Portable Generator Market Research Report - Forecast to 2030

Portable Generator Market by Power Rating (Less than 3KW, 3KW-10KW, above 10 KW) Application (Base Load, Standby Power, Peak Shaving), End-User (Industrial, Commercial, Residential), Fuel Type, and Region - Forecast to 2030

ID: MRFR/E&P/4398-HCR | December 2022 | Region: Global | 100 Pages         

Portable Generator Market

Portable Generator Market is estimated to grow at a CAGR of 6.08%, USD 2.65 Billion during the forecast period.

Segmentation

By Power Rating Less than 3KW 3KW-10KW Above 10 KW
By Application Base Load Standby Power Peak Shaving
By End-User Industrial Commercial Residential

Key Players

  • Honda Motor Co. Ltd (Japan)
  • Briggs & Stratton Corporation (U.S.)
  • Generac Power Systems Inc. (U.S.)
  • Yamaha Motor Corporation (Japan)
  • Caterpillar Inc. (U.S.)
  • Cummins Inc. (U.S.)
  • Kohler Co. (U.S.)
  • Eaton Corporation Plc (Ireland)
  • Champion Power Equipment Inc. (U.S.)
  • Siemens AG (Germany)
  • MTU Onsite Energy (U.S.)
  • Honeywell International Inc. (U.S.)
  • Wacker Neuson Group (Germany)
  • SmarterTools Inc. (U.S.)

Drivers

  • Increase in awareness among consumers regarding in-house power backup
  • Rise in need for portable power systems in outdoor recreational activity
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Portable Generator Market Scenario


Portable Generator Market is estimated to grow at a CAGR of 6.08% from 2022-2030 with USD 2.65 Billion during the forecast period. Rise in need for portable power systems in outdoor recreational activity is expected to drive global market demand.


Portable generators generate energy using a gas-powered engine that generates electricity through an onboard alternator. The extension cords, electric-powered equipment, and similar appliances can all be plugged into the unit’s power outlets. The more powerful the generator, the greater the number of outlet combinations. The portable generators market is growing due to increased demand for low-cost and diesel-fueled generators, a preference for natural gas-fueled generators, and increased awareness of portable generators. On the other hand, the portable generators market is constrained by the short duration of power supply and strict environmental laws regarding the emission of harmful gases from diesel generators.


Due to widespread power outages, portable generators have become crucial for power backup. The demand for dependable and continuous power supply has increased portable generator sales worldwide. All commercial operations need generator backup for uninterrupted operations. It is only expected to increase as the world becomes more industrialized. On a broad scale, residential areas and households requirements also rely on portable generators for power backup. Thus, the growing urbanization and industrialization are propelling the growth of the portable generator market.


Portable Generator Market Key Players


The key players in global portable generator market are Honda Motor Co., Ltd (Japan), Briggs & Stratton Corporation (U.S.), Generac Power Systems, Inc. (U.S.), Yamaha Motor Corporation (Japan), Caterpillar Inc. (U.S.), Cummins, Inc. (U.S.), Kohler Co. (U.S.), Eaton Corporation Plc (Ireland), Champion Power Equipment, Inc. (U.S.), Siemens AG (Germany), MTU Onsite Energy (U.S.), Honeywell International Inc. (U.S.), Wacker Neuson Group (Germany), SmarterTools Inc. (U.S.), and Atlas Copco (Sweden).


Recent Developments


The portable generators market is witnessing large-scale transformation due to technological developments and innovations. The portable generators market players such as Honda, Ryobi, DeWalt, Ego Power, and Nexus have launched the latest version of portable generators with advanced and dependable technology. The features such as lightweight Bluetooth connectivity, reduced noise, engine hassles, and long hours of recharge times increase the demand for portable generators in the market. Thus, technological innovations are opening new opportunities for the growth of the portable generators market. Based on power rating, the 5 – 10 kW segment dominated the market and held the largest market share of 45% in 2020. This growth is mainly attributed to the residential use of these generators for powering up air conditioners and others like television and lights


Market Segmentation


The global portable generator market has been segmented based on fuel type, power rating, application, end-user, and region. Based on application, the market is segmented into base load, standby power, and peak shaving. Among these, the standby power is an important application segment of the market. Standby power signifies an electrical power generation facility that is operated only during disruptions of electrical service from the distribution system. The peak shaving segment is expected to contribute significantly in the global portable generator market during the forecast period, due to energy-intensive industries. The peak shaving power generator is largely preferred among industries that want to steer clear of power suspension during peak and non-peak hours.  Based on fuel type, the market has been segmented into diesel, gas, and others. The gasoline segment accounted for the largest market share in 2016. It is expected to grow at the highest CAGR during the forecast period, mainly due to stringent environmental norms to control the emission of hazardous gasses from diesel generators.  In fuel type, others includes propane, LPG, and biodiesel. The growing focus on environment friendly technologies around the world is driving the market for propane, LPG, and biodiesel.

