Portable Generator Market Anticipated to Reach $2.5 billion by 2026, Witnessing a CAGR of 6.7% During 2021 to 2026

The portable generator market is expected to grow from an estimated USD 1.8 billion in 2021 to USD 2.5 billion by 2026, at a CAGR of 6.7% during the forecast period. Frequent power outages due to weather and aging grids are the main drivers for the portable generator market. Increasing adoption of dual fuel and inverter portable generators are expected to offer lucrative opportunities for the portable generator market during the forecast period.

Key Market Players:
A few major players that have a wide regional presence and dominate the portable generator market. The leading players in the portable generator market include Honda (Japan), Generac (US), Caterpillar (US), Atlas Copco (Sweden), and Yamaha (Japan).

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The 5-10 kW segment is expected to dominate the portable generator market, by power rating, during the forecast period.

The 5-10 kW segment, by power rating, is projected to hold the highest market share during the forecast period. The portable generator market has been segmented, on the basis of power rating, into below 5 kW, 5-10 kW, and 10-20 kW. The below 5 kW portable generators are lightweight and fuel efficient, with 10-12 hours of running time; hence, it is easy for users to carry it along with them for camping trips. The below 5 kW portable generators are used mainly for residential applications, such as lights, refrigerators, microwave ovens (up to 650 W), portable fans, coffee makers, and slow cookers. This range of portable generators is an ideal choice for an emergency backup power system capable of providing basic comfort and security. Such benefits and advantages of below 5 kW portable generators are likely to boost their demand during the forecast period.

The residential segment is expected to be the fastest-growing portable generator market, by end user, during the forecast period.

The residential segment, by end user, is projected to hold the highest market share and fastest growth during the forecast period. The portable generator market has been segmented, by end user, into residential, commercial, and industrial. Portable generators used by residential end users most commonly range up to 6 kW. Portable generators are also used in tailgate parties, camping trips, and many more applications. These types of portable generators are compact and are powered by gasoline, diesel, or LPG. The growth of the residential end-user segment is attributed to the unreliability of power grids. Furthermore, the demand for portable generators in the residential end-user segment is driven by areas that are prone to natural disasters and abrupt power outages.

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Asia Pacific likely to emerge as the fastest-growing 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 China, India, Japan, South Korea, Australia, and Rest of Asia Pacific. The region is the most populated region in the world and is expected to become the largest energy-consuming region globally. It comprises many developing countries and requires more energy for its development. According to the Asian Development Bank (ADB), the region's share of global energy consumption is expected to increase to 56% by 2035 from 34% in 2010. The industrial sector in China contributed more than 37% of its GDP in 2020. The growth of the industrial sector has tremendously increased power production and consumption in China. These factors have made China one of the most lucrative markets for the power industry.

India is expected to be the second-fastest-growing portable generator market during the forecast period. Government initiatives such as foreign direct investments in many sectors and the Make in India project are expected to create growth opportunities for the industrial sector. Furthermore, growing population and increasing per capita income are the key drivers behind the growing demand for energy in the Asia Pacific region. All these factors are creating a demand for power in the country, consequently resulting in the demand for portable generators.

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