As per MRFR analysis, the Gas Fired Air Cooled Home Standby Genset Market Size was estimated at 2.0 (USD Billion) in 2022. The Gas Fired Air Cooled Home Standby Genset Market Industry is expected to grow from 2.1 (USD Billion) in 2023 to 3.4 (USD Billion) by 2032. The Gas Fired Air Cooled Home Standby Genset Market CAGR (growth rate) is expected to be around 5.48% during the forecast period (2024 - 2032).
Key Gas Fired Air Cooled Home Standby Genset Market Trends Highlighted
The Gas Fired Air Cooled Home Standby Genset Market is experiencing significant growth, driven by rising demand for reliable backup power solutions amidst increasing weather-related outages and power grid disruptions. The market is predominantly driven by advancements in technology, such as improved fuel efficiency, reduced emissions, and enhanced safety features, making gas fired gensets a more environmentally sustainable and efficient choice for residential applications.
Additionally, the growing popularity of smart home systems and the integration of internet-connected devices are further fueling the demand for standby gensets that offer remote monitoring and control capabilities. The market presents opportunities for growth through the expansion of residential construction and the increasing adoption of renewable energy sources, which require reliable backup power systems to ensure uninterrupted supply during grid fluctuations.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Gas Fired Air Cooled Home Standby Genset Market Drivers
Increasing Demand for Uninterrupted Power Supply
Electrification to power essential household appliances, medical equipment, and home offices is on the rise. Both the increase in frequency and duration of power outages can hinder daily life activities, cause loss of data, and, in some cases, endanger the lives of people. Gas fired air cooled home standby gensets ensure an uninterrupted supply of electricity when needed.
Therefore, owing to the increasing frequency and duration of power outages due to natural calamities such as cyclones, hurricanes, and other world climatic catastrophes, and the aged infrastructure, the demand for home standby gensets is set to rise.The Gas Fired Air Cooled Home Standby Genset Market Industry is set to experience a prolific expansion in demand as the need for reliable electricity supply backup systems increases.
Rising Awareness of Home Energy Management
The modern consumer pays more and more attention to energy efficiency and self-sufficiency. As already mentioned, due to their performance directly in the home environment, gas-fired air-cooled home standby gensets act as backups for the power supply of the house. In other words, in the event of any failures and outages, the genset is switched automatically and instantly. It is used in parallel with the power supply network, so the household depends less on the central energy system overall.At the same time, the homeowner can use the genset not only to operate gas appliances, which are also more energy-efficient compared to their electrical counterparts but also actively look into solar panels and other sources of renewable energy to become less dependent on the central grid for gas delivery.
Government Incentives and Regulations
Given the severity of climate change, countries across the globe are looking to foster resilient energy infrastructure ensuring non-stop power supply to residential facilities. To do that, they have developed a set of policies, incentives, and regulations promoting the use of home standby gensets. Tax credits and replacement rebates, as well as streamlined permitting, are only a few examples. Therefore, the changes in governments’ attitudes are going to fuel the growth of the analyzed market.
Gas Fired Air Cooled Home Standby Genset Market Segment Insights:
Gas Fired Air Cooled Home Standby Genset Market Power Output Insights
The gas fired air cooled home standby genset market is categorized by the power output into five segments, which include less than 5 kW, 5-10 kW, 10-20 kW, 20-50 kW, and greater than 50 kW. Among these, the 5-10 kW power output segment generated the highest revenue share for the year 2023 and is estimated to dominate throughout the forecast period. It is driven by the growing demand for generators as backup power solutions for residential applications, where the option provides a satisfactory balance between output power and investment.
The 10-20 kW power output segment is expected to grow significantly over the forecast period as homes are becoming bigger and the density of electric vehicles is having many homes equipped with a generator capable of supplying all appliances and lighting needs that can charge the vehicles.The less than 5kw power output segment serves small residential applications, mainly portable generators, and will experience constant growth driven by the demand for portable power solutions when camping, tailgating, and other outdoor activities are on the rise.
