CHICAGO, April 12, 2021 PRNewswire/ -- According to the new market research report "Portable Generator Market by Fuel (Gasoline, Diesel, Natural Gas, Others), Application (Emergency, Prime/Continuous), Power Rating (below 5 kW, 5–10 kW, 10–20 kW), End User (Residential, Commercial, Industrial), and Region - Global Forecast to 2026", published by MarketsandMarkets™, 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. 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.
The emergency segment is expected to dominate the Portable Generator Market, by application, during the forecast period.
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.
Browse in-depth TOC on "Portable Generator Market"
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.
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.
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.
Asia Pacific Generator Sales Market by Fuel Type (Diesel, Gas), Power Rating (<100kVA, 100-350kVA, 350-1000-2500kVA, 2500-5000kVA, >5000kVA), Application (Standby, Continuous, Peak Shaving), End-User, Country - Forecast to 2025
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