Home Standby Gensets Global Market Report 2024

Home standby gensets, also known as generators for household usage, are designed to seamlessly take over the power supply to a home during an outage and automatically shut down when regular power is restored. These generators are particularly useful for households that experience frequent power interruptions.

The primary types of products in home standby gensets are air-cooled and liquid-cooled. Air-cooled generators use air circulation to regulate temperature. They come in different phases, including single-phase and three-phase, and can be powered by various fuel types such as natural gas, diesel, and other fuel sources.

The home standby gensets market research report is one of a series of new reports that provides home standby gensets market statistics, including home standby gensets industry global market size, regional shares, competitors with a home standby gensets market share, detailed home standby gensets market segments, market trends and opportunities, and any further data you may need to thrive in the home standby gensets industry. This home standby gensets market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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 observed during the historic period in the home standby gensets market can be attributed to various factors, including an increased focus on power reliability, a rise in extreme weather events leading to power outages, an aging electrical infrastructure, heightened dependency on power, and an increase in healthcare needs that require a consistent power supply. These factors collectively contributed to the adoption and growth of home standby gensets during the historical period.

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 anticipated growth in the forecast period in the home standby gensets market can be attributed to several factors, including the increasing trend of home electrification, the impact of climate change and natural disasters leading to a demand for reliable power sources, a growing aging population with specific power needs, the ongoing energy transition, and a rising emphasis on energy resilience. Major trends expected during this period include the integration of smart technologies, the availability of natural gas and propane fuel options, advancements in transfer switches, the popularity of whole-house backup solutions, and the utilization of portable standby generators.

The home standby gensets market is poised for growth, propelled by the phenomenon of rapid urbanization. Rapid urbanization, denoting the migration of populations to urban areas, is a key factor contributing to the increased adoption of home standby generators. These generators, directly connected to a home's electrical system, offer continuous power for extended durations, a crucial need in urban settings. According to the United Nations Department of Economic and Social Affairs, the global urban population is projected to reach 68% by 2050, with substantial growth occurring in African and Asian regions. This surge in urbanization is a significant driver behind the expanding demand for home standby gensets, highlighting their essential role in meeting the power needs of urban households.

Anticipated growth in the home standby gensets market is closely linked to the rising construction of residential buildings. Residential buildings, encompassing various housing structures, are witnessing increased deployment of home standby generators to ensure uninterrupted power supply during outages. These gensets play a vital role in enhancing occupants' comfort and safety by providing reliable backup power for essential appliances and security systems. Notably, in May 2023, the U.S. Census Bureau reported a notable increase in new home starts, reflecting a 21.7% rise from the previous month's prediction. The continuous growth in residential building construction contributes to the heightened demand for home standby gensets, underlining their integral role in modern living.

Key trends shaping the home standby gensets market include strategic partnerships and collaborations among major industry players. Recognizing the importance of expanding their reach and fostering innovation, companies are actively engaging in collaborative ventures. In February 2021, Cummins Inc., a prominent U.S.-based power company, and ISUZU, a Tokyo-based automobile company, entered into an agreement to drive innovation in advanced diesel and other technology solutions. The collaboration aims to leverage the strengths of both companies. Similarly, in February 2022, Sunnova Energy International Inc., a U.S.-based provider of battery storage and system protection services, partnered with Generac, a U.S.-based home standby gensets company. This collaboration is geared towards enhancing homeowners' resiliency by offering integrated energy solutions. Strategic partnerships and collaborations emerge as pivotal strategies for companies aiming to strengthen their position and foster technological advancements in the home standby gensets market.

Major players in the home standby generator market are emphasizing the introduction of high-power generators, exemplified by products like the Guardian 26kW Home Standby Generator, to gain a competitive advantage. The Guardian 26kW is a robust backup power solution designed for residential use. Launched by Generac Holdings Inc. in October 2021, this generator automatically activates during power outages, ensuring a continuous power supply to essential appliances and systems in homes. Offering 26 kilowatts of peak power, the Guardian 26kW is notable for its space-efficient design and cost-effectiveness compared to competing home standby generators. It stands out by providing at least 28% more starting power than other large, air-cooled generators. Furthermore, its smart grid-ready feature enables users to seamlessly connect to grid programs, allowing for energy cost offsetting.

In a strategic move, Eaton, an Ireland-based power management company, acquired Tripp Lite in March 2021 for an undisclosed sum. This acquisition has expanded Eaton's single-phase UPS business by incorporating Tripp Lite's associated product offerings. The inclusion of Tripp Lite's portfolio enhances Eaton's capabilities in the single-phase UPS segment, providing a broader range of solutions for edge computing and dispersed IT applications. Tripp Lite, a U.S.-based company, has been a significant player in the home standby generator 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., 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

North America was the largest region in the home standby gensets market in 2023. The regions covered in the home standby gensets market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the home standby gensets market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The home standby genset market consists of sales of whole house generators, portable generators, and inverter generator. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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