Newark, NJ, June 03, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global portable generator market is expected to grow from USD 1.8 billion in 2020 and reach USD 3.04 billion by 2028, growing at a CAGR of 7% forecast period 2021-2028.
Portable generators are being used in the construction industry on a large scale which has contributed to the market's growth. The construction industry utilizes tools such as power drills, air hammers, compressors, drills etc., which can be powered up using a portable generator. Sectors such as automotive, oil and gas, IT and agriculture have witnessed a significant increase in electricity consumption. Thus the demand for a steady flow of electricity has also increased. This has also contributed to increasing the demand for portable generators.
Portable generators, which are also commonly known as engine generators and, as the name indicate, are generators driven by an engine. The portable generators consist of an engine that is the primary mover, and an electrical generator mounted together to form a single electrical unit with various parts assembled. The key feature of these generators is that they need not be fixed in one place and can be moved anywhere as per the requirement and when it is needed. It can be started manually and is mainly used to provide electricity during power outages or when electricity is required temporarily while camping and other recreation activities.
The frequent power outage has increased demand for an uninterrupted flow of electricity, which has significantly driven the sales of portable generators. The shortage of reliable sources of power supply during natural calamities has also led to an increase in demand for portable generators, which can supply a steady source of electricity at a stretch of 10-12 hours on a full tank. The availability of alternate sources of power supply such as solar power systems, inverters, UPS systems which are more environment-friendly and easy to use, will hinder the growth of the global portable generator market. Inverter generators using high-tech magnets and electrical circuits, which are advanced, have an opportunity to capture a considerable market share in the generators segment.
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The major players in the market are Hyundai Power, Honda Power, Briggs & Stratton, Yamaha, Generac, Champion, United Power Technology, Wacker Neuson, KOHLER, TTI, Sawafuji, Pramac, Honeywell, Eaton, HGI, Cummins Inc.
Gasoline segment dominated the market and held the largest market share of 40% in the year 2020
Based on fuel, the global portable generator market is segmented into natural gas, diesel, gasoline and others. The gasoline segment dominated the market and held the largest market share of 40% in the year 2020. This growth can be attributed to its compatibility with the small engine and also because gasoline is readily available; it also enables a quick start of the engine.
Emergency segment dominated the market and held the largest market share of 65% in the year 2020
Based on application, the global portable generator market is segmented into prime/continuous and emergency. The emergency segment dominated the market and held the largest market share of 65% in the year 2020. This growth can be attributed to the reliability of businesses and small-scale manufacturers on emergency generators due to unstable power grids and frequent power outages resulting from inadequate power generation infrastructure.
5 – 10 kW segment dominated the market and held the largest market share of 45% in the year 2020
Based on power rating, the global portable generator market is segmented into below 5 kW, 5–10 kW, and 10–20 kW. The 5 – 10 kW segment dominated the market and held the largest market share of 45% in the year 2020. This growth is mainly attributed to the residential use of these generators for powering up air conditioners, television, lights etc.
Residential segment dominated the market and held the largest market share of 42% in the year 2020
Based on end-user, the global portable generator market is segmented into industrial, residential and commercial. The residential segment dominated the market and held the largest market share of 42% in the year 2020. This growth is mainly due to the frequent power outages in developing countries owing to the inadequacy of power generating infrastructure.
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Regional Segment of Portable Generator Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Based on geography, the global portable generator market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Asia-Pacific dominated the market and held the largest market share of 36% in the year 2020. This growth is mainly due to the rising consumption levels of electricity in developing countries for residential or industrial purposes. Rising consumption requires a steady flow of electricity and therefore increased the demand for portable generators. North America has also witnessed significant growth owing to natural calamities causing the disruption of electricity distribution and power outages for a long duration. Portable generators are pretty helpful during such situations, and hence there is an increase in demand in the North American market. The market in Middle East & Africa is expected to grow due to the growing use of portable generators at construction sites and mining sites.
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About the report:
The global portable generator market is analyzed based on value (USD billion). All the segments have been analyzed on a global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insights into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitors' position grid analysis.
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