Portable Generator Market to Grow 6.7% Annually – Emerging Trends and Opportunities Analysis

According to the new market research report "the portable generator market size will grow to USD 2.5 billion by 2026 (forecast year) from USD 1.8 billion in 2021 (estimated year), at a CAGR of 6.7% during the forecast period."

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Need for backup power during blackouts is one of the key factors driving the growth of the portable generator market. Increase in adoption of dual fuel and inverter generator to offer lucrative opportunities for the portable generator market during the forecast period.

Impact of COVID-19 on Portable Generator Market

COVID-19 has slowed the growth of the portable generator market, as countries were forced to implement lockdowns during the first half of 2020. Strict guidelines were issued by governments and local authorities, and all non-essential operations were halted. This adversely affected the portable generator market owing to the suspension of activities of end users.

In addition, production and supply chain delays were also witnessed during the second quarter which poised a challenge to the portable generator market, since end-user industries were still not operating at their full capacity.

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The emergency segment is expected to dominate the portable generator market

The emergency segment, by application, is projected to hold the highest market share during the forecast period. The growth of this segment is driven by increasing weather-related power outages and aging power generation & distribution networks. Portable generators that are used for shorter durations during outages are known as emergency generators. These generators have an average running time of 10–12 hours with a single filling of the tank. Emergency portable generators are mainly used when natural calamities such as storms, heavy rains, and heat waves disrupt the transmission & distribution infrastructure. Inadequate power generation infrastructure and poor grid networks in developing countries have forced small-scale manufacturers and businesses to rely on emergency portable generators.

The natural gas segment is expected to be the fastest-growing portable generator market, by fuel, during the forecast period.

Natural gas based portable generator market is expected to witness the highest growth rate during the forecast period. Natural gas-powered portable generators are cost effective, efficient to operate, and better for the environment as they are considered the cleanest burning fuel. Furthermore, natural gas-powered portable generators also produce less noise pollution.

Natural gas can be easily stored for longer periods in tanks and used when required. Such portable generators are used during frequent blackouts and in areas prone to natural disasters, which is the reason for its increasing demand in the portable generator market globally. Companies such as Kohler, Honeywell, Champion, DuroMax, and Honda manufacture gas-powered portable generators.

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North America likely to emerge as the largest portable generator market

In this report, the portable generator market has been analyzed for five regions, namely, North America, South America, Europe, Asia Pacific, Middle East & Africa. North America region has been segmented, by country, into the US, Canada, and Mexico. The US and Canada, which are among the largest consumers in this region as well as globally, constitute the largest share of the portable generator market. Power outages, penetration of the natural gas network, and high peak time electricity costs are expected to drive the portable generator market in this region.

In the US, the major driver for the growth of portable generators in the country is increasing weather-related incidents such as storms, heavy rains, and heat waves, which creates power outages in the country. According to the US Department of Energy, major weather-related power outages cost businesses between USD 18 billion and USD 33 billion annually. This is likely to further propel the demand for portable generator market in the country.

This research report categorizes the portable generator market-based application, fuel, power rating, and end user, and region
Based on Application, the Portable Generator market has been segmented as follows:

Emergency
Prime/Continuous

Based on Fuel, the Portable Generator market has been segmented as follows:

Gasoline (Petrol)
Diesel
Natural Gas
Others (LPG, Propane, and Biodiesel)

Based on Power Rating, the Portable Generator market has been segmented as follows:

Below 5 kW
5–10 kW
10–20 kW

Based on End User, the Portable Generator market has been segmented as follows:

Residential
Commercial
Industrial

Based on the region, the Portable Generator market has been segmented as follows:

North America
Asia Pacific
South America
Europe
Middle East & Africa

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the portable generator market.

Some of the key players are Honda (Japan), Generac (US), Caterpillar (US), Atlas Copco (Sweden), and Yamaha (Japan). The leading players are adopting various strategies to increase their share in the portable generator market.

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