Market Overview
The portable generator market is projected to register a CAGR of 6.20%. It is expected that the market will have several expansions during the forecast period from the year 2023-2030. Portable generators are engines that are used to produce electricity. They are largely used for temporary settings of power supply. There are several advantages that can promote the portable generator market growth. Power generators are very useful in providing essential backup during power cuts. It also provides significant help during bad conditions of weather such as wind storms, heavy rain, or snowstorms.
The portable market size is increasing at a significant rate due to the rising demand for providing electricity. Rapid innovation in technologies in several countries and fulfilling the electricity supply to the rural areas are the major factors. It is useful in the transmission of energy in an efficient way.
The market is expected to boost during the upcoming period due to the rising investments by the key players for providing backup solutions to their customers. Also, the consumers are aware, and they want to remain prepared for any future outages that can happen. Countries like Germany, UK, and the US are now aiming to replace their aging infrastructure with efficient alternatives. These factors are responsible for the portable generator market growth.
Portable generator market trends also have some restraints that can hinder the market growth in the future. The power generators can only be used as an alternative during any emergency. It has temporary uses, and it can't replace the main power system. Also, portable generators can only operate within a limited amount of load.
Larger generators are used for maintaining the increased loads, which simultaneously affects the mobility factor. However, there are several original equipment manufacturers who offer hybrid solutions to overcome this situation. The hybrid generators can directly supply power during increased load and influence the portable generator market trends.
Key Players:
· Honda Motor Corporation (Japan)
· Westinghouse Electric Corporation (US)
· Duromax (US)
· Cummins, Inc (US
· Champion Power Equipment (US)
· WEN Corporation (US)
· Yamaha Motor Corporation (Japan)
· Generac Power Systems Inc (US)
· Harbor Freight Tools (US)
· Wacker Neuson SE (Germany)
· Pulsar Products Inc. (US)
· Energizer Holding Inc. (US)
· Caterpillar Inc. (US)
· Atlas Copco (India) Ltd. (Sweden)
Segmentation
The portable generator industry is classified into power rating, application, fuel type, and end-user. On the basis of power rating, the market is divided into 3KW-10KW, more than 10KW, and less than 3KW. The segment of less than 3KW is expected to have substantial growth during the forecast period. On the basis of fuel type, the market is further divided into gas, diesel, and others. According to reports, the gasoline category held the largest withhold in the portable generator market share.
On the basis of application, the market is further bifurcated into standby power, baseload, and peak shaving. The end-user category is further classified into commercial, residential and industrial. It is evaluated that the residential category in the end-user segment will have substantial growth during the forecast period.
Regional Overview
Regionally, the portable generator market size is classified into North America, Asia-Pacific, Europe, and the rest of the world. It is projected that the North American region dominates the global portable generator industry. The occurrence of natural disasters and aging grid infrastructure are the major factors of growth in this region.
Asia-Pacific is region is expected to record the highest growth in the upcoming period. Rapid development in the infrastructure in developing countries like India and China are the major factors. However, Latin America and the Middle East, and African countries are also evaluated to also contribute to the development of the portable generator industry.
Industry News
The portable generator market has observed rapid growth in recent years due to rapid industrialization. But, the market was negatively impacted by the outbreak of the COVID-19 pandemic. Due to restrictions in transport due to lockdown, the supply chain was highly disrupted. Several government initiatives and rising concerns to use efficient backup are expected to boost the portable generator market share.
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