According to recent information, the global Portable Generator Market Share is witnessed at USD 5 billion in 2020 and is estimated to reach the market size of USD 8.33 billion along with the CAGR of 6.3%.
Portable generators are specially designed internal combustion engines that provide alternating currents for non-hardwired and standalone applications. These generators are highly preferred when temporary power is needed. When electrical power outages occurred due to severe weather conditions like ice or wind storm, these generators provide a reliable backup source of power. The rapid growth in the construction industry and rising demand for electricity around the world are anticipated to bolster the market growth. Most of the power tools like drives, compressors, drills, and air hammers are used in the construction industry.
These portable generators are majorly used in the construction process where more work is done at night time in situations where power from power grids is not accessible. The rising power demand coupled with constant innovative technologies is projected to propel the growth of the market. In recent years, there is a rise in the consumption of electric power in various sectors such as automotive, oil & gas, aerospace & defense, IT & Telecommunications, and agriculture. Growing awareness regarding global warming among the people leads to rising demand for portable generators based on a sustainable energy source, biofuel. Biofuel and petroleum-based fuels have similar chemical characteristics and can be used as a direct substitute for diesel fuel. By using conglomerates and well-established companies, it is expected to boost the market growth.
The portable generator market opportunities are growing and demand for biofuel-powered generators is expected to escalate the market growth.
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Based on the recent research, the portable generator market is analyzed into fuel type, power rating, application, and end-user.
Application Segmentation: The portable generator market by application is classified into various forms like baseload, standby power, and peak shaving.
Fuel Type Segmentation: Based on the fuel type, the portable generator market is analyzed into diesel, gas, and others.
End-user Segmentation: The portable generator market by end-user is trifurcated into industrial, commercial, and residential.
Power Rating Segmentation: Based on the power rating, the market is segmented into less than 3KW, 3KW-10KW, and above 10KW.
Based on the latest updates, the global portable generator market is regionally divided into four major regions like Asia-Pacific, Europe, North America, and the Rest of the world. Out of these regions, North America is holding the highest market share due to the frequent power outages by aging grid substructures and natural calamities. Moreover, continuous rising demand from the industrial sector is boosting the market growth in this region. The U.S is the largest contributor to the portable generator market in this region. Owing to the continuous growth of constructional and developmental activities, the Asia-Pacific region is expected to grow at a significant CAGR in the review period.
The portable generator market key players are Honda Motor Co., Ltd, Briggs & Stratton Corporation, Yamaha Motor Corporation, Siemens AG, Honeywell International Inc., and others.
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As per the latest updates, the portable generator market forecast states that this product is going to reach immense growth in the market in the coming years for the rising urbanization, industrial development, mergers, expansions, investments, and innovative product launches.