Portable Generator Market Size, Share, Growth, and Industry Growth, By Type (Diesel Type, Gasoline Type, Gas Type, and Other Types), By Application (Residential, Commercial, and Industrial), Regional Forecast (2022-2028)

REPORT OVERVIEW

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The global portable generator market size is USD 33.20 billion in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with portable generator experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is projected to touch USD 50.38 billion by 2028, exhibiting a CAGR of 7.2% during the forecast period. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

The sale of portable generators by businesses (organizations, sole proprietors, or partnerships) that supply energy when it is unavailable or is needed momentarily makes up the market. An electrical generator that runs on gas or diesel and normally measures power in hours rather than days is known as a portable generator. By running a gas-powered engine that rotates an onboard alternator, which produces electricity, portable generators provide electricity. On all job and recreational sites, these generators are frequently used on a daily basis to provide short-term, portable electric power.

Conventional and inverter portable generators are the two primary product categories for portable generators. The speed of a portable inverter generator varies according to the amount of power needed to complete a task; the more power needed, the faster the engine operates, which increases fuel efficiency. Additionally, some of these generators have fixed speed set points, which aids in reducing the frequency with which loads change when small loads come on and go. Diesel, gas, and other fuels are used to power generators, which are used by consumers in the residential, commercial, and industrial sectors.

COVID-19 Impact: Disruption in the Supply and Manufacturing of Products Affected Growth

In the market for portable generators worldwide, COVID-19 made a significant impact. The global market stopped due to the nation's authorities imposing severe lockdowns and regulations. Governments and local governments imposed strict limitations. The end users' daily operations were halted, and all non-essential activities were suspended; this had a detrimental effect on the portable generator industry. The second quarter also saw manufacturing and supply chain delays, which posed a challenge to the market because end-user industries were still not operating at full capacity.

LATEST TRENDS

"Rising Demand for Uninterrupted Electricity Supply to Propel Market Growth"

A country's ability to advance economically depends on its access to electricity, but many nations lack adequate grid infrastructure. Small and medium-sized businesses (SMEs) and commercial areas are significantly hampered by an inadequate power supply. Portable generators support the growth of the portable Genset market by guaranteeing continuous electricity supply in addition to a dependable power source in the case of a blackout. The rising per capita income is leading to a higher standard of living, which increases the demand for uninterrupted electricity supply in the country. A break in connectivity severely hampers the smooth operation of trade in the current fast-paced, tightly networked environment. This causes disruptions in completing mission-critical tasks, permanent damage to a business's reputation, a loss of consumers' trust, and, eventually, a loss of revenue. 

Segmentation

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• By Type Analysis

By type, the market is segmented into gasoline, diesel, gas, and other types. 

The diesel segment is forecasted to dominate the market as diesel is the most used fuel in residential generators due to its various advantages, such as affordability, durability, and higher efficiency. 

• By Application Analysis

Based on application, the market is classified into residential, industrial, and commercial.

DRIVING FACTORS

"Growing Urbanization to Surge the Demand for the Product"

The portable generator market growth is forecasted to expand owing to the rising urbanization rates and an increase in power grid breakdowns. A country's ability to operate economically depends on its access to electricity. Yet, many developing nations lack suitable grid infrastructure, which results in insufficient power supplies that make it difficult to operate commercial and residential buildings. During a blackout, the generators can help ensure a steady supply of electricity for residential uses as well as provide a reliable power source. The market is also forecasted to be driven by growing worries about power instability in the residential sector as a result of natural disasters and uninterrupted operations.

"Expanding Construction Industry to Surge the Demand for Generators"

The market for portable power generators is expected to increase quickly due to the booming construction sector. Power tools of all shapes and sizes, including drills, drives, saws, compressors, and air hammers, are employed in the construction industry. In order to complete tasks like building bridges and railroads and fixing the transportation system's infrastructure, these tools must be worked day and night. The construction industry is estimated to be the major factor. It is impossible to supply electricity from the grid for such constructions. As a result, temporary power sources, including inverters, generators, and uninterruptible power supplies (UPS), are used for construction-related tasks. The market is expected to expand due to the rapidly expanding construction industry's snowballing adoption of the product. In the construction sector, a variety of power tools, including drives, drills, air hammers, and compressors, are frequently used. For innovative construction projects, where the majority of work is done at night and in locations where power from power grids cannot be reached, portable generators are frequently used.

RESTRAINING FACTORS

"Strict Government Regulations for Limited Emission of Carbon to Impede Market Growth"

The government is developing new regulations for the emission of carbon due to the rising pollution in the world. A portable generator is subjected to state, federal, and local regulations owing to its emission performance. 

REGIONAL INSIGHTS

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"North America to Dominate Market Owing to the Growing Volatility in Power Supply"

North America is forecasted to hold a dominating part of the portable generator market share accredited to the rising volatility in the supply of power coupled with high demand for interrupted power supply. The region is expected to hold approximately 35% of the overall market share. 

Asia Pacific is estimated to hold a significant share owing to the rising consumption of electricity backed by frequent blackouts in the region. The growth is also attributed to emerging countries constantly investing in the development of the energy and power industry.

KEY INDUSTRY PLAYERS

"Key Players Focusing On the Prevention of Power Outages to Grow in the Market"

The portable generator market is expected to be dominated by well-known players. These generators are frequently utilized in household settings and by several SMEs to prevent power outages and guarantee a steady supply of electricity. Manufacturing firms are constantly trying to use the generators' performance to abide by regulatory board norms and regulations. The generators' performance, toughness, power rating, and cost are the main competing factors among industry participants.

List of Market Players Profiled

• Honda Power (Japan)
• Generac (U.S.)
• Briggs & Stratton (U.S.)
• Yamaha (Japan)
• United Power Technology
• Champion (U.S.)
• Wacker Neuson (Germany)
• Hyundai Power (South Korea)
• KOHLER (U.S.)
• TTI (China)
• Sawafuji (Japan)
• Honeywell (U.S.)
• Eaton (Ireland)
• HGI (U.S.)
• Pramac (Italy)
• Mi-T-M (U.S.)
• Scott's (U.S.)

REPORT COVERAGE

An overview of the product is provided along with the product description. Numerous industry elements are included in the research.

• The pandemic's aftereffects and the subsequent lockdown.
• The market's most recent trend is currently fueling expansion.
• The factors are most likely to stimulate market growth.
• The reasons the market is expected to grow more slowly.
• A comprehensive regional analysis of the market is conducted.
• Significant players and their business offices are also covered in the article.