Growing intensity and frequency of prolonged power disruptions on account of grid inadequacy, deteriorating weather conditions, degrading resilience of the T&D infrastructure accompanied by an invariable demand for uninterrupted power supply are expected to stimulate the global home standby generator market growth. In addition, growing significance of uptime & reliable power supply to consistently operate critical electronic loads across residential spaces will further accelerate the deployment of these units. The rise in awareness toward reliable emergency backup power, increase in consumer spending driven accompanied by a positive outlook toward residential investments is expected to drive the global market size. The increase in implications for energy security, concerns over fossil-fuel consumption and shifting trends toward cleaner-burning fuels & renewables further impact the industry dynamics.
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Growing Need for Energy and Uninterrupted Power Supply Drive Market Growth
The unreliable power grid infrastructure in developing countries is one of the major factors that is anticipated to drive the growth of the standby generator market over the forecast period. The grid infrastructure in developing countries is insufficient to meet the growing demand for electricity. Moreover, increasing business downtime all over the world owing to the rise in weather-related power outages is raising the demand for uninterrupted power supply. On the other hand, the rising natural calamities such as tsunamis, earthquakes, storms, hurricanes and volcanic eruptions among others are anticipated to drive the demand for standby generators as certain regions are highly prone to natural disasters that disrupt the national grid infrastructure causing inconsistent power supply.
Increase in Industrialization and Increase in Power Outages are Key Factor for Market Growth
Rapid industrialization along with growing commercial sector growth is estimated to drive the growth of global standby generator sets market. The presence of a robust service sector, growing urbanization and limited access to electricity create the demand for standby generators. The development of new business centers all over the world is fueling the installation of backup power systems which in turn is set to expand product adoption. Moreover, increasing investments aimed towards the expansion of telecom infrastructure along with frequent power failures will augment the global market growth. Additionally, the increasing power outages in the urban areas and the longer timeframe required to set up the transmission and distribution infrastructure are some of the additional driving factors for the home standby generator market.
Increase in Awareness for Low Emission Products Boosts Market Growth
Increase in awareness among the global population towards environmental sustainability, along with the introduction of stringent government regulations is anticipated to drive the growth of natural gas standby generators. Rapid expansion in the demand for unconventional natural gas resources and stringent emission regulations is also anticipated to significantly drive the adoption of emission-free or low emission energy generators. Moreover, natural gas-fueled generators are increasingly being accepted with the evolution of stringent environmental norms to control the emission of hazardous gasses from generators across North America, Europe, and in some countries of Asia-Pacific. Such factors are anticipated to drive the growth of the global standby generator market over the forecast period.
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COVID-19 Impact Analysis
- The unfavorable global effects of COVID-19 are already evident and had a big impact on the home standby generators market in 2020.
- The World Health Organization (WHO) declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths globally. Exports & imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
- The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy’s already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
- Since the pandemic, the restriction of imports and exports has affected the home standby generator market to a great extent as consumers’ consumption and demand patterns are changing amidst the pandemic.
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