Portable Generator Market Size To Rise USD 5.5 Bn By 2032

Published Date : 04 Dec 2023

The global portable generator market size is estimated at USD 4.6 billion in 2022 and is expected to reach USD 7.82 billion by 2032, growing at a CAGR of 5.50% during the forecast period.

Portable Generator Market Size and Growth Rate From 2023 To 2032

The portable generator market has witnessed significant growth in recent years, driven by technological advancements, increasing demand for energy independence, and a growing awareness of the need for backup power solutions. Rising consumer outages and surging demand for clean and efficient power sources are some of the major factors adding to the market growth.

A portable generator is a compact and mobile device that generates electrical power. It is designed to be easily moved and can provide electricity in situations where a fixed power source is unavailable or impractical. Inverter generators offer various advantages, including lower noise levels, increased fuel efficiency, and a stable power output suitable for sensitive electronic devices.

Regional Analysis

Asia Pacific region is expected to acquire the highest share during the upcoming years. Due to growing infrastructure projects, a widening power supply-demand mismatch, the growth of manufacturing facilities across the country, and an increase in commercial office space, China is predicted to dominate the market in the Asia-Pacific region. The affordability and efficiency of portable generators benefit the entire nation, and as living standards rise, so does the need for power backup equipment.

For the Micro Units Development and Refinance Agency (MUDRA) program, the Indian government had set aside INR 3 trillion. Micro-units can receive up to INR 10 lakhs under the plan, while Micro, Small, and Medium-Sized Enterprises (MSMEs) can receive an additional INR 3,794 crore for financing, capital support, interest subsidy, and innovation promotion. The market for portable generators is anticipated to benefit greatly from these initiatives, which are anticipated to propel the expansion of small and mid-size businesses.

The region's growing industrialization, infrastructure development, and increased disposable incomes have all contributed to an increase in the energy demand. In addition, as the population has grown, the area has become more urbanized, which has raised the electricity demand and, thus, the need for backup power sources.

Portable Generator Market Report Scope

Report Coverage Details
Market Revenue in 2023 USD 4.83 Billion
Projected Forecast Revenue by 2032 USD 7.82 Billion
Growth Rate from 2023 to 2032 CAGR of 5.50%
Largest Market Asia Pacific
Base Year 2022
Forecast Period 2023 to 2032
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa


Market Dynamics

Drivers

Rising power outages

Growing power outages, especially in remote areas, drive the demand for portable generators. Portable generators are often purchased as a backup power source during power outages. Regions prone to storms, hurricanes, or other natural disasters see increased demand for portable generators. Portable generators are crucial for emergency preparedness. They provide a backup power source during natural disasters such as hurricanes, tornadoes, earthquakes, and severe storms. In these situations, power outages can last for extended periods, making portable generators essential for powering essential appliances and maintaining a basic level of comfort.

Technological advancements

As technology advances, the reliance on electronic devices continues to grow. Smartphones, tablets, laptops, and other electronic gadgets have become integral parts of our daily lives. During power outages or in situations where access to a stable power grid is limited, portable generators provide a convenient source of power to keep these devices running.

The rise of remote work and the need for connectivity have increased the importance of having a reliable power source, especially in areas with unreliable or no access to electricity. Portable generators can be crucial for individuals working from remote locations or places with unstable power infrastructure. Advancements in energy storage technologies, such as lithium-ion batteries, have led to the development of hybrid and solar-powered portable generators. These generators offer clean and renewable energy options, appealing to environmentally conscious consumers.

Restraints

Environmental regulations

Increasing environmental concerns and stringent regulations regarding emissions could pose challenges for portable generator manufacturers. Meeting emission standards may require additional investments in research and development to develop cleaner and more fuel-efficient generators. Noise pollution regulations can impact the design and operation of portable generators. Manufacturers may need to invest in technologies to reduce noise levels, which can add to the production costs. Moreover, economic downturns or uncertainties impact consumer spending, leading to reduced demand for non-essential items such as portable generators.

Battery advancements

Rapid advancements in technology may lead to the obsolescence of older generator models. Manufacturers need to invest in research and development to stay competitive by offering innovative features and improved performance. The growth of battery technology and the development of more powerful and longer-lasting batteries for alternative power sources could pose a threat to the traditional portable generator market. Moreover, portable generators are primarily designed for temporary or emergency use. Expanding the scope of applications and convincing consumers of the versatility and benefits of portable generators may be a challenge.

Opportunities

Backup power option

With an increasing number of people working from home and relying on electronic devices, there is a growing market for portable generators as backup power solutions for residences. Companies can target this market by offering user-friendly and compact generators suitable for residential use. Opportunities exist for innovation in generator technology, such as the integration of smart features, improved fuel efficiency, quieter operation, and enhanced durability. Companies that invest in research and development to improve generator performance and user experience may gain a competitive edge.

Environmental consideration

As environmental concerns rise, there is a growing demand for eco-friendly and low-emission power solutions. Manufacturers can explore opportunities to develop generators that run on cleaner fuels, such as propane or natural gas, or incorporate hybrid technology to reduce environmental impact. Construction sites and other job locations often require portable power sources. There is an opportunity for manufacturers to design generators that are rugged, easy to transport, and comply with emission regulations. Hybrid or clean energy options could also be explored to align with sustainability goals.

Latest Developments

  • In January 2022, Honda stated that it would start selling its new EU32i portable generator, which has a specially developed engine. The corporation also disclosed that sales would start in March 2022 in the European Union and then spread to other parts of the world.
  • In December 2022, EcoFlow launched the Smart Generator, the generator utilizes propane along with conventional gasoline as a fuel source. It not only utilizes energy efficiency but also helps in reducing emissions.

Major Key Players

  • Cummins, Inc
  • Generac Power Systems Inc
  • Kohler Co
  • Multiquip, Inc
  • WINCOWackerNeuson SE
  • Harrington Generators International Ltd
  • Briggs & Stratton Corporation
  • Caterpillar Inc
  • Honda Siel Power Products Ltd.

Market Segmentation

By Application

  • Emergency
  • Prime/Continuous

By Based on Fuel

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

By Power Rating

  • Below 5 kW
  • 5–10 kW
  • 10–20 kW

By End User

  • Residential
  • Commercial
  • Industrial

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