According to the Graphical Research new growth forecast report titled “North America Home Standby Gensets Market Size By Product (Air Cooled, Liquid Cooled), By Power Rating (<10 kVA, 10 - 50 kVA, 50 – 100 kVA, >100 kVA), By Fuel (Gas, Diesel, Others), By Phase (Single Phase, Three Phase), Industry Analysis Report, Country Analysis (U.S., Canada), Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026”,is predicted to exceed 6% by 2026.
The installation of these units is witnessing impetus as the climate change surges the intensity and frequency of severe weather conditions. In 2017, a Category 4 storm Hurricane Maria, damaged over 80% power transmission lines across the Puerto Rico region leaving over 1.50 million power consumers without electricity. Similar climatic occurrences are increasing the region’s dependence on standby generator sets as a vigilance measure for potential extreme weather conditions.
Rapid development across the residential establishments favored by significant real estate fund flow will augment the product demand. In addition, rising focus of investors pertaining to the metropolitan regions offering prospects to procure new assets will create demand for these units. Growing consumer investments and rising awareness subject to emergency backup power will complement the home standby gensets market across North America.
High cost of electricity, poor transmission & distribution infrastructure, and rising population are driving a robust demand for these units across the region. These gensets are being increasingly installed across households to offer a cost-efficient power source and a reliable back-up. Furthermore, increasing inadequacy of grid network to cater to the soaring power demand will create installation prospects for these generator sets, especially across power deficit regions.
Growing disposable income which result in increasing residential fund allocation will thrust the home standby gensets market across North America. Increased reliance on power to operate circuits, for instance those connected to the kitchen appliances, water heater, furnace, security system, lights, well pump, garage-door opener, etc. will continue to augment the demand for these generator sets to avoid interruption in the everyday activities.
Liquid cooled units are anticipated to witness growth of over 6% by 2025. These generator sets are relatively overpriced and are operationally appropriate for larger residential peripherals which include mansions, luxury homes, etc. which are outfitted with heavy-load systems and appliances. These units exhibit high efficiency and hence are more effective and robust than their other available counterparts which will further escalate the home standby gensets market growth.
Single phase generator sets will witness impetus owing to rising customer awareness pertaining to emergency backup energy in line with unreliable grid network. The applicability of these units is primarily suitable for medium or small sized residential deployments on account of their operational suitability for lower power ranges and comparatively low maintenance needs. Economic feasibility to cater to the smaller internal loads will reinforce the demand for these gensets.
Prominent industry players operating across the North America home standby gensets market comprise of Kohler SDMO, Generac, Cummins, Briggs & Stratton, Himoinsa, Caterpillar, MTU Onsite, Eaton, Caterpillar, Honeywell International Inc., Siemens amongst others.
The North America Home Standby Gensets Market research report includes in-depth coverage of the industry, with estimates & forecast from 2020 to 2026, for the following segments:
North America Home Standby Gensets Market Size, By Product
North America Home Standby Gensets Market Share, By Power Rating
- <10 kVA
- 10 - 50 kVA
- 50 – 100 kVA
- >100 kVA
North America Home Standby Gensets Market Value, By Fuel
North America Home Standby Gensets Market Growth, By Phase