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The portable generator market size is forecast to increase by USD 2.18 billion at a CAGR of 5.79% between 2023 and 2028. The market is experiencing significant growth due to the inability of power infrastructure to keep pace with rapid urbanization and industrialization, particularly in residential settings and building sites. The emergence of hybrid generators, combining Internal Combustion Engines (ICE) with batteries, and dual fuel generators, which run on both gasoline and natural gas, are becoming increasingly popular trends. Traditional gensets are being replaced by mobile gensets and standby power systems to reduce greenhouse gas emissions and meet emission reduction targets. Renewable energy options, such as solar and energy storage technology, are also gaining traction as cost-effective alternatives to traditional power sources. The electricity bills and the need for uninterrupted power during residential activities and camping activities further fuel the demand for portable generators. The energy storage business is expected to grow in parallel with the market as the need for backup power and renewable energy integration increases. The market is expected to witness continued growth in the 5â10 kW portable generator segment due to its versatility and affordability.
Portable generators have gained significant popularity in recent years due to their ability to provide power delivery in various scenarios where traditional power supply is disrupted. These scenarios include power outages caused by grid infrastructure failures, harsh weather conditions such as heavy rains, heat waves, storms, fog, and blackouts in metro cities. Portable generators are essential for camping and outdoor events, providing uninterrupted power supply for recreational vehicles and other equipment. In construction sites, they serve as backup power sources during power outages or during activities that require heavy power consumption. Commercial spaces, business parks, housing societies, and apartments also rely on portable generators for backup power during emergencies. During natural disasters like tsunamis, portable generators can be a lifeline, providing essential power for communication and emergency services. Overall, portable generators offer a reliable and convenient solution for power delivery in various situations where regular power supply is disrupted.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The diesel segment is estimated to witness significant growth during the forecast period. Portable generators, fueled primarily by diesel, play a crucial role in powering electronic gadgets, lighting, and medical equipment during natural catastrophes and extreme weather occurrences. Diesel generators offer superior performance in power fluctuations due to their high-torque characteristics, making them an ideal choice for emergency services and outdoor leisure activities. The reliability, safe operation, and minimal maintenance of diesel engines contribute to their popularity. Diesel is a cost-effective and widely available fuel that can be stored in containers for extended periods.
However, the increasing focus on reducing fuel emissions, particularly from diesel, has led some end-users to consider gas generators or alternative power sources such as battery storage systems and uninterruptible power supplies (UPS). Natural disasters like hurricanes, earthquakes, and wildfires, as well as outdoor recreational activities such as camping and outdoor events, rely on portable generators for power needs.
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The diesel segment was valued at USD 3.36 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market is experiencing significant growth due to the increasing demand for power backup in both developed and developing countries. In the context of developing countries in Asia Pacific, such as India, China, and South Korea, the rapid industrialization and urbanization are leading to an increase in electricity demand. Poor power infrastructure in these countries results in frequent power outages, making portable generators an essential solution for power backup.
Furthermore, extreme weather occurrences, natural catastrophes, and power grid vulnerabilities have heightened the need for portable generators in emergency situations. These include natural calamities like hurricanes, earthquakes, and wildfires, as well as for outdoor leisure activities, such as camping, off-highway vehicles, and outdoor event organizers. Portable generators are also essential for powering electronic gadgets, lighting, medical equipment, battery charging, and battery storage systems. The market for portable generators is expected to continue growing as the demand for uninterrupted power supply increases.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The inability of power infrastructure to keep pace with rapid urbanization and industrialization is the key driver of the market. The global population and rate of industrialization are experiencing significant growth in developing countries, particularly in India, China, South Korea, South Africa, and Brazil. This trend has led to a substantial increase in the demand for power, with India being the third-largest producer and consumer of electricity after the US and China.
However, the country's power infrastructure faces numerous challenges, resulting in frequent and major power outages. Developing countries are turning to portable generators to bridge the gap in power delivery during power outages, natural disasters, and for use in camping, outdoor events, and construction sites. These portable generators convert mechanical energy from fuel sources like gasoline, diesel, propane, and natural gas into electrical energy through an engine-driven alternator. The fuel sources provide the necessary power levels to meet various electricity needs. The market is expected to grow significantly due to the increasing demand for uninterrupted power supply and the unreliability of traditional power infrastructure.