The 20-50 kW power output segment is used for larger residential properties, smaller businesses, and commercial establishments, and thus, it is expected to grow at a moderate pace as industries and house owners look for ways to minimize power outages’ impacts with reliable power generators.The greater than 50 kW power output segment is intended for commercial and industrial applications that require elevated power output and is expected to grow at a slower pace as demand for backup power solutions in data centers, hospitals, and manufacturing plants rises.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Gas Fired Air Cooled Home Standby Genset Market Phase Insights
The Gas Fired Air Cooled Home Standby Genset Market segmented by Phase is categorized into Single Phase and Three Phase. Among these segments, the Single Phase segment is expected to hold the largest market share during the forecast period. The Single Phase segment is expected to register a significantly higher market growth compared to the Three Phase segment during the forecast period. The Single Phase segment is more commonly used in residential applications owing to its lower cost and simpler installation process. The Three Phase segment is typically used in commercial and industrial applications, as it offers higher power output and reliability.However, the Single Phase segment is projected to grow at a higher rate due to the increasing popularity of residential gas-fired generators.
Gas Fired Air Cooled Home Standby Genset Market Fuel Type Insights
The Gas Fired Air Cooled Home Standby Genset Market is segmented by Fuel Type into Natural Gas and Propane. Natural Gas is the dominant fuel type in the market, accounting for a majority of the Gas Fired Air Cooled Home Standby Genset Market revenue in 2023. The growth of the Natural Gas segment is attributed to the increasing availability and affordability of Natural Gas, as well as its environmental benefits. Propane is a popular alternative to Natural Gas, particularly in regions where Natural Gas is not readily available. The Propane segment is expected to grow at a steady pace in the coming years, driven by the increasing demand for portable and backup power solutions.Overall, the Fuel Type segment is expected to witness significant growth in the coming years, driven by the rising demand for reliable and efficient backup power solutions.
Gas Fired Air Cooled Home Standby Genset Market Cooling System Insights
The cooling system segment of the Gas Fired Air Cooled Home Standby Genset Market is bifurcated into air cooled and water cooled systems. Air cooled systems are projected to dominate the market revenue in 2024, owing to their lower initial cost, ease of installation, and reduced maintenance requirements. Air cooled systems utilize fans to circulate air over the generator's components, dissipating heat effectively. On the other hand, water cooled systems are expected to witness substantial growth during the forecast period, driven by their superior cooling efficiency and ability to handle higher power ratings.Water cooled systems employ a closed-loop cooling circuit, utilizing water or a water-glycol mixture to absorb and dissipate heat. The choice between air cooled and water cooled systems depends on factors such as power output, operating environment, and budget constraints.
Gas Fired Air Cooled Home Standby Genset Market Purpose Insights
The purpose of a gas-fired air-cooled home standby genset can be either as a primary power source or a backup power source. The growth of the market is attributed to the increasing demand for reliable and affordable backup power solutions, especially in regions prone to power outages. As a primary power source, gas-fired air-cooled home standby gensets are used in remote areas or regions with unreliable grid infrastructure. They provide a continuous and stable power supply for essential appliances and devices, ensuring comfort and safety.
In 2024, the market for gas-fired air-cooled home standby gensets as a primary power source is valued at USD 1.2 billion and is projected to reach USD 1.8 billion by 2032.As a backup power source, gas-fired air-cooled home standby gensets are used to provide temporary power during power outages caused by natural disasters, equipment failures, or grid maintenance. They are designed to automatically turn on and provide power within seconds of a power outage, making them a reliable and convenient solution for emergencies. The market for gas-fired air-cooled home standby gensets as a backup power source is expected to grow from USD 0.9 billion in 2024 to USD 1.6 billion by 2032.
Gas Fired Air Cooled Home Standby Genset Market Regional Insights
The Gas Fired Air Cooled Home Standby Genset Market is segmented into North America, Europe, APAC, South America, and MEA. North America is the largest market for gas fired air cooled home standby gensets, accounting for over 40% of the global market revenue in 2023. The region is expected to continue to dominate the market over the forecast period, owing to the increasing demand for reliable backup power solutions in the region.
Europe is the second largest market for gas fired air cooled home standby gensets, accounting for over 30% of the global market revenue in 2023.The region is expected to witness steady growth over the forecast period, driven by the growing demand for backup power solutions in the region. APAC is the third largest market for gas fired air cooled home standby gensets, accounting for over 20% of the global market revenue in 2023. The region is expected to witness significant growth over the forecast period, owing to the increasing demand for backup power solutions in the region. South America and MEA are expected to witness moderate growth over the forecast period, owing to the increasing demand for backup power solutions in the region.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Gas Fired Air Cooled Home Standby Genset Market Key Players And Competitive Insights:
Major players in the Gas Fired Air Cooled Home Standby Genset Market industry are constantly striving to maintain their competitive edge by focusing on product innovation, strategic partnerships, and geographical expansion. Leading Gas Fired Air Cooled Home Standby Genset Market players are investing heavily in research and development to stay ahead of the curve and cater to evolving customer demands. The Gas Fired Air Cooled Home Standby Genset Market development landscape is characterized by collaborations between key players to leverage expertise and resources, thereby strengthening their position in the market.
