The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Standby Gensets Market.
It was estimated prior to this unanticipated outbreak that the Standby Gensets Market was likely to witness an impressive CAGR of 6.4% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Market Share Analysis
Home Standby Gensets Market Share: By Product Type
Based on the product type, the market is segmented as air cooled and liquid cooled. Air cooled gensets dominated the market in 2019, and are expected to register a higher CAGR during the forecast period. Economical and simpler operation of these gensets along with the ability to cater to the moderate power requirements for residential usage to stimulate the market.
Home Standby Gensets Market Share: By Power Rating Type
Based on the power rating type, the market is segmented as less than 10 kVA, 10–50 kVA, 50–100 kVA, and more than 100 kVA. The 10–50 kVA segment is expected to remain dominant during the forecast period. The growth of the segment can be attributed to the preference of these gensets in residential application ranging from lower load applications such as kitchen appliances to larger load applications such as water heater, well pump, and central air-cooling units.
Home Standby Gensets Market Share: By Phase Type
Based on the phase type, the market is segmented as single phase and three phase. Single phase gensets are expected to grow at a higher CAGR during the forecast period. Affordable price range with the ability to run basic appliances during grid failure are the key market drivers for single phase gensets in small and medium size households.
Home Standby Gensets Market Share: By Region
In terms of regions, Asia-Pacific is estimated to remain the largest and the fastest-growing market during the forecast period, driven by economic transformation and rapid urbanization. China dominated the region’s home standby gensets market, followed by India. Rising disposable income along with increased electric appliances uses in these countries to propel the market in coming years. The sale is expected to decline in 2020 due to the COVID-19 outbreak; before recovering from 2021 onwards.
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