Portable Generator Market to be Dominated by Industrial Segment Through 2028
Rising demand for uninterrupted &
reliable power supply and lack of reliable grid infrastructure are driving the
portable generator market across the globe.
According to TechSci Research report, “Portable
Generator – Global Industry Size, Share, Trends,
Opportunity, and Forecast, 2018-2028F.”The Global Portable Generator Market is
expected to boost in the forecast period during 2024-2028F. The market for
portable generators is being driven by elements including the rising demand for
electricity, the unreliable grid infrastructure, the desire for solutions for
emergency backup power, and the requirement for a consistent supply of electricity.
Moreover, power failures have prompted the introduction of standby power
systems and portable generators, which may easily be carried while meeting the
needs for a dependable and regular electrical supply. However, the market for
portable generators is anticipated to have growth restraints due to rising
demand for battery backup systems and other cleaner sources of standby power.
One of the major trends in the portable
generator industry is the inadequate, unreliable, and intermittent power supply
in developing and undeveloped nations. In its "The Energy Progress
Report," the International Renewable Energy Agency (IRENA) showed that
about 840 million people worldwide lack access to electricity. According to the
estimate, 650 million people will still be without power in 2030. Remote
locations in impoverished places, including sub-Saharan Africa, where a
staggering 573 million people live without power, provide a particularly
difficult problem. Portable generators may be incredibly helpful in such
terrible situations by supplying energy to remote locations and significantly
improving the quality of life for the poor, which is encouraging for the
expansion of the portable genset industry.
The transmission and distribution of
energy form the foundation of the country's power infrastructure. Transmission
systems that have not been properly modernized are unable to handle higher
power demands and, in rare situations, can even fail, resulting in a power
outage. Even with routine maintenance, transmission, and distribution networks
in wealthy nations were set up quite some time ago, and after a given amount of
time, the infrastructure is certain to deteriorate. The national association of
regulating utility commissioners in the US estimates that coal, gas, and
nuclear power facilities may operate effectively for a period of around 40
years. To decrease power outages, nations including the United States, and
Germany have been focused on updating their outdated power production,
transmission, and distribution infrastructure. This is because the life
duration of these power generation sources is approaching the end of their life
cycle.
An increase in demand for portable
generators powered by biofuel, a sustainable energy source, is a result of
increased awareness of global warming. Biofuel may be used as a direct substitute for diesel fuel due to its
chemical similarities to petroleum-based fuels. Additionally, biofuel grants
countries including Japan and Italy, which import their natural gas and
oil, energy independence. Soybean, canola, corn, leftover cooking oil,
and animal fats may all be utilized to make biofuels. Throughout the course of
the projection period, market participants will have a chance due to the rising
demand for biofuel-powered generators.
The COVID-19 pandemic in 2020 increased
the requirement for portable electricity to power temporary testing and
treatment centre or meet grid disruptions, which increased the need for
portable generators globally.
Browse over XX market data Figures
spread through XX Pages and an in-depth TOC on the "Global Portable Generator Market"
The
Global Portable Generator market is divided into power rating, fuel type,
application, and end use. Based on power rating, the market is segmented into below
5kW, 5kW-10kW, and above 10kW. Based on fuel type, the market is segmented into
gasoline, diesel, natural gas, and other. Based on application, the market is
segmented into temporary and primary. Based on end use, the market is segmented
into residential, commercial, and industrial. The market analysis studies the
regional segmentation to devise regional market segmentation, divided among
North America, Europe, Asia-Pacific, South America, and Middle East &
Africa.
The industrial sub-segment is further
divided into the end-use industries of construction, mining, oil and gas, and others,
leading to the Portable Generator Market globally. It is because nations like
the United States, China, India, and South Korea are investing more in infrastructure
to build roads, trains, and parking lots for businesses. Moreover, the
industrial sector is anticipated to increase along with the manufacturing
sector.
According to fuel type, the gasoline
segment is anticipated to hold the largest market share in the ensuing years,
from 2024 to 2028F, while the natural gas sector is anticipated to expand more
quickly throughout the forecast period, from 2024 to 2028. Gasoline portable
generators are substantially less expensive when used to power portable generators
for a shorter period due to the widespread availability of fuel stations, which
is projected to increase demand. Moreover, growing concerns about diesel
maintenance and refueling issues, declining natural gas fuel prices, greater
knowledge of natural gas as a reliable and clean fuel, and a general desire to
be more environmentally conscious have all influenced demand for gas
generators. Thus, it is anticipated that the simple availability to fuel will
continue to favorably influence the growth of the Portable Generator Market.
Recent Developments:
The Onan QG 2800i and 2500i, a new
series of gasoline and liquid propane (LP) generator sets for the recreational
vehicle industry were introduced by Cummins Power Systems, a division of
Cummins Inc. As of January 4, 2021, the units were available for buying.
In 2021, Briggs & Stratton
revealed that it had purchased SimpliPhi Power, a California-based manufacturer
of energy storage and management solutions that store solar, grid, and wind
power for later usage by residential, commercial, and industrial users.
Key market players in the global portable
generator market include:
- Cummins Inc
- Generac Power Systems Inc
- Kohler Co
- Wacker Neuson SE
- Briggs & Stratton LLC
- Caterpillar Inc
- Honda Motor Co
- Yamaha Motor Co Ltd
- Atlas Copco Polska Sp. z o. o
- Honeywell international Inc
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“The Global Portable Generator Market is
expected to boost in the upcoming years and maintain a high CAGR during
2024-2028F because of the growing global demand for electricity, the unstable
grid infrastructure, the need for solutions for emergency backup power, and the
need for a steady supply of electricity. Moreover, extreme weather, such as
heavy rain, heat waves, storms, hurricanes, and fog, disrupt the regular power
supply, forcing many companies to employ backup power sources. The portable
generator market is supported through many government programs. For instance, in
September 2021, the U.S. Department of Agriculture invested USD 464
million in a variety of projects, including the construction or
maintenance of renewable energy infrastructure to support rural areas. Therefore, the market for portable generator across the globe is
expected to rise in the forecast period 2024-2028F.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“Portable Generator Market
– Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F, Segmented By Power Ratings (Below 5kW,
5kW-10kW, and Above 10kW), By Fuel Type (Gasoline, Diesel, Natural Gas, Other),
By Application (Temporary, Primary), By End Use (Residential, Commercial,
Industrial), By Region, Competition Forecast
& Opportunities, 2028F”, has evaluated the future growth potential of portable generator
and provides statistics and information on market structure, size, share, and
future growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in the global portable generator market.
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