New York, March 14, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Home Standby Gensets Global Market Report 2023" - https://www.reportlinker.com/p06290057/?utm_source=GNW
, Powerica Limited, HIMOINSA, Ashok Leyland, Kirloskar Oil Engines Limited, Siemens AG, Kohler Co. Inc., Rolls-Royce Power Systems AG, MTU Onsite Energy GmbH, and DuroMax Power Equipment.
The global home standby gensets market grew from $4.12 billion in 2022 to $4.59 billion in 2023 at a compound annual growth rate (CAGR) of 11.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The home standby gensets market is expected to grow to $6.66 billion in 2027 at a CAGR of 9.7%.
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 home standby gensets also called generators for house usage can effortlessly transfer the process of supplying power to the home in the event of a power outage and then cease when the power is restored. It is used to provide power to households that experience regular power outages.
North America was the largest region in the home standby gensets market in 2022. The regions covered in the home standby gensets market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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.
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.
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.
In March 2021, Eaton, an Ireland-based power management company acquired Tripp Lite for an undisclosed amount.With this acquisition, Tripp Lite’s associated product offerings will be added to Eaton’s single-phase UPS business, enhancing the company’s single-phase UPS business while also increasing its edge computing and dispersed IT product range.
Tripp Lite is a US-based company that provides home standby gensets.
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 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.
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.
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