Portable Generator Market
Portable Generator Market - Global Industry Assessment & Forecast
- By Application Emergency, Prime/Continuous
- By Fuel Type Gasoline (Petrol), Diesel, Natural Gas, Other Fuels (LPG, Propane, & Biodiesel)
- By Power Rating Below 5 kW, 5–10 kW, 10–20 kW
- By End Users Residential, Commercial, Industrial
- By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
|Forecast Years:||2021 - 2028|
|Historical Years:||2016 - 2020|
|Revenue 2021:||USD 1.5 Billion|
|Revenue 2028:||USD 2.3 Billion|
|Revenue CAGR (2021 - 2028):||6.5%|
|Fastest Growing Region (2021 - 2028)||Asia Pacific|
|Largest Region (2021):||Asia Pacific|
- Cross-segment Market Size and Analysis for Mentioned Segments
- Additional Company Profiles (Upto 5 With No Cost)
- Additional Countries (Apart From Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
- Production Analysis
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Global Portable Generator Market is valued at USD 1.5 Billion in 2021 and is projected to reach a value of USD 2.3 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 6.5% over the forecast period.
The market for Portable Generator is expanding due to rising demand for affordable and diesel-powered generator units, shifting preferences toward natural gas-powered units, and rising consumer knowledge of Portable Generator. Without adequate modernization, transmission lines can't keep up with rising power needs and, in the worst case, they can fail altogether, leading to blackouts. Therefore, the need for a steady supply of electricity has led to a rise in Portable Generator sales around the world.
Portable Generator Market Size, 2021 To 2028 (USD Billion)
Additionally, as the world continues to become more industrialized, the reliance on generator backup systems for commercial activities is only expected to increase. On a large scale, Portable Generator provides backup power in residential areas and homes. Thus, the market for Portable Generator is expanding due to increased urbanization and industrialization. The need for Portable Generator has increased due to natural disasters, including earthquakes, floods, tsunamis, and storms. In such circumstances, Portable Generator frequently provides electricity for rescue missions. Power outages are a constant problem in undeveloped areas. As a result, there was a rise in the demand for Portable Generator in these areas.
To increase their market share of Portable Generator, broaden their offering of goods and services, and survive the fierce competition, the top vendors in the market have made product launches a fundamental component of their development strategies. Additionally, businesses have implemented partnership tactics for new technologies, enhancing operational performance and expanding and innovating the market. The demand for Portable Generator is growing due to its lightweight, Bluetooth connectivity, less noise and engine difficulties, and lengthy recharging times. As a result, technological advancements are creating new potential for expanding the market for Portable Generator.
However, due to the short duration of power supply and strict environmental laws regarding the emission of harmful gases from diesel generators, the market growth for Portable Generator is constrained.Top Market Trends
· The market is expanding due to rising demand for affordable and diesel-powered units, shifting preferences toward natural gas-powered units, and rising consumer knowledge of Portable Generator.
· In 2021, the gasoline segment held the largest portion of 41% of the market.
· In 2021, the residential category led the market with the greatest market share of 67%.
· The major market participants invest in R&D operations to create new products to compete effectively.
The Portable Generator Market is segmented based on Application, Fuel Type, Power Rating, End Users, and Region. Based on the Application, the market is bifurcated into Emergency and Prime/Continuous. In addition, based on the Fuel Type, the market is divided into Gasoline (Petrol), Diesel, Natural Gas, and Other Fuels (LPG, Propane, & Biodiesel). Furthermore, based on the Power Rating, the market is further segmented into below 5KW, 5-10 KW, and 10-20 KW. Based on End Users, the market is segmented into Industrial, Commercial, And Residential.
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Based on Application:
The Residential category dominated the market in 2021
The residential segment held the largest market share for Portable Generator. Areas prone to natural disasters and unforeseen power outages are another factor driving demand for Portable Generator in the residential end-user market. Portable Generator are widely utilized by home end users and have a maximum power output of 6 kW. Various household items, such as lights, refrigerators, sump pumps, heaters, TVs, and air conditioners, are powered by these generators in times of emergency. Portable Generator are also utilized for camping trips and football-themed parties. Under the residential section, they are utilized for various activities, including camping, picnics, and family gatherings.
