As per MRFR analysis, the Gas Home Standby Genset Market Size was estimated at 1.88 (USD Billion) in 2022. The Gas Home Standby Genset Market Industry is expected to grow from 1.98(USD Billion) in 2023 to 3.2 (USD Billion) by 2032. The Gas Home Standby Genset Market CAGR (growth rate) is expected to be around 5.48% during the forecast period (2024 - 2032).
Key market drivers for the Gas Home Standby Genset Market include rising power outages due to extreme weather events, concerns over grid reliability, and increased adoption of smart home devices. Growing demand for uninterrupted power supply in residential settings, as well as government incentives and rebates, is further driving market growth.
Opportunities for market growth lie in the exploration of advanced technologies such as microgrids and remote monitoring systems. Additionally, emerging markets present significant potential for expansion due to increasing urbanization and electrification. The trend towards distributed energy generation is also creating opportunities for gas home standby gensets as a reliable and decentralized power source.
Recent trends in the market include the adoption of more compact and efficient gensets, the integration of renewable energy sources such as solar panels, and the use of mobile apps for remote monitoring and control. Innovations in fuel efficiency and emission reduction technologies are also driving market advancements.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The Gas Home Standby Genset Market Industry is being driven by the increasing frequency and severity of blackouts. Climate change is causing extreme weather events to become more frequent and more severe, which is putting power grids under increasing pressure. As power outages become both more common and more severe, there is a growing demand for home standby gensets, with more and more homeowners investing in standby generators to power their homes in the event of a blackout.This is projected to drive steady growth in the Gas Home Standby Genset Market Industry over the next five years.
The growing demand for smart home technology is another major driver of the Gas Home Standby Genset Market Industry. Homeowners are increasingly looking for ways to automate their homes and make them more efficient. Smart home generators can be integrated with other smart home devices, such as security systems and thermostats, to provide a comprehensive backup power solution. The Gas Home Standby Genset Market Industry is expected to benefit from the growing adoption of smart home technology as more and more homeowners seek to create a more connected and resilient home.
Government incentives and regulations are also driving the Gas Home Standby Genset Market Industry. In several countries, the governments offer tax breaks and rebates to homeowners to install standby gensets. Some states and cities’ regulations require new homes to have a standby generator. As governments become more focused on promoting energy security and resilience, the Gas Home Standby Genset Market Industry is expected to continue to grow at a rapid pace.
Gas Home Standby Genset Market Fuel Type Insights
The Gas Home Standby Genset Market is segmented based on fuel type into Natural Gas, Propane, and Gasoline. Among these, the Natural Gas segment held the largest market share in 2023, and it is expected to continue its dominance throughout the forecast period. The growth of this segment can be attributed to the increasing adoption of natural gas as a clean and cost-effective fuel source for home standby generators. Natural gas is widely available and has a well-established infrastructure, making it a convenient choice for residential applications.
The Propane segment is expected to witness significant growth during the forecast period. Propane is a versatile fuel that can be used in both gaseous and liquid forms, making it suitable for various applications. It is a clean-burning fuel that produces fewer emissions compared to gasoline, making it an environmentally friendly option for home standby generators. The growing demand for portable and off-grid power solutions is expected to drive the growth of the Propane segment.
The Gasoline segment is expected to account for a smaller share of the Gas Home Standby Genset Market. Gasoline is a widely available and affordable fuel, but it is less efficient and produces more emissions compared to natural gas and propane. However, gasoline-powered generators are often preferred in areas where natural gas and propane infrastructure is not well-developed.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Gas Home Standby Genset Market Power Output Insights
The Gas Home Standby Genset Market is segmented by power output into less than 10 kW, 10-20 kW, 20-50 kW, and over 50 kW. In 2023, the 10-20 kW segment represented the largest share of the market, with a revenue of USD 650 million. The segment is also expected to grow at a CAGR of 5.2% over the forecast period, up to USD 900 million by 2032. The mid-sized home is gaining popularity, and the awareness of the benefits of standby generators is growing.
The 20-50 kW segment is expected to grow by 5.6% over the forecast period, up to USD 600 million by 2032. The demand is growing because of the increasing backup power needed for various commercial and industrial applications. The over 50 kW segment is expected to grow by 6.0% over the forecast period, up to USD 450 million by 2032. The demand is growing because of the backup power need of large commercial and industrial applications.
Gas Home Standby Genset Market Installation Type Insights
The installation type segment of the Gas Home Standby Genset Market is segmented into permanent and portable. Permanent installations are typically more expensive than portable installations, but they offer several advantages, such as being able to be used during power outages and providing a more reliable source of power. Portable installations are less expensive and more convenient, but they are not as reliable as permanent installations.
In 2023, the permanent installation segment accounted for the majority of the market share, with a market value of USD 1.5 billion. The portable installation segment is expected to grow at a faster rate than the permanent installation segment, with a CAGR of 6.2% over the forecast period. This growth is expected to be driven by the increasing demand for portable generators for recreational activities, such as camping and tailgating.
Gas Home Standby Genset Market Application Insights
The Gas Home Standby Genset Market is segmented by Application into Residential, Commercial, and Industrial. The Residential segment held the largest market share in 2023, accounting for over 55% of the Gas Home Standby Genset Market revenue. The growing demand for reliable backup power solutions in residential areas is driving the growth of this segment.
