Home Standby Genset Market
Home Standby Genset Market Forecasts to 2030 - Global Analysis By Product Type (Gas-Powered Generators, Diesel-Powered Generators, Dual-Fuel Generators, Portable Generators, Inverter Generators, Hybrid Generators and Other Product Types), Fuel Type, Power Rating, Application, End User and By Geography
Years Covered |
2022-2030 |
Estimated Year Value (2024) |
US $8.5 BN |
Projected Year Value (2030) |
US $14.1 BN |
CAGR (2024 - 2030) |
8.7% |
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
Largest Market |
North America |
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Home Standby Genset Market is accounted for $8.5 billion in 2024 and is expected to reach $14.1 billion by 2030 growing at a CAGR of 8.7% during the forecast period. A home standby generator, or genset, is a backup power system designed to automatically provide electricity to a home during outages. Typically fueled by natural gas or propane, it is permanently installed outside the home and connected to the electrical system. When a power failure occurs, the genset detects the loss of utility power and activates within seconds, ensuring that essential appliances and systems remain operational. This reliable solution enhances home resilience, offering peace of mind during storms and emergencies.
According to the World Economic Forum, India has one of the world's fastest-growing economies. Consumer spending is expected to increase fourfold by 2030. By 2030, India's economy would shift from one dominated by the poor to the middle class. By 2030, the income group will account for 75% of all consumer spending.
Market Dynamics:
Driver:
Increasing demand for uninterrupted power
The demand for uninterrupted power in the market is surging, fueled by frequent power outages and heightened reliance on electrical devices. Homeowners seek reliable backup solutions to protect against disruptions caused by extreme weather, grid failures, and natural disasters. This growing awareness of the need for energy security drives investment in standby gensets, leading to advancements in technology. Manufacturers are responding by developing more efficient, quieter, and eco-friendly generators, catering to consumers' needs for dependable power in their homes.
Restraint:
Limited awareness
Limited awareness in the market significantly hampers consumer adoption and safety. Many homeowners remain uninformed about the benefits of these systems, such as energy reliability and emergency preparedness. This lack of knowledge can lead to poor decision-making, resulting in inadequate backup solutions or missed opportunities for protecting essential appliances during outages. Additionally, misconceptions about installation, maintenance, and operational costs may discourage potential buyers.
Opportunity:
Rising frequency and duration of power outages
The rising frequency and duration of power outages are driving growth in market. Increasingly severe weather events, aging electrical infrastructure, and higher energy demands contribute to this trend, leaving homeowners vulnerable to disruptions. As outages become more common and prolonged, the need for reliable backup power solutions intensifies. Home standby generators offer an effective way to maintain essential services during such disruptions, prompting more consumers to invest in these systems for enhanced security and peace of mind.
Threat:
Maintenance and operating costs
Maintenance and operating costs pose significant challenges in the market, potentially deterring consumers from investing in these systems. Ongoing expenses, such as fuel, routine maintenance, and repair services, can strain budgets and create concerns about long-term affordability. This financial burden can result in underutilization or neglect of essential maintenance, ultimately compromising the generator's reliability and effectiveness during power outages, which diminishes overall consumer confidence in the market.
Covid-19 Impact:
The COVID-19 pandemic had a notable impact on the market, as the need for reliable power became more evident during lockdowns and remote work scenarios. Homeowners increasingly sought backup power solutions to support essential devices and maintain comfort during outages. However, supply chain disruptions led to manufacturing delays and inventory shortages, hindering immediate access to generators. Despite these challenges, the pandemic fostered greater awareness of energy resilience, ultimately driving long-term interest and investment in standby generator systems.
The gas-powered generators segment is projected to be the largest during the forecast period
The gas-powered generators segment is projected to account for the largest market share during the projection period due to their efficiency and convenience. Typically fueled by natural gas or propane, these systems offer reliable backup power during outages, activating automatically to keep essential appliances running. Their ability to provide consistent energy without frequent refueling makes them popular among homeowners. Additionally, advancements in technology have led to quieter and more environmentally friendly models, enhancing their appeal.
