The portable generator market is projected to reach USD 2.5 billion by 2026 from an estimated USD 1.8 billion in 2021, at a CAGR of 6.7% during the forecast period. Increasing instances of power outages owing to aging grid infrastructure and extreme weather conditions are the key factors driving the growth of the portable generator market. Increasing adoption of dual fuel and inverter portable generators are expected to offer lucrative opportunities for the portable generator market during the forecast period.
Impact of COVID-19 on portable generator market:
COVID-19 has slowed the growth of the portable generator market, as countries were forced to implement lockdowns during the first half of 2020. Strict guidelines were issued by governments and local authorities, and all non-essential operations were halted. This adversely affected the portable generator market owing to the suspension of activities of end users.
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In addition, production and supply chain delays were also witnessed during the second quarter which poised a challenge to the portable generator market, since end-user industries were still not operating at their full capacity.
Asia Pacific is expected to grow at the highest CAGR during the forecast period. Asia Pacific region has been segmented, by country, into China, India, Japan, South Korea, Australia, and Rest of Asia Pacific. Rest of Asia Pacific includes Indonesia, Singapore, Malaysia, Taiwan, and Thailand. The region is the most populated region in the world and is expected to become the largest energy-consuming region globally. It comprises many developing countries and requires more energy for its development. According to the Asian Development Bank (ADB), the region’s share of global energy consumption is expected to increase to 56% by 2035 from 34% in 2010. The industrial sector in China contributed more than 37% of its GDP in 2020. The growth of the industrial sector has tremendously increased power production and consumption in China. These factors have made China one of the most lucrative markets for the power industry. Thus, increase in demand for power is likely to offer growth opportunities for portable generator market during he forecast period.
The portable generator market, by application, is segmented into emergency and prime/continuous. The emergency segment, by application, is projected to hold the highest market share during the forecast period. The growth of this segment is driven by increasing weather-related power outages and aging power generation & distribution networks. Furthermore, the usage of portable generators during emergency backup can prevent food from spoiling, keep lights on, and help in other day-to-day requirements.
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The report segments the portable generator market, by fuel, into gasoline (petrol), diesel, natural gas, and others. Others includes LPG, propane, and biodiesel. The market for gasoline (petrol) is expected to hold the highest market share during the forecast period. It is majorly used for temporary, intermittent, or low-load applications. Gasoline is a common source of fuel and the easiest to obtain. It is mostly used for running portable generators for a shorter period of time, which is likely to increase their demand in the portable generator market globally.
On the basis of power rating, below 5 kW, 5–10 kW, and 10–20 kW. The market for gasoline (petrol) is expected to hold the highest market share during the forecast period. The 5–10-kW portable generator, by power rating, is projected to hold the highest market share during 2021–2026. The market for these generators is projected to grow because of the increase in awareness of in-house power backup and demand for portable powering systems in outdoor recreational activities.
The portable generator market, by end user, into residential, commercial, and industrial. The residential segment is expected to hold the highest market share during the forecast period. The increasing number of frequent blackouts and insufficient power supply in some parts of Africa and South America are expected to boost the demand for residential portable generators.
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Key Market Players:
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.
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