How Global Home Standby Gensets Market Players Should Strategize For 2022-2031

The global home standby gensets market size is expected to grow from $3.64 billion in 2021 to $4.03 billion in 2022 at a compound annual growth rate (CAGR) of 10.7%. The global home generators market size is expected to grow to $5.33 billion in 2026 at a CAGR of 7.3%.

What is the Global Home Standby Gensets Market?

The home standby gensets market consists of sales of home standby gensets services by entities (organizations, sole traders, and partnerships), that are used to provide power to households that experience regular power outages. 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.

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What drives the Global Home Standby Gensets Market?

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.

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Global Home Standby Gensets Market Segments
The global home standby gensets market is segmented:
By Product Type: Air Cooled, Liquid Cooled
By Fuel Type: Natural Gas, Diesel, Others
By Phase Type: Single Phase, Three Phase
By Geography: 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.

Home Standby Gensets Global Market Report 2022provides market size and growth forecasts for the global home standby gensets market, global home standby gensets market share, home standby gensets market segments and geographies, home standby gensets market competitive landscape including leading competitors’ revenues, profiles and market shares. The home standby gensets market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Global Home Standby Gensets Industry Playersinclude Cummins Inc., Briggs & Stratton, Generac Holdings Inc., Caterpillar Inc., Honeywell International Inc., Eaton Corporation PLC, Mahindra Powerol Ltd., 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. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.