According to the latest report by IMARC Group, titled “Portable Generator Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global portable generator market reached a value of US$ 4 Billion in 2017. Portable generator, also known as engine-generator, refers to a combination of an electrical generator and an engine which provides electricity to requisite devices during power outages. It comprises of several components including a starter, alternator, fuel tank, outlets and internal combustion engine. Portable generators are widely preferred by the users as they are efficient, affordable and require minimum installation as well as operational costs in comparison with standby generators. They are considered suitable for places where power outages are common as they help in running homes, restaurants, construction sites and corporate buildings by offering uninterrupted power supply.
On account of growing frequency of power grid failures, an increase in the adoption of portable generators has been observed across the globe. Other factors like rapid urbanisation, mounting population and increasing industrialisation in developing economies are also contributing towards the augmented demand for portable generators. Moreover, as electrical appliances like refrigerators, air conditioners, communication equipment, etc. have become an indispensable part, the residential users are increasingly using portable generators owing to the safety as well as mobility of the appliances. Apart from this, portable generators are also used in the construction industry for operating power tools such as saws, drills, air compressors and paint prayers. Overall development in the construction sector in the near future is expected to create a positive impact on the portable generator market. As a result, the market value is projected to reach US$ 6 Billion by 2023, expanding at a CAGR of around 7% during 2018-2023.
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Market Summary:
- Based on fuel type, the market has been segmented as portable diesel generators, portable gas generators and other types. Currently, portable diesel generators dominate the market, holding the largest share as these are relatively smaller in size than gas generators.
- On the basis of application, residential remains the biggest segment which is followed by commercial, industrial and infrastructure.
- Based on power output, the market has been segregated as less than 3kW, 3-10kW and more than 10kW. Presently, less than 3kw power output accounts for the majority of the total share, representing the leading segment.
- Region-wise, the market has been segmented into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. Amongst these, Asia Pacific is the leading market, accounting for the majority of the global market share due to rising construction activities in the region.
- The competitive landscape of the market has also been examined with some of the key players being Briggs and Stratton Corporation, Cummins Inc., Honda Motor Co. Ltd., Eaton Corporation and Generac Power Systems Inc.
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