About Home Standby
A home standby keeps the power on during an outage. This is a back-up electrical system that operates automatically. It’s installed outside the house and comes on automatically whether near home or away. All within seconds of a power outage. The market is expected to mark significant growth over the forcasted period owing to the increasing demand for uninterrupted power supply and dependency on electricity for various work. Growing awareness of emergency backup power is trending in this market.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Expansion in the residential sector owing to sizeable investments in real estate will influence the demand for these home standbys. Additionally, growing focus of investors toward urban regions offering opportunities to secure new assets will further generate demand potential for these units. Moreover, growth in consumer spending and rising awareness toward emergency power backup solutions will boost the regional industry. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Generac (United States), Cummins Power Systems (United States), KOHLER (United States), Briggs & Stratton (United States), Yamaha (Japan), Caterpillar (United States), TTI (United States) and Honda (India) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Eaton (Ireland), Sawafuji (Japan), Loncin (China), Itopower (China) and Hyundai Power (United Kingdom).
Segmentation Overview
AMA Research has segmented the market of Global Home Standby market by , Application (Single Home and Apartment) and Region.
On the basis of geography, the market of Home Standby has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Power Rating, the sub-segment i.e. <75 kVA will boost the Home Standby market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Fuel, the sub-segment i.e. Diesel will boost the Home Standby market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing Awareness toward Emergency Backup Power and Rising Technology Innovation
Market Growth Drivers:
Increasing Intensity & Frequency of Weather-Related Disasters and Rapid Urbanization Worldwide
Challenges:
Use of Renewable Power Generation Process
Restraints:
High Installation & Maintenance Costs
Opportunities:
Growing Demand for Uninterrupted Power Supply and Increasing Dependency on Electricity
Market Leaders and their expansionary development strategies
In October 2023, LG Electronics collaborates with Amazon. This partnership allows customers to purchase and schedule installation of LG home standby generators directly through Amazon's online platform, offering a convenient and accessible solution.
In September 2023, EcoFlow DELTA Pro portable power station. This innovative portable generator offers high-capacity battery storage and solar panel compatibility, providing a clean and flexible option for backup power in off-grid situations or mobile applications.
Key Target Audience
Industry Investors, Manufacturers, End User Industries, Traders, Distributors, and Suppliers, Government and Research Organizations and Associations and Industry Bodies
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.