The residential segment is expected to have the highest CAGR during the forecast period
The residential segment is expected to have the highest CAGR during the extrapolated period. As reliance on electronic devices and smart home technologies rises, the demand for backup power solutions has intensified. Standby generators provide peace of mind by automatically supplying electricity when the grid fails, ensuring essential systems remain operational. Additionally, advancements in generator technology, such as quieter operation and improved fuel efficiency, are making these systems more appealing for residential use.
Region with largest share:
North America region is expected to hold the largest share of the market during the forecast period. Severe weather events and aging infrastructure have heightened consumer awareness of the need for reliable backup power. North American homeowners are investing in advanced standby gensets that offer convenience and efficiency, often equipped with smart technology for remote monitoring. Additionally, favorable government incentives and a growing trend toward sustainable energy solutions are further driving market expansion in the region.
Region with highest CAGR:
Asia Pacific is expected to register the highest growth rate over the forecast period due to rising disposable incomes. Growing awareness about the importance of uninterrupted power supply, especially for critical home appliances, has fueled demand. As household incomes rise, more consumers are willing to invest in home comfort and security, which includes backup power systems. Innovations in generator technology, such as quieter, more fuel-efficient models and smart home integration, are attracting consumers.
Key players in the market
Some of the key players in Home Standby Genset market include Yamaha, Ashok Leyland, Honda, Powerdyne, Kirloskar, Eaton, SunPower, Caterpillar, Rolls-Royce plc, Kohler Co., Mahindra POWEROL, Cummins, Inc., Gillette Generators and Solectria.
Key Developments:
In April 2024, Cummins Power Generation launched two new models of generator sets as a continuum of their award-winning CentumTM Series powered by Cummins Inc.’s robust QSK78 engine.
In March 2024, Recon Technologies Pvt Ltd, the authorised generator original equipment manufacturer (GOEM) of Mahindra Powerol Genset has announced the launch of CPCBIV+ emission compliant range of diesel generators at Taj Deccan.
Product Types Covered:
• Gas-Powered Generators
• Diesel-Powered Generators
• Dual-Fuel Generators
• Portable Generators
• Inverter Generators
• Hybrid Generators
• Other Product Types
Fuel Types Covered:
• Natural Gas
• Propane
• Diesel
• Gasoline
• Biogas
Power Ratings Covered:
• Less than 10 kVA
• 10 kVA - 50 kVA
• 50 kVA - 100 kVA
• More than 100 kVA
Applications Covered:
• Backup Power
• Data Center Protection
• Critical Infrastructure
• Irrigation Systems
• Farm Equipment
• Other Applications
End Users Covered:
• Residential
• Commercial
• Industrial
• Agricultural
• Recreational
• Construction
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Home Standby Genset Market, By Product Type
