Global Portable Generators Market to Reach $2.8 Billion by 2026
SAN FRANCISCO , April 18, 2022 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Portable Generators – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 8; Released: February 2022
Executive Pool: 19553
Companies: 69 – Players covered include Atlas Copco AB; Briggs & Stratton Corporation; Caterpillar, Inc.; Champion Power Equipment; Eaton Corporation PLC; Generac Power Systems, Inc.; Honda Motor Co., Ltd.; Honeywell International, Inc.; Kohler Co.; Kubota Corporation; Siemens AG; Wacker Neuson SE; Yamaha Motor Co., Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Application (Emergency, Prime/Continuous); End-Use (Residential, Commercial, Industrial); Fuel (Gasoline, Diesel, Natural Gas, Other Fuels)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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Global Portable Generators Market to Reach $2.8 Billion by 2026
An electricity generator represents an electro-mechanical machine that creates electrical energy from mechanical or motive energy. During power outages, electric generators become crucial providers of electricity for the most essential appliances. Portable generators are used for generating electric power for domestic, industrial, and commercial applications. The generators help in providing power supply during a power outage; generating electricity for electrifying machinery in construction sites, for providing electricity for live commercial events. In the event of an unexpected, sudden power outage, buildings like airports, hospitals, water and sewage facilities, data centers, communication and transportation systems, and fueling stations, need some alternative power, which is provided by a portable generator. These generators are used as a standby power source during the expansion or renovation of industrial infrastructure and commercial infrastructures. For the residential sector, portable generators enable in providing electricity to household lighting, cooling, refrigeration, heating and other electronic appliances/devices during power outages.
Amid the COVID-19 crisis, the global market for Portable Generators estimated at US$2.5 Billion in the year 2022, is projected to reach a revised size of US$2.8 Billion by 2026, registering a compounded annual growth rate (CAGR) of 3.8% over the analysis period. The United States represents the largest regional market for Portable Generators, and is projected to reach US$906.6 Million by 2026. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 5.6% over the analysis period.
The market is on a healthy growth path, driven by a myriad of factors, which include significant rise in extreme weather-associated power outages and increased business downtime, growing demand for reliable and uninterrupted power supply in both the developed and developing countries globally, surging demand from rapidly growing building and construction industry, and increasing demand for low-cost generators. Besides weather-related power outages, aging grid infrastructure in several countries struggling to address growing demand for electricity from small and medium scale businesses resulting in power outages spurs the growth opportunities for portable generators. Portable generators also find extensive application in the building and construction sector for powering varied power tools such as air compressors, cutters, drives, drills, air hammers, nail guns and rotary tools. Rise in number of new construction projects where access to power from the power grid is not available, and renovation of existing buildings, drive the growth for the portable generators market. Rising construction activities in India, China, Saudi Arabia, the UAE, and the US is likely to propel demand for portable generators for continuous power applications. Future growth in the market will be driven by the increasing development and commercialization of next-generation generators with advanced features and capabilities. Smart and connected generators are capable of advanced capabilities; can be monitored and operated over the Internet; and are SIM connected for establishing M2M connectivity with other connected residential electronic equipment. Other important market growth drivers include the urgent need for reliable and continuous power supply to fill the gap created between demand and supply of electricity, and digitalization of lifestyles and the growing number of smart homes and buildings.
The US dominates the global portable generators market, spurred by key growth factors such as rising electricity usage and ensuing demand for uninterrupted and reliable power, rise in power blackouts and outages caused by natural calamities, increasing demand from industries, and revival in construction activities. The severity and frequency of weather-related power outages, primarily caused by natural calamities such as hurricanes, floods and winter storms, coupled with an aging grid structure will boost consumer demand for power backup. The stable outlook for the construction industry worldwide is poised to benefit growth in the US region. New changes in building codes, energy efficiency regulations and rise of green buildings will offer attractive opportunities for new constructions and renovations. The US will also witness robust growth supported by the availability of attractive financing and record low interest rates. Aging infrastructure and the ensuing increase in government spending on civil infrastructure projects will support domestic growth in construction output. In response to stringent environmental norms concerning emissions of hazardous gasses from diesel generators, natural gas-fuelled generators are expected to witness amplified demand. Asia-Pacific is forecast to witness fastest market growth during the analysis period driven by key growth factors such as rapid urbanization and industrialization, amplified demand for reliable and uninterrupted power supply, growing electricity consumption, unreliability of power grid infrastructure, rise in construction activities, steady growth in infrastructure investments, and increasing use of inverter and bi-fuel generators. Increasing instances of weather-related power blackouts, growing consumer awareness concerning emergency backup power, rapidly expanding population, and rising disposable income are the other key growth drivers spurring demand for portable generators. More
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SOURCE Global Industry Analysts, Inc.