In terms of revenue, the Global Portable Generator Market is expected to reach USD 2.3 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 6.20% from 2022 to 2028.
The electric power used in industries including transportation, oil and gas production, aerospace and defense, farming, information technology, and telecommunications has increased dramatically in recent years. In addition, increased interest in and use of electric cars is expected to have a major impact on global electricity demand during the forecast period. Consequently, the Portable Generator market will be driven by the rising need for a reliable source of electricity.
A rise in the number of power outages caused by weather is a major contributor to the growing need for reliable, constant electricity that is driving global Portable Generator market expansion. Furthermore, the increasing need for portable power systems for outdoor recreational activities propels market growth. Also, the rising government and non-government investments in developing a variety of industry verticals will drive this market’s growth in the coming years.
Key Highlights from Report:
● Among the type of fuel, the portable diesel generators segment is anticipated to dominate the Portable Generator market in the forecast period as the portable diesel generators are highly reliable and can run on heavy loads for a longer time, and is the most popular generator type.
● The residential sub-segment accounted for the largest end-user market share, owing to the significant global power demand because of the high population base and increasing urbanization. In addition, regions vulnerable to natural disasters and abrupt power outages are driving the need for Portable Generator in the residential segment.
● Asia Pacific held the largest market share because of the increase in this region's construction and development activity. In addition, China’s growing urbanization and industrial growth are also driving regional market growth.
The growth of the global market can be attributable to significant factors such as the augmented frequency of power outages owing to severe weather conditions like cyclones, earthquakes, hurricanes, and landslides resulting in the growing demand for uninterrupted power supply. In addition, in recent years, there has been a significant rise in the consumption of electric power in sectors such as automotive, oil and gas, aerospace and defense, agriculture, IT, and telecommunications, which will likely fuel the demand and boost the production. Also, the growing awareness of global warming has led to the rising demand for Portable Generator based on biofuel, a sustainable energy source, which will drive the growth of this market. Furthermore, the increase in adoption of Portable Generator due to a rapidly rising construction industry is also propelling market growth. Besides, the increasing demand for biofuel-powered generators will create lucrative prospects for the market players in the coming years.
Asia Pacific market is anticipated to observe considerable market growth, with the highest growth rate during the forecast period. The region’s market growth can be attributable to the increase in residential energy consumption. The primary market contributors such as China, Japan, India, and Thailand propel the global market expansion.Asia Pacific is home to two rapidly advancing countries, China and India. The current government initiatives, including smart cities and green building campaigns, will likely drive regional market growth in the coming years. Besides, the construction sector is rising in China and India, fueling the demand for Portable Generator in this region.
The Global Portable Generator Market is Segmented as follows:
- Fuel Type
- Gasoline (Petrol)
- Natural Gas
- Other Fuels (LPG, Propane, & Biodiesel)
- Power Rating
- Below 5 kW
- 5–10 kW
- 10–20 kW
- End Users
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Portable Generator Market is:
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)
The Global Portable Generator Market Scope can be Tabulated as below:
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties 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|