5.1 Introduction
5.2 Gas-Powered Generators
5.3 Diesel-Powered Generators
5.4 Dual-Fuel Generators
5.5 Portable Generators
5.6 Inverter Generators
5.7 Hybrid Generators
5.8 Other Product Types
6 Global Home Standby Genset Market, By Fuel Type
6.1 Introduction
6.2 Natural Gas
6.3 Propane
6.4 Diesel
6.5 Gasoline
6.6 Biogas
7 Global Home Standby Genset Market, By Power Rating
7.1 Introduction
7.2 Less than 10 kVA
7.3 10 kVA - 50 kVA
7.4 50 kVA - 100 kVA
7.5 More than 100 kVA
8 Global Home Standby Genset Market, By Application
8.1 Introduction
8.2 Backup Power
8.3 Data Center Protection
8.4 Critical Infrastructure
8.5 Irrigation Systems
8.6 Farm Equipment
8.7 Other Applications
9 Global Home Standby Genset Market, By End User
9.1 Introduction
9.2 Residential
9.3 Commercial
9.4 Industrial
9.5 Agricultural
9.6 Recreational
9.7 Construction
9.8 Other End Users
10 Global Home Standby Genset Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Yamaha
12.2 Ashok Leyland
12.3 Honda
12.4 Powerdyne
12.5 Kirloskar
12.6 Eaton
12.7 SunPower
12.8 Caterpillar
12.9 Rolls-Royce plc
12.10 Kohler Co.
12.11 Mahindra POWEROL
12.12 Cummins, Inc.
12.13 Gillette Generators
12.14 Solectria
List of Tables
1 Global Home Standby Genset Market Outlook, By Region (2022-2030) ($MN)
2 Global Home Standby Genset Market Outlook, By Product Type (2022-2030) ($MN)
3 Global Home Standby Genset Market Outlook, By Gas-Powered Generators (2022-2030) ($MN)
4 Global Home Standby Genset Market Outlook, By Diesel-Powered Generators (2022-2030) ($MN)
5 Global Home Standby Genset Market Outlook, By Dual-Fuel Generators (2022-2030) ($MN)
6 Global Home Standby Genset Market Outlook, By Portable Generators (2022-2030) ($MN)
7 Global Home Standby Genset Market Outlook, By Inverter Generators (2022-2030) ($MN)
8 Global Home Standby Genset Market Outlook, By Hybrid Generators (2022-2030) ($MN)
9 Global Home Standby Genset Market Outlook, By Other Product Types (2022-2030) ($MN)
10 Global Home Standby Genset Market Outlook, By Fuel Type (2022-2030) ($MN)
11 Global Home Standby Genset Market Outlook, By Natural Gas (2022-2030) ($MN)
12 Global Home Standby Genset Market Outlook, By Propane (2022-2030) ($MN)
13 Global Home Standby Genset Market Outlook, By Diesel (2022-2030) ($MN)
14 Global Home Standby Genset Market Outlook, By Gasoline (2022-2030) ($MN)
15 Global Home Standby Genset Market Outlook, By Biogas (2022-2030) ($MN)
16 Global Home Standby Genset Market Outlook, By Power Rating (2022-2030) ($MN)
17 Global Home Standby Genset Market Outlook, By Less than 10 kVA (2022-2030) ($MN)
18 Global Home Standby Genset Market Outlook, By 10 kVA - 50 kVA (2022-2030) ($MN)
19 Global Home Standby Genset Market Outlook, By 50 kVA - 100 kVA (2022-2030) ($MN)
20 Global Home Standby Genset Market Outlook, By More than 100 kVA (2022-2030) ($MN)
21 Global Home Standby Genset Market Outlook, By Application (2022-2030) ($MN)
22 Global Home Standby Genset Market Outlook, By Backup Power (2022-2030) ($MN)
23 Global Home Standby Genset Market Outlook, By Data Center Protection (2022-2030) ($MN)
24 Global Home Standby Genset Market Outlook, By Critical Infrastructure (2022-2030) ($MN)
25 Global Home Standby Genset Market Outlook, By Irrigation Systems (2022-2030) ($MN)
26 Global Home Standby Genset Market Outlook, By Farm Equipment (2022-2030) ($MN)
27 Global Home Standby Genset Market Outlook, By Other Applications (2022-2030) ($MN)
28 Global Home Standby Genset Market Outlook, By End User (2022-2030) ($MN)
29 Global Home Standby Genset Market Outlook, By Residential (2022-2030) ($MN)
30 Global Home Standby Genset Market Outlook, By Commercial (2022-2030) ($MN)
31 Global Home Standby Genset Market Outlook, By Industrial (2022-2030) ($MN)
32 Global Home Standby Genset Market Outlook, By Agricultural (2022-2030) ($MN)
33 Global Home Standby Genset Market Outlook, By Recreational (2022-2030) ($MN)
34 Global Home Standby Genset Market Outlook, By Construction (2022-2030) ($MN)
35 Global Home Standby Genset Market Outlook, By Other End Users (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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