The report also covers Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East and Africa.
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What Is Covered In The Home Standby Gensets Market Global Market Report?
- Market Size Analysis: Analyze the Home Standby Gensets Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Home Standby Gensets Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Home Standby Gensets Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Home Standby Gensets Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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