NEW YORK – Fact.MR – A Market Research and Competitive Intelligence Provider: As per a detailed survey conducted by Fact.MR, the global portable generators market is set to total US$ 1.5 Bn by 2031. Rising instances of power outages due to the aging electrical grid infrastructure, especially, across developing economies such as India, and China are augmenting the sales of portable generators.
A substantial rise in the consumption of energy is anticipated to be witnessed in the coming years, owing to the rapid industrialization and urbanization. According to the International Energy Agency (IEA), energy consumption across the world is estimated to rise from 19% in 2018 to 24% in 2040.
As old electrical grids fail to meet the increasing energy demand, portable generators are estimated to witness lucrative sales opportunities in the coming years. In response to this, the market is projected to expand at 6.5% CAGR over the forecast period 2021-2031.
Portable generators are gaining popularity across construction, mining, oil & gas exploration activities to provide electricity for power tools such as drills, air hammers, compressors, and others. Driven by this, sales of portable generators are expected to reach US$ 850 Mn in 2021, increasing by 1.8x from 2021 to 2031.
As per Fact.MR, standby backup generators are projected to emerge as the most remunerative application segment, creating an absolute dollar opportunity of US$ 500 Mn through 2031. High reliability and continuous power supply attributes of standby backup generators are the factors favoring growth in the segment.
“Leading manufacturers are emphasizing on developing innovative products such as photovoltaic (PV) diesel hybrid generators to counter the rising concerns regarding the pollution caused by generators. This is expected to accelerate the growth in the market in forthcoming years,” says a Fact.MR analyst.
Key Takeaways from the Portable Generators Market Study
- The U.S. is anticipated to remain the dominant market in North America, exhibiting growth at 7% CAGR over the assessment period.
- India is projected to account for a substantial revenue share in South Asia market, exhibiting sales at a CAGR of 7.5% through 2031.
- China is expected to emerge as the fastest-growing market for portable generators in East Asia, surging at a CAGR of 8% from 2021 to 2031.
- Based on application, standby backup generators are estimated to dominate the segment, accounting for nearly 3/4th of overall sales by 2031-end.
- In terms of power output, portable generators 1.0 to 3.0 kW power outputs are forecast to emerge as a highly lucrative market, reaching US$ 300 Mn through 2031.
Key Drivers
- Surging demand for electricity owing to the rising trend of electrification and automation across automotive, industrial, construction, and mining industries is propelling the demand for portable generators.
- Rising instances of power outages and surging peak-hour energy costs across countries such as the U.S., Germany, China, and India are spurring the sales of portable generators across industrial and commercial end use segment.
Key Restraints
- Limited power generation capacity of portable generators and inability to provide power supply for a long term are the factors hampering the growth in the market.
- Implementation of stringent regulation for the greenhouse gas emission and increasing cost of fuel such as diesel and petrol is hindering the sales of portable generators.
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Competitive Landscape
As per Fact.MR, top companies in the global portable generators market are Briggs & Stratton Corp, Generac Power Systems, Inc., Kohler Co. Inc., and Honeywell International Inc. These companies are estimated to account for more than 40% sales in 2021.
Leading players are focusing on adopting strategies such as product diversification, acquisition, agreement, marketing strategy development, and brand awareness to strengthen their market position while lowering business risks. For instance,
- In March 2021, Jackery, a rechargeable battery-powered generator manufacturer, announced launching two new generator the Jackery Solar Generator 1500 and Jackery Solar Generator 2000, featuring higher wattage, large battery capacity, less noise emission, easy usage, and clean technology. The generators are equipped with the latest Solarpeak Technology, which offers smarter and more efficient charging with a maximum output of 800 W.
- In April 2019, Generac, a manufacturer of backup power generation products, announced acquisition of a manufacturer of residential energy storage systems, Pika Energy Inc. The acquisition will assist the company to modernize the way of electricity generation, storage and usage across residential settings.
Some of the key players in the market profiled by Fact.MR are:
- Briggs & Stratton Corp.
- Champion Power Equipment
- Generac Power Systems, Inc.
- Honeywell International Inc.
- Kohler Co. Inc.
- NIDEC Corp.
- Stanley Black & Decker, Inc.
- STEPHILL GENERATORS LTD
- Techtronic Industries Co. Ltd.
- Yamaha Motor Co. Ltd.
More Valuable Insights on Portable Generators Market
Fact.MR, in its new report, offers a detailed analysis on the global portable generators market, analyzing forecast statistics for the assessment period 2021-2031. The study reveals growth projections in portable generators market with detailed segmentation:
- By Power Output
- Less than 1 KW Portable Generators
- 1-3. KW Portable Generators
- 3-5KW Portable Generators
- More than 5 KW Portable Generators
- By End Use
- Commercial Portable Generators
- Residential Portable Generators
- Industrial Portable Generators
- Agricultural Portable Generators
- Others
- By Application
- Standby Backup Power Portable Generators
- Continuous Power Portable Generators
Key Questions Covered in the Portable Generators Market Report
- The market survey also highlights projected sales growth of the portable generators market between 2021 and 2031
- The report offers insight into portable generators demand outlook for 2021-2031
- Portable generators market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
- Portable generators market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