The emergence of dual-fuel generator technology is the upcoming trend in the market. The market is driven by the increasing power consumption requirements in various sectors, including camping, outdoor events, construction sites, and power outages caused by natural disasters. Fuel cost is a significant factor influencing the total operating expenses for end-users. Volatility in fuel prices, particularly oil and gas, has been a trend in the last decade. As a result, there is a growing preference for cleaner fuel sources, such as natural gas, to reduce operating costs. Technological advancements have led to the development of dual-fuel systems that enable diesel engines to run on compressed natural gas (CNG) without requiring major modifications.
Furthermore, this innovation caters to the need for both fuel types, addressing the concerns of stringent emission norms, fuel cost, and availability. Mechanical energy generated from these portable generators is subsequently converted into electrical energy through engine-driven alternators. The fuel sources for portable generators include gasoline, diesel, propane, and natural gas. The choice of fuel depends on factors such as availability, cost, and environmental considerations. In conclusion, the market is expected to grow due to the increasing demand for power delivery solutions in various sectors. The preference for cleaner fuel sources, coupled with technological advancements, is driving the market's growth. The availability and cost of fuel remain crucial factors influencing the market dynamics.
The emerging alternatives to generators is a key challenge affecting the market growth. The market caters to the demand for power delivery solutions during power consumption scenarios, such as power outages, camping, outdoor events, and construction sites, where traditional power supply from the grid infrastructure may be unavailable. With escalating fuel and equipment costs, maintenance expenses, storage requirements, and emission regulations, the need for alternative backup power solutions is increasingly being recognized. In the global backup power market, portable power packs, which include a large battery coupled with an inbuilt inverter, are gaining popularity.
Furthermore, these power packs offer user-friendly features, including AC wall plug-styled outlets and USB ports, making them a viable alternative to traditional generators. Fuel sources for portable generators include gasoline, diesel, propane, and natural gas, while mechanical energy is converted into electrical energy through an engine-driven alternator. Alternative power packs, which use battery power or inverter technology, are cost-effective and more environmentally friendly for residential consumers.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Briggs and Stratton LLC: The company offers engines for outdoor power equipment.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is witnessing significant growth due to the increasing power consumption in various sectors such as camping, outdoor events, construction sites, and rural areas. The need for backup power supply during power outages caused by natural disasters, extreme weather occurrences, and power grid vulnerabilities is driving the demand for portable generators. These generators provide power delivery solutions for electronic gadgets, lighting, battery charging, and even powering off-highway vehicles. Portable generators come in various power levels and fuel sources, including gasoline, diesel, propane, natural gas, and even mechanical energy from internal combustion engines. The market offers a range of options, from traditional engine-driven alternators to hybrid generators, catering to industrial, commercial, and residential settings.
Furthermore, portable generators find extensive applications in emergency services, medical equipment, and battery storage systems. They are essential for outdoor recreational activities, leisure, and camping enthusiasts, as well as outdoor event organizers. The market also caters to small businesses, farms, and job sites. The portable generator industry is served by multinational companies, offering a wide range of products, from 5â10 kw portable generators to larger industrial generators. The market is witnessing a shift towards eco-friendly fuel options and noise pollution reduction, with an increasing focus on renewable energy options and energy storage technology. Despite the advantages, portable generators pose challenges such as carbon monoxide and particulate matter emissions, necessitating safety precautions. The market is also witnessing the emergence of greenhouse gas emission reduction targets and clean energy technology, offering opportunities for innovation.
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Market Scope |
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Report Coverage |
Details |
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Page number |
180 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.79% |
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Market growth 2024-2028 |
USD 2.18 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.39 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 44% |
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Key countries |
China, US, Germany, Japan, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Atlas Copco AB, Briggs and Stratton LLC, Caterpillar Inc., Cummins Inc., Deere and Co., Doosan Corp., Eaton Corp. Plc, Generac Holdings Inc., H.S. ENGINEERS, Himalayan Power Machines Co., Honda Motor Co. Ltd., Honeywell International Inc., ITOCHU Corp., KAZANCI HOLDING, Kirloskar Oil Engines Ltd., Siemens AG, Skyline Power Solutions, Wacker Neuson SE, Yamaha Motor Co. Ltd., and Yanmar Holdings Co. Ltd. |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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