Furthermore, Portable Generator are employed in the industrial sector at the building, drilling, and mining sites where continuous electric power is needed for various tasks. Urbanization, population growth, and countless other factors contributed to a significant increase in electricity consumption worldwide. The market is estimated that the residential areas of developed nations, emerging economies' commercial and industrial sectors, and the growing demand for electricity in military operations will present significant opportunities for market participants.
Based on Fuel Type:
Gasoline Category Dominated the Market in 2021
Based on Fuel Type, the market is segmented as Diesel, Gasoline, Natural Gas, and Others. The Gasoline (Petrol) category held the largest market share. Portable Gasoline Generators are expected to see greater demand as they offer significant cost savings over portable power generators for shorter periods of time due to the widespread availability of fueling locations. Portable Gasoline Generators are typically employed for short-term, variable, or low-load applications. Gasoline is by far the most popular and convenient fuel, despite being highly combustible and risky to store in large quantities. While a generator running for an extended period of time often consumes the least fuel, the cost of gasoline (petrol) can build up quickly. It has several practical uses, including survival, camping, and hunting.
Based on Regional Analysis:
Asia Pacific had the Largest Share in 2021
The Asia Pacific accounted for the largest share in 2021. The regional market expansion can be ascribed to the rise in domestic electricity demand in nations like China and Singapore. China and India have the greatest consumption rates due to improving living standards and increased demand for appliances, lighting, and equipment that use a lot of energy. Additionally, frequent power outages are the result of aging grid infrastructure and natural disasters, and the region's market is growing as a result of the continually expanding demand from the industrial sector.
Recent Developments:· In January 2022, Honda declared that it would launch the EU32i, a new Portable Generator with a newly developed dedicated engine (with a maximum output of 3.2 kVA). The corporation also disclosed that sales would start in March 2022 in the European zone before spreading to other regions worldwide.
· In June 2021, Generac Holdings Inc. announced that the company had acquired Deep Sea Electronics Limited, an advanced controls designer and manufacturer. Generators, automatic transfer switches, battery charging, and off-road vehicles are just a few of the applications for which Deep Sea Electronics offers a wide range of controller devices.
· In June 2021, Generac Holdings Inc. declared that the company had acquired Deep Sea Electronics Limited, a designer and producer of advanced controls. Deep Sea Electronics offers a wide range of controller products that provide versatile solutions for various applications such as generators, automatic transfer switches, battery voltage, and off-highway vehicles.
· In May 2019, Pika, a manufacturer of home energy storage systems, was acquired by Generac. The acquisition combined Pika's capabilities with mobile commercial and industrial generators. The company provides backup power products in various regions, including Puerto Rico, where recent natural disasters have affected the power supply.
The key players in the Global Portable Generator Market include- Atlas Copco (Sweden), Briggs & Stratton (US), Generac (US), Honda (Japan), Yamaha (Japan), Caterpillar (US), Cummins (US), Eaton (Ireland), Honeywell (US), Siemens (Germany), Wacker Neuson (Germany), Kubota (Japan), Kohler (US), Champion (US), Himoinsa (Spain), Duromax (US), Loncin (China) and others.
Segmentation of the Global Portable Generator Market:
|Regions & Countries Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
Frequently Asked Question
What is the global demand for Portable Generator in terms of revenue?
The global Portable Generator valued at in 2020 and is expected to reach in 2028 growing at a CAGR of 6.5%.
Which are the prominent players in the market?
The prominent players in the market are Atlas Copco (Sweden), Briggs & Stratton (US), Generac (US), Honda (Japan), Yamaha (Japan), Caterpillar (US), Cummins (US), Eaton (Ireland), Honeywell (US), Siemens (Germany), Wacker Neuson (Germany), Kubota (Japan), Kohler (US), Champion (US), Himoinsa (Spain), Duromax (US), Loncin (China).
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 6.5% between 2021 and 2028.
What are the driving factors fueling the growth of the market.
The driving factors of the Portable Generator include
- Growing demand for continuous and reliable power supply during blackouts
Which region accounted for the largest share in the market?
Asia Pacific was the leading regional segment of the Portable Generator in 2020.