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Portable Generators Market Size to Hit USD 7.01 Bn by 2030

The portable generator market size is projected to hit USD 7.01 billion by 2030 from at USD 4.21 billion in 2020, expanding growth at a CAGR 5.34% from 2021 to 2030.

/EIN News/ -- Tokyo, Dec. 01, 2021 (GLOBE NEWSWIRE) -- Precedence Research, Recently Announced Report on “Portable Generator Market - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook and Forecast 2021 – 2030”.

Portable generators generate energy by using a gas-powered engine that generates electricity through an on-board alternator. The extension cords, electric-powered equipment, and appliances can all be plugged into the unit’s power outlets. In general, the more powerful generator, the greater the number of outlet combinations.

The portable generators market is growing due to an increase in demand for low-cost and diesel-fueled generators, preference for natural gas-fueled generators, and increased awareness of portable generators. The portable generators market, on the other hand, is constrained by the short duration of power supply and strict environmental laws regarding the emission of harmful gases from diesel generators.

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The COVID-19 pandemic has hindered the portable generator market’s growth, since countries were forced to impose lockdowns in the first half of 2020. The governments and municipal authorities established strict restrictions, and all non-essential activity were halted. The consumer’s activities were also halted, which had a negative impact on the portable generator market. Additionally, during the second quarter, manufacturing and supply chain delays were seen, posing a challenge to the portable generators market, as no other industry was working at full capacity.

Scope of the Portable Generators Market

Report Coverage Details
Market Size in 2020 USD 4.21 billion
Growth Rate From 2021 to 2030 CAGR of 5.34%
Largest Market Asia Pacific
Base Year 2021
Forecast Period 2021 to 2030
Regional Scope
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)
Companies Covered Honeywell , Cummins, Inc, Generac Power Systems Inc, Kohler Co, Multiquip, Inc, WINCOWackerNeuson SE, Eaton, Harrington Generators International Ltd, Briggs & Stratton Corporation, Caterpillar Inc, Honda Siel Power Products Ltd.

Regional Snapshots

Due to fast development and growth in developing nations such as India, China, South Korea, and Japan, Asia-Pacific is the top regional market for portable generators in terms of growth rate. Furthermore, as portable generators are used in variety of construction tasks such as lifting, drilling, and cutting, as well as growing industrialization in Latin America and the Gulf countries such as the United Arab Emirates, Kuwait, Qatar, Saudi Arabia, Bahrain, and Oman is predicted to fuel demand. One of the most important development factors for the portable generators market in the Middle East is the easy availability of fossil fuel. Asia-Pacific dominated the market and held the largest market share of 36% in the year 2020.

Market Dynamics

Drivers

Growing urbanization and industrialization

Due to widespread power outages, portable generators have become essential for power backup. The increased demand for dependable and continuous power supply has resulted in an increase in portable generator sales all around the world. All commercial operations rely on generator backup for uninterrupted operations, and this is only expected to increase as the world becomes more industrialized. On a broad scale, even residential areas and households rely on portable generators for power backup. Thus, the growing urbanization and industrialization is propelling the growth of portable generator market.

Rise in incidents of power cut

The environmental disasters such as tsunamis, floods, earthquakes, and storms have raised the demand for portable generators. The natural catastrophes are common in certain parts of the world, disrupting the national power systems and infrastructure and generating irregular electricity supply. The portable generators are commonly utilized in such situations to supply electricity for rescue missions. The underdeveloped regions face continuous instances of power outages. Thus, this increased in the demand for portable generators in such regions. Hence, the rise in incidents of power cut is driving the portable generators market growth.

Restraints

Strict environment regulations

The portable generators are utilized in a variety of applications, including industrial, residential, and commercial. When diesel is used in a generator, the toxic gases are released. These emissions are immediately released into the atmosphere, harming both the people and the ecosystem. Several laws have been enacted to reduce pollution. With growing environmental concerns, each country has developed its own set of pollution acts and laws. The environmental rules and regulations governing the emission of dangerous gases from generators, such as carbon dioxide, carbon monoxide, and nitrous oxide stifle the market expansion. The several regulatory authorities, including the Central Pollution Control Board of India, the U.S. Environmental Protection Agency, and the California Environmental Protection Agency have established rules to limit harmful chemicals released by portable diesel generators exhaust system. Thus, the strict government regulations restrict the growth of portable generators market.

Opportunities

Technological innovations

The portable generators market is transforming due to technological developments and innovations. The portable generators market players such as Honda, Ryobi, DeWalt, Ego Power, and Nexus have launched the latest version of portable generators with advanced technology. The features such as light weight, Bluetooth connectivity, reduced noise and engine hassles, and long hours recharge times increase the demand for portable generators in the market. Thus, the technological innovations is opening new opportunities for the growth of portable generators market.

Rising living standards and consumer awareness

The increased demand for uninterruptible power supply, as well as increased consumer demand for emergency power backup solutions in the event of power loss, will boost product need and demand in residential areas. The popularity of portable generators can be linked to their reduced cost and multiple applications, which makes them suited for a wide range of consumer needs. The frequent electricity power cut to balance peak-hour demand, as well as increase in consumer awareness of disaster management, will add to the market growth. As a result, the rise in standard of living and increase in consumer awareness will provide lucrative opportunities for the growth and development of the portable generators market.

Challenges

Increase in government initiatives regarding improvement of electricity

The frequent power outages and insufficient electricity supplies are causing problems among developing regions. The governments’ increasing interest in expanding grid infrastructure to fulfil consumers demand is likely to constrain the market expansion. The various types of organizations such as International Energy Agency (IEA) is continuously thriving towards the growth and development of energy sector. The different kind of laws has been enacted by several governments for the improvement of electricity resources. The government of India has also implemented various acts and laws, which provides free access of electricity to all below poverty line households. Each government have launched state wise agencies for providing electricity to each and every household. As a result, the increase in government initiatives regarding improvement of electricity is obstructing the growth of portable generators market.

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Report Highlights

  • Based on fuel, 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.
  • Based on application, 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.
  • Based on power rating, 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.
  • Based on end-user, 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.

Major Market Segments Covered:

By Application

  • Emergency
  • Prime/Continuous

By Based on Fuel

  • Gasoline (Petrol)
  • Diesel
  • Natural Gas
  • Others (LPG, Propane, and Biodiesel)

By Power Rating

  • Below 5 kW
  • 5–10 kW
  • 10–20 kW

By End User

  • Residential
  • Commercial
  • Industrial

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