Based on end-user segment, the market has been segmented into industrial, commercial, and residential. The residential segment accounted for the largest segment mainly due to increasing demand for in-house power backup. Based on the power rating, the market is segmented into less than 3KW, 3 KW-10KW, and above 10 KW. The less than 3kW portable generators segment is likely to grow at a healthy CAGR during the forecast period. Increase in awareness among consumers regarding in-house power backup and rise in need for portable power systems in outdoor recreational activity driving the demand for the segment. Generators with power rating more than 10kW power are widely used in industrial sector, owing to the need for greater power supply to run machines and industrial tools, which, in turn, is projected to drive the portable generators market.


Portable Generator Market


Portable Generator Market Regional Analysis


On the basis of region, the market has been segmented into North America, Europe, Asia Pacific, and Rest of the World. North America region dominates the global portable generator market. Aging grid substructure and natural calamities causes frequent power outages and continuously growing demand from industrial sector is fuelling the growth of the market in the region. The U.S. is the largest contributor in North America as well as the global portable generator market. Asia Pacific region is expected to grow at the highest CAGR during the forecast period, majorly due to factors such as the continuous growth of constructional and developmental activities. China, India, Japan, and Thailand are the key contributors to the Asia Pacific market. China accounts for the largest market share in the region due to rapid growth in the urbanization and industrial development.


Latin America and GCC countries are expected to contribute significantly to the global portable generator market during the forecast period. High growth in construction activities in GCC as well as Latin America is driving the growth of the market. Moreover, easy availability of fossil fuels in GCC region positively influences the growth of the market.


Portable generators are internal combustion engines used to generate electricity. They are very useful when temporary power is needed. They offer a reliable backup source of power during electrical power outages and also provide assistance during severe weather conditions, such as ice or wind storms. According to MRFR analysis, the market for portable generators is increasing at a rapid pace and is projected to increase significantly throughout the forecast period, mainly due to increasing demand for electricity across the globe. The portable generator market is expected to have a great number of expansions over the forecast period due to constant technological advancement in energy sector, coupled with increased power demand. The portable generator market is also expected to have high development activities by conglomerates and well-established companies.



Report Scope:

Report Attribute/Metric Details
  Market Size

  • 2027 : USD 2.65 Billion
  • 2030 : Significant value
  •   CAGR   6.08% CAGR (2022-2030)
      Base Year   2021
      Forecast Period   2022 to 2030
      Historical Data   2019 & 2020
      Forecast Units   Value (USD Million)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   Power Rating, Application, End-User, Fuel Type
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   Honda Motor Co., Ltd (Japan), Briggs & Stratton Corporation (U.S.), Generac Power Systems, Inc. (U.S.), Yamaha Motor Corporation (Japan), Caterpillar Inc. (U.S.), Cummins, Inc. (U.S.), Kohler Co. (U.S.), Eaton Corporation Plc (Ireland), Champion Power Equipment, Inc. (U.S.), Siemens AG (Germany), MTU Onsite Energy (U.S.), Honeywell International Inc. (U.S.), Wacker Neuson Group (Germany), SmarterTools Inc. (U.S.), and Atlas Copco (Sweden)
      Key Market Opportunities   Rapid growth in the urbanization and industrial development
      Key Market Drivers

  • Increase in awareness among consumers regarding in-house power backup
  • Rise in need for portable power systems in outdoor recreational activity


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    Frequently Asked Questions (FAQ) :

    The global portable generator market is projected to register a moderate 6.08% CAGR in the forecast period.

    A few major market players operating in the global portable generator market are Eaton Corporation Plc (Ireland), Kohler Co. (U.S.), Champion Power Equipment, Inc. (U.S.), Siemens AG (Germany), among others.

    The industrial segment is slated to expand as the fastest-growing segment.

    The global portable generator market is expected to record a considerable market valuation due to the increasing need for continuous power supply during power failures.