The global home standby gensets market is expected to grow significantly by 2027 owing to frequent power outages caused by extreme weather conditions.

Home standby gensets are installed outside residential buildings and are used to provide power supply to homes, in case of power outages. It powers essential home appliances such as air-conditioning systems, refrigerators, and surveillance devices to ensure their uninterrupted operation. Dependence of remotely located households on standby power generators has notably accelerated product demand.

To capitalize on increasing world government efforts to bring electricity to regions that were previously off-grid, several key industry players are focusing on launching new products, establishing partnerships, and undertake acquisitions, enhancing market dynamics.

For instance, in March 2021, Mahindra Powerol, a leading genset manufacturer, established a new production facility, GOEM Perfect Generators Technology Pvt Ltd, in India. The company plans to manufacture its Perkin range of diesel generators at the facility to accommodate the surging demand for HkVA gensets. The expansion of its production capacity has enabled Powerol to extend its product offerings across untouched terrains.

To cite another instance, in March 2021, power management company, Eaton, announced the acquisition of Tripp Lite, a prominent supplier of power quality products, offering rack power distribution units, surge protectors, enclosures for data centers, and single-phase uninterruptible power supply systems. The acquisition has facilitated the expansion of Eaton's power quality business.

Meanwhile, in March of 2021, in view of rising power outage incidents, Briggs & Stratton, a global outdoor power equipment manufacturer, doubled its production capacity to meet the soaring demand for standby generators. The increase in the production capacity has helped the company to supply reliable standby power all across North America.

The global home standby gensets market has been segmented on the basis of phase, fuel, power rating, product, and regions covered.

With respect to power rating, the market has further been classified into < 10 kVA, 10 kVA- 50kVA, 50 kVA- 100kVA, and > 100kVA. The Saudi Arabia > 100 kVA sub segment is expected to register robust growth in coming years. The regional segment would be registering a CAGR of more than 7.5% over the study period.

From the regional point of view, the Middle East global home standby gensets market is projected to grow substantially by 2027. This can be accredited to the elevated frequency of extreme weather conditions in the region. Moreover, the region's rapidly expanding real estate industry is also likely to foster market adoption in the coming years.

The Latin America global home standby gensets market is expected to garner significant gains through the analysis period. This can be chalked up to the mounting demand for power in the region. The regional population is increasingly becoming dependent on electrical appliances for their day-to-day activities, which is fostering product demand.