The Commercial segment is expected to witness significant growth over the forecast period, owing to the increasing adoption of gas home standby generators in commercial establishments such as offices, retail stores, and hospitals. The Industrial segment is also expected to contribute to the overall market growth, driven by the need for uninterrupted power supply in industrial facilities.
Gas Home Standby Genset Market Regional Insights
The regional segmentation of the Gas Home Standby Genset Market offers valuable insights into the growth dynamics and opportunities across different regions. North America holds a significant market share due to the presence of numerous key players, stringent regulations, and rising demand for reliable backup power solutions. Europe follows closely, driven by increasing urbanization, growing awareness about energy security, and supportive government initiatives.
APAC is anticipated to witness substantial growth over the forecast period, attributed to rising disposable incomes, increasing infrastructure development, and expanding industrialization. South America and MEA are emerging markets with promising growth potential, owing to the increasing adoption of gas-powered generators in residential and commercial applications. Overall, the regional segmentation provides a comprehensive understanding of the market landscape, enabling stakeholders to make informed decisions and target specific regions for growth strategies.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Major players in the Gas Home Standby Genset Market industry are constantly striving to gain a competitive edge by developing innovative products and expanding their distribution networks. Leading Gas Home Standby Genset Market players are focusing on strategic partnerships and acquisitions to strengthen their market position and expand their product portfolio. The Gas Home Standby Genset Market is characterized by intense competition, with major players vying for market share through product differentiation, pricing strategies, and aggressive marketing campaigns.
Companies are investing heavily in research and development to introduce advanced technologies and improve the performance and efficiency of their generators. The competitive landscape is expected to remain dynamic, with new entrants and established players continuously seeking opportunities for growth and expansion. A leading player in the Gas Home Standby Genset Market, Generac Power Systems, has established a strong brand reputation and a wide distribution network. The company offers a comprehensive range of generators, from portable units to large-scale industrial systems. Generac Power Systems has a strong focus on innovation and has introduced several patented technologies, such as the PWRview monitoring system and the Guardian Transfer Switch.
The company's products are known for their reliability, durability, and ease of use. Generac Power Systems has a significant market share in North America and is expanding its presence in international markets. A key competitor in the Gas Home Standby Genset Market, Kohler Co., is a global manufacturer of engines, generators, and other power equipment. The company has a long history in the industry and a strong reputation for quality and reliability. Kohler Co. offers a wide range of generators for residential, commercial, and industrial applications.
The company's generators are known for their performance, efficiency, and low maintenance requirements. Kohler Co. has a global distribution network and is actively expanding its presence in emerging markets. The company is focused on developing innovative products and technologies to meet the evolving needs of its customers.
Key Companies in the Gas Home Standby Genset Market Include:
Gas Home Standby Genset Market Industry Developments
The Gas Home Standby Genset Market is anticipated to reach USD 3.2 billion by 2032, witnessing a CAGR of 5.48% from 2024-2032. Increasing demand for reliable backup power sources during power outages, rising adoption of smart home technologies, and government incentives for energy efficiency are key drivers of market growth. Key players include Generac, Briggs Stratton, Kohler, and Honeywell. Recent developments include the launch of advanced models with remote monitoring and control capabilities, and strategic partnerships to expand market reach. Growing concerns over climate change and the need for sustainable energy solutions are also creating opportunities for the adoption of gas-powered home standby generators.
Gas Home Standby Genset Market Fuel Type Outlook
Gas Home Standby Genset Market Power Output Outlook
Gas Home Standby Genset Market Installation Type Outlook
Gas Home Standby Genset Market Application Outlook
Gas Home Standby Genset Market Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2022 | 1.88(USD Billion) |
| Market Size 2023 | 1.98(USD Billion) |
| Market Size 2032 | 3.2(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 - 2022 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Honda Power Equipment, Generac Holdings, Eaton, Generac Power Systems, Honeywell, Kohler, Westinghouse, Schneider Electric, Champion Power Equipment, Siemens, Briggs Stratton, Hyundai Power Products, Caterpillar, Cummins |
| Segments Covered | Fuel Type, Power Output, Installation Type, Application, Regional |
| Key Market Opportunities | 1. Increased demand for reliable backup 2. power Rising frequency and severity of extreme weather events 3. Growing adoption in emerging economies 4. Advancements in smart home technology 5. Expansion of natural gas infrastructure |
| Key Market Dynamics | Rising power outages, technological advancements, increasing adoption of smart homes, growth in construction activities, and government incentives. |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Gas Home Standby Genset Market is anticipated to reach a valuation of 1.98 billion USD in 2023.
The Gas Home Standby Genset Market is expected to register a CAGR of 5.48% from 2024to 2032.
The Gas Home Standby Genset Market is projected to reach a valuation of 3.2 billion USD by 2032.
North America is expected to dominate the Gas Home Standby Genset Market throughout the forecast period.
Increasing demand for backup power solutions due to rising power outages and extreme weather events is a key driver of the Gas Home Standby Genset Market.
Gas Home Standby Gensets are primarily used to provide backup power to residential homes during power outages.
Key competitors in the Gas Home Standby Genset Market include Generac, Kohler, Briggs Stratton, and Cummins.
The Asia-Pacific region is anticipated to witness a significant growth rate in the Gas Home Standby Genset Market due to increasing urbanization and rising disposable incomes.
High upfront costs and lack of awareness about the benefits of Gas Home Standby Gensets pose challenges to the growth of the market.
What are the opportunities for growth in the Gas 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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