Portable Generator Market Dynamics 2021-2031
The Portable Generator Market size is projected to reach US$ 7.28 billion by 2031 from US$ 4.85 billion in 2023. The market is expected to register a CAGR of 5.2% in 2023–2031. Portable generators are primarily utilized at the time of temporary or remote power requirements. Additionally, portable generators are also used to manage the power outrages caused by natural disasters. The growing demand for energy demand is also anticipated to drive the demand for portable generators globally over the forecast period.
Portable Generator Market Analysis
The growing incidents of power outrages owing to natural disasters are one of the prime factors boosting the demand for portable generators globally. Increasing energy demand and lack of power transmission and distribution infrastructure in remote or distant locations are boosting the application of portable generators at the global level. Additionally, the growing need for power backups in commercial and industrial sectors is also acting as a prime driver for the portable generator market. The growing proliferation of battery energy storage systems may act as a major restraining factor for the market. However, the technological advancements in the portable generator market, such as the development of dual fuel portable generators and inverter power portable generators, are projected to offer major growth opportunities for the portable generator market over the forecast period.
Portable Generator Market Overview
Portable generators are stand-alone power devices primarily designed to offer electricity when required, without any permanent or proper power infrastructure. Portable generators are compact and efficient at generating electricity in short-term power outages, making them a suitable option for the residential sector. The portable generator market is classified in terms of fuel type, power rating, application, and end user. Based on the fuel type, the portable generator market is categorized into gasoline, diesel, and others. On the basis of power rating, the market is bifurcated into Below 5 kW, 5-10 kW, 10- 20 kW, and Above 20 kW. Based on application, the market is segmented into emergency/backup power, continuous. Based on the end user, the portable generator market is categorized into commercial, residential, and industrial. Growing energy demand in remote locations and insufficient power grid infrastructure are acting as a major driver for the portable generator market globally.
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Portable Generator Market: Strategic Insights
Market Size Value in US$ 4.58 billion in 2022 Market Size Value by US$ 6.90 billion by 2030 Growth rate CAGR of 5.2% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Portable Generator Market: Strategic Insights
| Market Size Value in | US$ 4.58 billion in 2022 |
| Market Size Value by | US$ 6.90 billion by 2030 |
| Growth rate | CAGR of 5.2% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Portable Generator Market Drivers and Opportunities
Growing Incidents of Natural Disaster is Expected to be the Prime Driver for the Portable Generator Market
The growing incidents of natural disasters such as tropical cyclones, floods, and earthquakes generally disrupt the power transmission and distribution infrastructure, which primarily boosts the demand for portable generators for continuous power supply. The increasing demand for power backups and the requirement for continuous power supply in time of requirement is also acting as a major driver for the portable generator market. The basic advantage of portable generators is that it does not require proper power infrastructure to be operational. The easy, convenient setup and usability of portable generators is also considered a major driver for portable generators globally.
Growing Proliferation of Dual Fuel Portable Generators
The rising proliferation of dual-fuel portable generators is anticipated to offer major opportunities for the portable generator market globally. The major driver behind the growing demand for dual-fuel portable generators includes rising consumer demand for high-end portable generators, a growing number of portable generator manufacturers in developing nations, and rising application of dual-fuel portable generators in the industrial sector. Rapid industrialization and growing requirements for continuous power supply or backups are fueling the demand for dual-fuel portable generators globally.
Portable Generator Market Report Segmentation Analysis
Key segments that contributed to the derivation of the portable generator market analysis are fuel type, power rating, application, and end user.
- Based on fuel type, the portable generator market has been divided into gasoline, diesel, and others. The gasoline segment held a larger market share in 2023.
- Based on power rating, the portable generator market has been divided Below 5 kW, 5-10 kW, 10- 20 kW, and Above 20 kW. The 5-10 kW power rating segment held a larger market share in 2023.
- In terms of application, the market has been segmented into emergency/backup power, continuous. The emergency segment dominated the market in 2023.
- In terms of end users, the market has been segmented into residential, commercial, and industrial. The residential segment dominated the market in 2023.
Portable Generator Market Share Analysis by Geography
The geographic scope of the Portable Generator Market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Asia Pacific led the portable generator market in 2023. The Asia Pacific region includes China, India, Australia, Japan and South Korea. The high presence of portable generator companies and the developing residential and industrial sectors is acting as a major driver for the portable generator market in Asia Pacific. Increasing incidents of natural disasters and growing demand for emergency power supply in remote locations are also anticipated to propel the demand for portable generators over the forecast period. The rising number of residential complexes and independent houses in the Asia Pacific is boosting the requirement for portable generators for emergency power backups in times of requirement. Additionally, rapid urbanization and the growing number of commercial centers such as shopping malls, departmental stores, multiplexes, and offices are also contributing to the development of the portable generator market in the Asia Pacific. Growing development in the mining and manufacturing sectors is one of the reasons fueling the application of portable generators for emergency power supply needs in the region.
Portable Generator Market Report Scope
Portable Generator Market News and Recent Developments
The Portable Generator Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for portable generator market and strategies:
- On October 2022, Cummins Inc. introduced Onan Power Stations, which is a comprehensive portable power solution. (Source: Cummins Inc., Press Release/Company Website/Newsletter)
- On January 2022, Yamaha Motor Corporation advanced its complete product line of inverters and generators with Carbon Monoxide Sensor technology to fulfil the Portable Generator Manufacturers’ Association’s ANSI/PGMA G300-2021 carbon monoxide emissions standard. (Source: Yamaha, Press Release/Company Website/Newsletter)
Portable Generator Market Report Coverage and Deliverables
The “Portable Generator Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles with SWOT analysis
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Fuel Type, Power Rating End-user
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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