Home Standby Gensets Market is set to grow significantly through 2032, primarily due to the unreliable grid infrastructure and the current refurbishment of T&D networks. Besides, the frequency of extreme weather events is also increasing across the globe, which will drive the market demand in the next ten years. For instance, the number of cyclones in the Arabian sea has increased by a whopping 52% in the last two decades.
Overall, the home standby gensets market has been segmented in terms of power rating, fuel, phase, product, and region.
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Based on the power rating, the home standby gensets market is defined through the > 100 kVA segment. The segmental growth can be accredited to the increasing application of gensets across a range of devices, that are used to handle high-power loads.
On the basis of fuel, the gas segment is set to witness significant gains through 2032, owing to the distinctive advantages of gas-powered home standby gensets such as durability, easy handling, and emission of low particulate matter. In addition, stringent government norms to limit carbon emissions, coupled with the abundant availability of natural gas will also drive the market demand between 2023 and 2032.
For instance, in December 2021, President Biden signed an executive order under which the country aims for net-zero emissions from overall federal operations by 2050. Besides, it is also seeking to reduce its carbon emissions by 65% by 2030.
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In terms of product, the liquid-cooled segment will gain significant traction over the next ten years. Liquid-cooled standby gensets are suitable for larger residential premises, that are often laced with heavy-load appliances. Besides, their ability to effectively provide backup to large internal loads will also drive the business outlook through 2032.
In the regional context, the Asia Pacific home standby gensets market is anticipated to grow at a robust rate through 2032. The regional market growth can be accredited to the increasing preference for work-from-home culture in the APAC countries, which has increased the demand for an uninterrupted supply of electricity. As per the 49th China Statistical Report on Internet Development, the number of China's remote employees surpassed 469 million as of December 2021.
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Besides, steady economic growth in emerging economies along with rapid population growth will add impetus to the market demand. According to the International Monetary Fund, the economic growth in the Asia Pacific region is anticipated to increase from 4% in 2022 to 4.3% in 2023.
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