Global Home Standby Gensets market research 2024, Forecast To 2033

The home standby gensets market has demonstrated strong growth, rising from $4.46 billion in 2023 to $4.83 billion in 2024, with a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period is attributed to the increased emphasis on power reliability, a surge in extreme weather events, the aging of electrical infrastructure, heightened power dependency, and an increase in healthcare needs. Expected to experience strong growth in the next few years, the market is projected to reach $6.82 billion in 2028, with a CAGR of 9.0%. The forecasted growth is linked to increasing home electrification, a surge in climate change and natural disasters, a growing aging population, heightened focus on energy transition, and the rising importance of energy resilience. Key trends in the forecast period include the integration of smart technologies, the availability of natural gas and propane fuel options, enhanced transfer switches, the provision of whole-house backup solutions, and the popularity of portable standby generators.