Home Standby Gensets Market: Overview
- Generator set or genset is a piece of portable or standby equipment, consisting of an engine and an alternator/electric generator, used to provide energy. An engine converts the chemical energy of fuel into mechanical energy. Mechanical energy is used to spin the alternator rotor, thus converting mechanical energy into electrical energy.
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- Power outages may cause inconveniences to homeowners, as appliances such as HVACs, refrigerators, lights, and security systems fail to operate. Home standby genset eliminates the chances of such inconveniences, thus ensuring the homeowners’ safety and convenience.
Key Drivers and Restraints of Home Standby Gensets Market
- Outage issues have been rising in developed countries across the globe owing to the unpredictable weather conditions and aging electrical infrastructure. Fixing damaged infrastructure caused by the bad weather takes large amount of time. For instance, Tropical Storm Isaias swept the East Coast of the U.S. in July 2020. More than two million people were left without power during the storm. The outage continued for days in some places. In Connecticut, more than 4,000 people lacked power a week after the Isaias storm.
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- High cost of installation & maintenance services of gensets and rise in reliability of renewable energy sources are projected to hamper the home standby gensets market during the forecast period
Global Home Standby Gensets Market: Segmentation
- The global home standby gensets market can be segmented based on cooling system, power rating type, fuel type, and phase type
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- In terms of cooling system, the global home standby gensets market can be divided into air cooled and liquid cooled. The air cooled segment is expected to expand at a high CAGR during the forecast period, as these gensets are more simple and economical than others.
- In terms of power rating type, the global home standby gensets market can be classified into <10 kVA, 10–50 kVA, 50–100 kVA, and >100 kVA. The 50 – 100 kVA segment is expected to expand at a high CAGR during the forecast period.
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- In terms of fuel type, the global home standby gensets market can be segregated into natural gas, diesel, and others. The natural gas segment is expected to expand at a high CAGR during the forecast period owing to the growth in environmental concerns.
- In terms of phase type, the global home standby gensets market can be bifurcated into single phase and three phase. The three phase segment is estimated to expand at a rapid pace during the forecast period.
Global Home Standby Gensets Market: Regional Segmentation
- In terms of region, the global home standby gensets market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- The market in Asia Pacific is anticipated to be highly lucrative during the forecast period. The market in China, India, and Japan is expected to expand significantly in the next few years owing to the major increase in uninterrupted power demand from ever-expanding urban population in these countries.
- North America is the major region of the global global home standby gensets. Increase in intensity and frequency of weather-related issues is resulting in chronic outages. This is prompting people to opt for reliable power sources such as gensets in the region.
- Europe is expected to be a vital region of the global home standby gensets market in the near future. Growth in investments in infrastructure, primarily in Italy, the U.K., and Spain, is expected to boost the demand for home standby gensets in the region.
COVID-19 Impact on Global Home Standby Gensets Market
- The COVID-19 pandemic has adversely affected the global home standby gensets industry. Major players have suffered closures owing to the lockdown measures implemented by various countries to curb the spread of the disease along with the disruption of the supply chain. Various manufacturers shifted their production toward medical devices and equipment to support government strategies to combat the pandemic. However, ease in lockdowns is offering opportunities for the home standby gensets market. The market is expected to expand exponentially in the long run.
Key Players in Market
The global home standby gensets market is moderately fragmented. Prominent players operating in the global home standby gensets market such as, Mahindra Powerol and Generac Holding, are engaged in new products launches. They are also expanding capacity with manufacturing and distribution facilities in order to capture the growing market.
Key players operating in the global home standby gensets market include:
- Generac Holdings Inc.
- Eaton
- Briggs & Stratton
- Himoinsa
- Caterpillar
- Cummins
- Honeywell International
- Kirloskar Oil Engines Limited
- Siemens AG
- MTU Onsite Energy GmbH
- Kohler SDMO
- Mahindra Powerol
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