The Home Standby Gensets Market Is Expected To Reach $5 Billion By 2026 Due To Rapid Urbanization As Per The Business Research Company's Home Standby Gensets Global Market Report 2022
TBRC’s market research report covers home standby gensets market size, home standby gensets market forecasts, major home standby gensets companies and their market share, key strategies to undertake, and more.
LONDON, June 22, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the 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's shift to urban areas. Home standby generators are directly connected to the home's electrical system and can provide continuous power for days if required. Rapid urbanization has increased the use of home standby gensets as most urban people will be in need of home standby gensets.
For instance, according to the United Nations' department of economic and social affairs, the world’s population living in urban areas is expected to increase by 68% by 2050, with 90% of this increase taking place in the African and Asian regions. Therefore, rapid urbanization is driving the growth of the home standby gensets market.
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The global home standby gensets market share 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 standby gensets market growth is expected to reach $5.33 billion in 2026 at a CAGR of 7.3%.
Strategic partnerships and collaborations have emerged as the key trends in the home standby gensets market. Major companies operating in home standby gensets are focused on partnerships and collaborations in order to expand their reach into new areas and become industry leaders. For instance, in February 2021, Cummins Inc., a US-based power company, and ISUZU a Tokyo-based automobile company operating in home standby gensets, formed an agreement. Through this partnership, both firms will be able to use their capabilities to drive innovation in advanced diesel and other technology solutions. Isuzu and Cummins also signed an advanced technology agreement to collaborate on advanced engineering research for various powertrain technologies. Furthermore, in February 2022, Sunnova Energy International Inc., a US-based provider of battery storage and system protection services, partnered with Generac, a US-based company operating in homestand gensets. Through this partnership, the companies aim to bring increased resiliency to homeowners.
Major players in the home standby gensets market are 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.
TBRC’s global home standby gensets industry analysis is segmented by product type into air cooled, liquid cooled; by fuel type into natural gas, diesel, others; by phase type into single phase, three phase.
North America was the largest region in the home standby generators market in 2021. The regions covered in the global home standby gensets market research report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Home Standby Gensets Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide home standby gensets market overviews, analyze and forecast market size and growth for the whole market, home standby gensets market segments and geographies, home standby gensets market trends, home standby gensets market drivers, home standby gensets market restraints, home standby gensets market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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