The global market for portable generators was valued at $3.14-million in 2015, and the size of the portable generators market is anticipated to grow at a compound yearly growth rate of 6.6% to reach $4.91-million by 2022, according to a report published by global market research firm Allied Market Research.
Portable generators are used to generate electric power in domestic, commercial, and industrial applications. For instance, generating electricity for live commercial events, electrifying machinery in construction sites, and for additional power supply during power outages.
The report provides an overview of portable generator market trends, structure, drivers, challenges, and opportunities in the global industry. Porter’s five forces analysis highlights the potential of buyers and suppliers and provides insights on the competitive structure of the market to determine the investment pockets in the portable generators market.
Current and future trends adopted by key players are highlighted in this report to determine overall competitiveness of the global portable generators industry. The quantitative analysis of the portable generators market share from 2014 to 2022 is provided to elaborate the market potential.
The global portable generators market is segmented based on fuel type, power output, application and geography. Based on power output, the market is bifurcated into less than 3 kW, 3 kW to 10 kW, and more than 10 kW. The application segment consists of domestic, commercial and industrial.
Increase in the need for power backup facilities, growth in demand for low-cost and diesel-fuelled generators, increase in preference for natural gas-fuelled generators, and the rise in awareness of portable generators drive the portable generators market growth.
However, the portable generators market growth is restrained, owing to limited duration of power supply and stringent environmental regulations governing the emission of hazardous gases from diesel generators.
Increase in the adoption of multipurpose power generation systems is anticipated to fuel the portable generators market growth. The less than 3 kW portable generators segment is projected to grow at the highest compound yearly growth rate, owing to increase in awareness of in-house power backup and a rise in the need for portable powering systems in outdoor recreational activity.
The generators that deliver more than 10 kW power are extensively used in the industrial sector, owing to the need for higher power supply to run machines and industrial tools, which, in turn, is expected to drive the portable generators market.
The global portable generators market is analysed across North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. The leading vendors in the market have adopted product launch as their key development strategy to attain major portable generators market share and diversify the product and service portfolio amid sustained intense competition.
In addition, companies have also adopted partnership strategies for the implementation of new technologies, improvement of operational performance, and market expansion and innovation.
Asia-Pacific is the leading regional market, in terms of growth, for portable generators, owing to rapid industrialisation in developing countries such as China, Japan, South Korea and India. Moreover, rapid industrialisation in Latin America and the Gulf countries is expected to fuel the demand for portable generators, as these generators are used in various construction activities, which include cutting, drilling, lifting, and many others. Easy availability of fossil fuel in the Middle East region is one of the key growth factors for the portable generators market in the region.
Key players profiled in the report are manufacturing company Generac Power Systems, generator manufacturer and distributor Cummins, engine rebuilding service Briggs & Stratton Corporation, multinational conglomerate company Honda Motor, construction machinery and equipment company Caterpillar, power management company Eaton Corporation, manufacturing company Kohler, manufacturing company Yamaha Motor Corporation, generator manufacturer Champion Power Equipment and business software provider Smarter Tools.
Meanwhile, natural gas-fuelled generators are set to gain traction with the evolution of stringent environmental norms to control emission of hazardous gases from diesel generators in developed regions such as North America, Europe, and some parts of Asia-Pacific. In addition, many developing nations such as India, Singapore, and Russia use natural energy sources in generators, hence, providing a good space for the portable generators market growth.
Further, portable generators will gain traction among end- users, including houseowners, event organisers, third-party service providers, and others, owing to an increase in the need for energy backup during power outages, as well as convenient power storage for camping and long outdoor events in distant places.