Competitive rivalry is expected to intensify as market players continue to introduce new products and technologies to gain market share.Generac is a prominent player in the Gas Fired Air Cooled Home Standby Genset Market. With a strong brand presence globally, the company offers a wide range of standby generators tailored to meet the needs of residential customers. Generac's customer-centric approach, coupled with its focus on innovation and reliability, has contributed to its leading position in the market. The company's products are known for their durability, ease of use, and affordability, ensuring customer satisfaction and loyalty.
Another leading competitor in the Gas Fired Air Cooled Home Standby Genset Market is Briggs Stratton. The company has a rich history of manufacturing innovative power solutions and is recognized for its commitment to providing high-quality products. Briggs Stratton's standby generators are engineered to deliver dependable power during power outages, ensuring peace of mind for homeowners. Through its customer-focused approach and emphasis on reliability, the company has established a strong presence in the market and continues to expand its product portfolio to meet evolving customer needs.
Key Companies in the Gas Fired Air Cooled Home Standby Genset Market Include:
Gas Fired Air Cooled Home Standby Genset Market Industry Developments
The Gas Fired Air Cooled Home Standby Genset Market is witnessing steady growth, driven by increasing demand for reliable backup power solutions in residential areas. The market is projected to grow from USD 2.1 billion in 2023 to USD 3.4 billion by 2032, at a CAGR of 5.48%. The rising frequency and severity of power outages, coupled with the growing adoption of smart homes and electronic devices, are key factors fueling market growth. Additionally, government initiatives and incentives promoting the adoption of renewable energy sources are also contributing to the market's expansion.
Gas Fired Air Cooled Home Standby Genset Market Segmentation Insights
| Report Attribute/Metric | Details |
| Market Size 2022 | 2.0 (USD Billion) |
| Market Size 2023 | 2.1 (USD Billion) |
| Market Size 2032 | 3.4 (USD Billion) |
| Compound Annual Growth Rate (CAGR) | 5.48% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Cummins, CAT, Socomec, Generac Power Systems, Champion Power Equipment, Eaton Corporation, Emerson Electric, Briggs Stratton, Mitsubishi Electric Corporation, Honda Power Equipment, Skyline Products, Wacker Neuson, Kohler, Hertz Equipment Rental |
| Segments Covered | Power Output, Phase, Fuel Type, Cooling System, Purpose, Regional |
| Key Market Opportunities | Smart home integration Energy resilience Infrastructure modernization Rising frequency of extreme weather events Government incentives |
| Key Market Dynamics | Increasing demand for home energy security Government incentives and regulations Rising grid instability Advancements in technology Growing awareness of environmental sustainability |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Gas Fired Air Cooled Home Standby Genset Market is expected to be worth around 2.1 billion USD in 2023.
The Gas Fired Air Cooled Home Standby Genset Market is projected to grow at a CAGR of 5.48% from 2024 to 2032.
Increasing demand for reliable backup power during power outages, growing awareness about the benefits of home standby generators, and government incentives are driving the growth of the Gas Fired Air Cooled Home Standby Genset Market.
North America is expected to hold the largest share of the Gas Fired Air Cooled Home Standby Genset Market in 2023.
Some of the key competitors in the Gas Fired Air Cooled Home Standby Genset Market include Generac, Briggs Stratton, Kohler, and Eaton.
Gas Fired Air Cooled Home Standby Genset are primarily used to provide backup power to homes during power outages.
The Gas Fired Air Cooled Home Standby Genset Market is expected to reach a valuation of around 3.4 billion USD by 2032
Increasing environmental concerns are leading to the development of more energy-efficient and environmentally friendly Gas Fired Air Cooled Home Standby Genset.
The Gas Fired Air Cooled Home Standby Genset Market faces challenges such as high upfront costs and competition from other backup power solutions.
Growing demand for reliable backup power, increasing awareness about the benefits of home standby generators, and government incentives present opportunities for growth in the Gas Fired Air Cooled Home Standby Genset Market.
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Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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