New York, US, Feb. 21, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Portable Generator Market Information by Type, Fuel Type, Application, Power Ratings, End Users, and Region - Forecast till 2030”, the portable generator market will expand by 6.20% between 2022 and 2030, from USD 3.87 billion in 2022 to USD 6.26 billion by 2030.
Portable Generator Market Overview
The portable generator business is booming all around the world. When people are not near a standard power outlet, these generators enable them to power their devices and appliances. They are also useful for charging smartphones and powering up lights and other electronics when traveling. Portable generators can be used for a variety of applications, including powering emergency tools and equipment, medical devices, and small appliances. According to a study conducted by Vantage Market Research, many consumers prefer to acquire these generators since they are multifunctional and trustworthy.
Market Competitive Landscape:
The important firms in the portable generator industry include
- Honda Motor Corporation (Japan)
- Westinghouse Electric Corporation (US)
- Duromax (US)
- Cummins Inc (US)
- Champion Power Equipment (US)
- WEN Corporation (US)
- Yamaha Motor Corporation (Japan)
- Generac Power Systems Inc (US)
- Harbor Freight Tools (US)
- Wacker Neuson SE (Germany)
- Pulsar Products Inc. (US)
- Energizer Holding Inc. (US)
- Caterpillar Inc. (US)
- Atlas Copco (India) Ltd. (Sweden)
- Among others.
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In today's world, a power outage denotes an unexpected loss of connectivity with the rest of the world. In today's fast-paced world, which is tightly networked throughout virtual space, a disruption in connectivity severely hampers the smooth operation of commerce. This causes disruptions in the completion of mission-critical tasks, permanent harm to an establishment's reputation, consumer distrust, and, eventually, income loss. The rapid use of portable generators as a result of the rapidly expanding construction sector is also driving market expansion. Power tools of various capacities, such as drives, drills, air hammers, and compressors, are commonly used in the construction sector. Portable generators are extensively used in fresh construction projects where the majority of the work is done at night.
Leading industry participants are investing heavily in R&D to advance their technology, allowing the portable generator market to expand even further. Key market developments include new technologies, contractual agreements, collaborations, increased investments, and mergers and acquisitions with other companies. In order to expand and survive in an increasingly competitive and rising market climate, competitors in the portable generator business must offer cost-effective solutions.
The Indiegogo campaign for the modular AC500 portable power station owned by BLUETTI has finally concluded, resulting in the retail distribution of the LiFePO4-powered generator. It, combined with the B300S battery packs, can expand its production up to 18,432 watt-hours (Wh, or an estimated 6 days' supply of electricity for an average family).
|Market Size 2030||USD 6.26 billion|
|CAGR during 2022-2030||6.20% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Opportunities||Rapid technological innovations in the market|
|Key Market Dynamics||Rising demand for uninterrupted and reliable power supply Growing construction activities|
|Segments Covered||Type, Fuel Type, Application, Power Ratings, End Users, and Region|
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Portable Generator Market USP Covered:
The rapidly rising construction industry is also fueling market growth. Power tools of all sizes, such as drills, motors, compressors, and air hammers, are frequently utilized in the construction industry. Portable generators are commonly used for new construction projects, when the majority of the work is done at night and in settings where power from power grids is not available.
As people become more aware of global warming, there is a greater demand for portable generators that run on biofuel, a renewable energy source. Because biofuel has chemical properties similar to those of petroleum-based fuels, it can be used as a direct alternative for diesel fuel.
Furthermore, biofuel gives energy independence to countries such as Japan and Italy, which rely on imports of petroleum and natural gas. Soybean, canola, corn, leftover cooking oil, and animal fats can all be utilized to make biofuels. Over the forecast period, market players would benefit from rising demand for biofuel-powered generators.
Environmental rules aimed at reducing carbon emissions are important factors limiting industry expansion. In terms of emission performance, portable generators are subject to federal, state, and local laws. The quantity of carbon discharged into the atmosphere by generators is regulated by environmental agencies such as India's Central Pollution Control Board (CPCB), the United States' Environmental Protection Agency (EPA), and the European Environmental Agency. Furthermore, every portable generator manufacturer, importer, and assembler is obliged to have a Type Approval Certificate for each generator.
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Battery-powered generators are one of the most popular developments in the portable generator market. These generators use small batteries, making them easy to transport and store, and they are ideal for emergency scenarios. They also have a longer battery life than other generator types, making them excellent for longer excursions or infrequent use.
Solar-powered generators are another popular trend in the portable generator market. These generators use solar panels to convert solar energy into electrical energy, giving them a lot of power. They're ideal for folks who want steady power without the hassle of odors or noise, and they may be used in a number of environments.
Portable Generator Market Segmentation
The portable generator market is divided into two types: conventional portable generators and inverter portable generators. The conventional portable generators segment held the most share in 2021, accounting for around 58-64% of the portable generator market revenue.
By Fuel Type
The portable generator market is divided into fuel types such as gasoline, diesel, natural gas, and others. The gasoline category led the market in 2021, and the natural gas segment is expected to be the fastest-growing segment throughout the forecast period, 2022-2030.
Applications of portable generators are temporary power as well as primary power. The temporary power category dominated the market in 2021 and is expected to be the fastest-growing segment throughout the forecast period, 2022-2030.
By Power Ratings
The portable generator market is divided into three categories depending on power ratings: less than 5 kW, 5-10 kW, and more than 10 kW. The below 5kW category led the market in 2021, and the 5-10kW sector is expected to increase at the fastest rate over the forecast period, 2022-2030.
The portable generator market end users are commercial, industrial and residential. In 2021, the residential segment held the biggest segment share.
COVID 19 Analysis
The COVID-19 pandemic significantly affected the portable generator business due to numerous disruptions in the worldwide supply chain as well as a reduction in investment from market players in their planned projects. Aside from the annual capacity additions in portable generators that are expected to fuel the geothermal power industry, some projects are facing delays due to COVID-19 and global lockout measures enacted by numerous nations across the world.
The surge in the digital revolution as a result of technological improvement in the IT sector, shadowed by virus attacks, has resulted in an unforeseen increase in industrial automation. As a result, the increased need to manage the increased electricity demand, mostly from the business and residential sectors, is expected to boost the portable generators industry possibility.
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The Asia-Pacific market for portable generators touched USD 1.10 billion in 2021 and is predicted to grow at a CAGR of 6.08% during the forecast period. Rising power consumption, a lack of reliable grid infrastructure, the need for emergency backup power solutions, and the need for a consistent power supply are pushing the portable generator market in this area.
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