The most recent research from SkyQuest offers a comprehensive analysis of the portable generator mar, Jan. 30, 2023 (GLOBE NEWSWIRE) -- The need for portable generators is fueled by factors such as the growing global population, rapidly growing urbanization, and an increase in the frequency of power grid breakdowns. In addition, the portable generators market is further driven by factors such as the rising demand for electricity, the requirement for emergency backup power supplies, and the necessity for a reliable power source. Furthermore, leading market competitors are also concentrating on releasing variations with increased flexibility and durability, which is anticipated to fuel market expansion.
According to SkyQuest's research findings, higher adoption of electric vehicles is expected to cause a 54% increase in worldwide electricity demand between 2022 and 2050. As a result, the portable generator market is anticipated to grow substantially to meet the rising demand for consistent power supply.
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A portable generator is a source of quick, temporary, transportable electricity used for both non-industrial (such as everyday operation at all work and play places) and industrial (such as power plant commissioning) purposes. There are various portable generator models to consider, and depending on the purpose, each has benefits.
Prominent Players in Portable Generator Market
- Atlas Copco (Sweden)
- Generac (US)
- Briggs & Stratton (US)
- Yamaha (Japan)
- Honda (Japan)
- Cummins (US)
- Caterpillar (US)
- Honeywell (US)
- Eaton (Ireland)
- Wacker Neuson (Germany)
- Siemens (Germany)
- Kohler (US)
- Kubota (Japan)
- Himoinsa (Spain)
- Champion (US)
- Loncin (China)
- Duromax (US)
Portable Diesel Generator Segment to Drive Higher Sales Thanks to Its High-Performance Rate
Portable diesel generators are currently the most dominant segment, with 31% of the market share in 2022, due to their more reliable, efficient, and durable performance compared to natural gas or petroleum generators. Gasoline portable generators are predicted to increase in demand due to their primary advantages of being easily accessible at gas stations and moderately less expensive when used for short-term operation. In addition, an adequate power supply, system adaptability, and the need for the best materials support the product's adoption.
A sizable portion of the market for portable generators was in the Asia Pacific region. The increase in domestic electricity demand in countries like China and Singapore is responsible for regional market expansion. Due to rising living standards and increased demand for energy-intensive equipment, lighting, and appliances, China and India have the highest consumption rates. In addition, the region's market is expanding due to the continuously rising demand from the industrial sector, and frequent power outages result from outdated grid infrastructure and natural disasters.
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Emergency Segment to Register Rapid Growth Rate due to its Increasing Application during Major Power Cuts
The emergency segment held a 37% revenue share in 2022 in the global portable generator market. Portable power units used briefly during power outages are known as emergency generators. When severe weather, such as storms, torrential downpours, and heat waves, disrupt the transmission and distribution network, portable emergency generators are typically used. Because of insufficient power generation infrastructure and shoddy grid networks in developing countries, small-scale manufacturing and businesses have been forced to rely on emergency portable generators.
The portable generator market is anticipated to be dominated by the North American region. Natural disasters and aging grid infrastructure contribute to frequent power outages, and the industrial sector's constant demand growth is growing the region's market. In addition, the energy demand has increased due to the region's growing infrastructure and industrial developments and rising disposable incomes.
Businesses with advanced technical capabilities are more likely to make suggestive contributions to technological developments. Due to the persistent rise in energy consumption, small and medium-sized businesses are making significant progress in developing countries. For many participants in these economies, this has improved their chances. These SMEs primarily work in manufacturing, with a strong requirement for a reliable power supply.
Key Developments in Portable Generator Market
- The Olympus Power Platform, a novel Grid Scale solution, has been unveiled by Joule Case, a manufacturer of portable, battery-powered generators. Lympus is a modular power distribution and energy storage system that uses its two modules, Zeus and Atlas, to address the most pressing concerns, sustainability and advancement. Joule Case claims that Olympus is the portable power of the future and is already prepared for it.
- EcoFlow, an eco-friendly energy solutions company, has introduced the Smart Generator (Dual Fuel), a powerful generator that can run on propane and standard gas. The Smart Generator (Dual Fuel) can generate up to 20kWh of electricity with propane, which is sufficient to meet the emergency power requirements of a typical family for roughly five days. In addition, this generator uses less energy and emits fewer pollutants.
- ANA has introduced brand-new Energy Boss hybrid energy solutions for power generation and energy storage on building sites. The mobile platform combines generators with innovative battery technology, control systems, and service to reduce fuel use, emissions, and maintenance costs while still providing enough power. These versions are powered by long-life, fast-charging, and discharging batteries with a high cycle life, along with a generator that offers a recharging current when the load is more elevated or for longer runtimes.
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Key Questions Answered in the Portable Generator Market
- Which application segment is projected to dominate the market?
- Who are the most active players in the portable generator market?
- Which are the major drivers and restraining factors for the global market?
- Which regions are anticipated to provide lucrative opportunities for players?
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