According to the latest report by IMARC Group, titled “Portable Generator Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global portable generator market size reached US$ 4.3 Billion in 2018. A portable generator, also known as an engine-generator, is an internal combustion engine that is used for providing electricity during power shortages. It runs on a fuel-powered engine that turns an on-board alternator to generate power. With the advancements in technology, generators have undergone numerous transformations over the past several years. They now offer high cost-efficiency, enhanced durability, better flexibility, and provide excellent power backup with easy installation. Also, portable generators ensure the continuous functioning of essential devices at homes, corporate buildings, industrial projects and construction sites, owing to which they are widely being adopted by the masses.
Global Portable Generator Market Trends:
The growing population, along with rapid urbanization and industrialization, has led to an increase in power consumption around the world. Consequently, this has contributed to frequent grid failures, leading to blackouts and power shortage issues. As a result, there has been a boost in the sales of portable generators to provide an uninterrupted and reliable power supply. Apart from this, the flourishing construction industry extensively utilizes portable generators for operating power tools such as air compressors, drills, air hammers, drives, cranes, paint sprayers and saws. Moreover, rising environmental concerns have prompted the leading manufacturers to introduce biofuel-based portable generators, which aid in reducing carbon footprints. In addition to this, several governmental agencies, such as the US Environmental Protection Agency (EPA) and the Central Pollution Control Board (CPCB) of India, have launched various schemes for promoting the use of these generators. Some of the other factors providing a positive impact on the industry are continuous industrial and economic development, coupled with the rising frequency of natural calamities, such as hurricanes, floods, tsunamis, and other adverse weather conditions that can lead to power outages. Looking forward, the market value is projected to reach US$ 6.3 Billion by 2024, expanding at a CAGR of 6.7% during 2019-2024.
- Based on the fuel type, the market has been categorized into portable diesel generators, portable gas generators and others.
- On the basis of the application, the market has been bifurcated into residential, commercial, infrastructure and industrial sectors.
- The market has been divided based on the power output into less than 3kW, 3-10kW and more than 20kW.
- Region-wise, the market has been segmented into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been examined, with some of the key players being Briggs & Stratton Corporation, Cummins, Inc., Honda Motor Co., Ltd., Eaton Corporation PLC, Generac Power Systems, Inc.
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