The rising concerns over weather-related outages along with higher utilization in domestic applications will foster the home standby gensets industry development. The deteriorating environmental conditions and the mount in weather-related electricity outages has steered the importance of emergency readiness measures. The continuous dearth of power grid infrastructure to meet the mounting energy requirement will encourage the deployment of the gensets across energy deficit regions.

Rapid urbanization has also triggered the need for an uninterrupted energy supply and amplified the dependency on electrical products for sustaining day-to-day operations. The enforcement of severe building efficiency standards has led to the continuous advancement and expansion of ecological building projects.

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On this note, it has been estimated that the global home standby gensets market size will annually reach around USD 8.5 billion in revenue and 1.7 million units in installation by 2027.

Increasing penetration of liquid-cooled gensets

Global remuneration of liquid-cooled gensets is poised to observe a 7.5% CAGR in the analysis time owing to their robust abilities to offer higher efficiency, longer lifespan, and enhanced power supply. Other than being relatively expensive, these units are believed to be operationally appropriate for large residential premises, such as villas, luxury homes, mansions, and light commercial buildings that are designed with heavy-load electronic appliances and systems. Besides, the continuous upgrades in the residential building infrastructure, inclusive of multifamily apartments and housing societies will favor the market growth.

Growing preference for gas-fueled units

Demand for gas-fueled home standby gensets is set to rise with the surging need for cleaner fuel substitutes as well as low emission profiles. These units are increasingly adopted over their diesel-fueled counterparts as they release lower degrees of particulate matter and nitrogen oxide. The insufficiency of the gas pipeline infrastructure may restrict the application scope of these gensets in emerging nations. But with the rising influx of large-scale C&D pipeline projects in these regions, the product demand is likely to witness a significant boom.

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Europe to see higher installation

The home standby gensets industry size in Europe will cross 170 thousand units, in annual installation by 2027 driven by the growing consumer consciousness and higher spending on emergency backup power solutions.  The considerable rise in the number of real estate investments has resulted in robust developments across the housing sector.

As per Real Capital Analytics, the institutional investment into the residential market in Europe hit a new record, accounting for around 30% of the total acquisition activity in 2020. The shifting inclination of investors towards the urban regions that offer additional opportunities for acquiring new assets will also fuel the regional market expansion.

Impact of the COVID-19 crisis

The novel COVID-19 pandemic, which drastically impacted the global economy, brought delays in a vast number of projects, such as renovation & restructuring, and stick-built & modular houses, impeding the overall market progression. But the rising urgency to meet the accelerated need for uninterrupted electricity supplies across the healthcare sector has influenced product adoption. This is on account of the increasing development and expansion of numerous residential healthcare establishments as well as quarantine centers to limit the infection rate. The flooding requirement for minimum production is another prominent growth driver for the industry.

Furthermore, the improved standards of living together with the hiking consumer household incomes has led to the subsequent rise in the number of investments across the residential sector. The rapid urbanization in the emerging countries and the higher consumer awareness r4egarding the benefits and aesthetics of the product will lead to market expansion.

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