Press release
Emerging Trends Influencing The Growth Of The Home Standby Gensets Market:Generac Launches Advanced Home Energy Storage Systems To Enhance Power Management And Efficiency
Home Standby Gensets
How Big Is the Home Standby Gensets Market Size Expected to Be by 2034?
The market size for home standby gensets has experienced robust growth in the past few years. The market is expected to increase from $4.75 billion in 2024 to $5.11 billion in 2025, recording a compound annual growth rate (CAGR) of 7.6%. The growth experienced during the historic period can be linked to factors such as enhanced power reliability, the occurrence of extreme weather conditions, aging electrical infrastructure, escalating power dependency, and rising healthcare requirements.
The market for home standby gensets is projected to experience significant expansion in the coming years, reaching a worth of $7.3 billion in 2029, and growing at a compound annual growth rate (CAGR) of 9.3%. The anticipated growth during the forecast period can be ascribed to factors such as accelerated home electrification, escalating climate change and natural disasters, a growing elderly population, the hike in energy transition, and increased energy resilience. Principal trends expected during this period encompass the integration of smart technology, options for natural gas and propane fuel, improved transfer switches, comprehensive house backup, and portable standby generators.
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What Are the Emerging Segments Within 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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What Long-Term Drivers Are Shaping Home Standby Gensets Market Trends?
The accelerated urbanization is anticipated to drive the expansion of the home standby gensets market. Urbanization involves the transition of the populace to urban regions. Home standby generators, which are directly plugged into the house's electrical grid and can supply uninterrupted power for days as needed, have seen a rise in usage due to heightened urbanization. Majority of urban dwellers find these gensets to be a necessity. For instance, a report by the United Nations, Department of Economic and Social Affairs, predicts that by 2050, 68% of the global population will be residing in urban areas, with 90% of this growth occurring in Africa and Asia. Thus, accelerated urbanization is a primary factor propelling the expansion of the home standby gensets market.
Who Are the Top Competitors in Key Home Standby Gensets Market Segments?
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
What Home Standby Gensets Market Trends Are Gaining Traction Across Different Segments?
Major firms active in the home standby gensets sector are shifting their attention towards the launch of high-powered generators such as the Home Energy Storage System product line to boost their market position. Home Energy Storage Systems (HESS) are integrated devices designed to store energy generated from renewable resources such as solar panels or the grid for residential applications. With these systems, homeowners can maximize energy use, ramp up energy independence, and cut down on electricity costs. For example, Generac Holdings, a U.S.-based firm specializing in backup power generation products, unveiled PWRcell 2 and PWRcell 2 MAX in September 2024. The PWRcell 2 provides an 18 kWh capacity along with 10 kW max continuous power, enough to activate a range of household loads, including a 5-ton air conditioning unit. The forthcoming PWRcell 2 MAX also offers 11.5 kW max power and can handle loads above 200A LRA. These systems can flawlessly merge with Generac's generators, ensuring consistent backup during extended blackouts by recharging as they power the house. They also have native integration with Ecobee smart thermostats for effective home energy control, aiding homeowners in tracking and reducing energy expenses. The PWRcell 2 is expected to be available by the end of the year, and the PWRcell 2 MAX is slated for release in mid-2025.
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Which Regions Are Becoming Hubs for Home Standby Gensets Market Innovation?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Home Standby Gensets Market?
2. What is the CAGR expected in the Home Standby Gensets Market?
3. What Are the Key Innovations Transforming the Home Standby Gensets Industry?
4. Which Region Is Leading the Home Standby Gensets Market?
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