Portable Generator Market is growing at a CAGR of 5.2% from 2022 to 2030.
Pune, India, Oct. 09, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Portable Generator Market Forecast to 2030 – Global Analysis – By Fuel Type (Gasoline, Diesel, Others) Power Rating (Below 5 kW, 5-10 kW, 10- 20 kW, and Above 20 kW), End-user (Residential, Commercial, and Industrial),” the Portable Generator market is expected to grow from US$ 4.58 billion in 2022 to US$ 6.90 billion by 2030,” the market size is estimated to grow at a CAGR of 5.2% from 2022 to 2030. The increased demand for portable generators in commercial buildings with increasing infrastructure developments around the globe is driving the market. However, high capital requirement and fluctuation in raw material pricing is expected to hinder the market's growth. Generator Assembly
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With the increasing urban population, rising high-rise buildings investments has created massive demand for the electricity. This urban population requires electricity for performing day-to-day activities. Also, rising investments in construction buildings around the globe is the major driving factor for the portable generators market. These generators are used to power the construction equipment at remote sites and outside the areas where electricity is unavailable. As per Tall Buildings and Urban Habitat (CTBUH), 1,480 skyscrapers over 200 m have been built in the last 20 years in the US. The number also includes 40 new residential skyscrapers constructed during 2019–2022. The surge in construction work across residential, commercial, and several industries owing to growing urbanization is driving the growth of the windows and doors market. Government bodies emphasize strengthening construction and infrastructural development, further enduring the demand for portable generators market. As per the Global Construction 2030, construction volume is expected to rise by 85% and reaching to US$ 15.5 trillion by 2030 worldwide. The US, Germany, France, Mexico, Argentina, and India are projected to lead the path and are growing rapidly. Moreover, high capital investment is required to manufacture these generators and continuously fluctuating raw material pricing hinders the global portable generators market.
The adoption of portable generators is high in European and Asia Pacific countries, including France, Italy, Spain, India, Japan and Australia. India is the growing economy with increassed construction activities. The portable generator has shown significant adoption from the industrial and commercial sector in India. Rising investment by the leading companies around the globe for developing the economy by investing a considerable amount in infrastructure development is driving the market in India. Increasing urbanization and rising infrastructure investment are driving the portable generator market. Portable generators are used to power the construction devices to meet the electricity demand. According to the Global Infrastructure Investor Association, the infrastructure investment reached US$ 3.3 trillion annually to support global economic growth.
Portable Generator Market Analysis: Competitive Landscape and Key Developments
Cummins, Inc., Honda, Yamaha Corporation, Atlas Copco, Kohler, Caterpillar Inc., Honeywell International Inc., Siemens, and Generac are a few of the key companies operating in the portable generator market. The leading platers are focusing developing new product, expanding their businesses through mergers & acquisition strategies, which allow them to access prevailing business opportunities.
In February 2022, Honda launched the latest models of portable EU3200i generator in its EU Series product line. The EU3200i model delivers high power convenience and compact size with a portable package.
In January 2021, Atlas Copco launched two P 3500i and P 2000i portable inverters. This generator is power efficient, lightweight, and offers a reliable power source. Atlas Copco’s inverters use advanced electronics to ensure efficiency. It converts AC power to DC at the required frequency and voltage.
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Portable Generator Market: Segmental Overview
The market is segmented based on fuel type: gasoline, diesel and others. The diesel segment held the largest share of the market in 2022, whereas the gasoline toilet segment is anticipated to register the highest CAGR in the market during the forecast period. Based on Power Rat, the market is divided into Below 5 kW, 5-10 kW, 10- 20 kW, and Above 20 kW. Among these, 5-10 kW portable generators have the largest share in 2022, and 10- 20 kW is growing with the highest CAGR during the forecast period. Based on the end-user, the market is segmented into residential, commercial, and industrial. Among this, the commercial segment is expected to hold the largest share in 2022, owing to rising demand from commercial business offices around the globe. Additionally, increasing weather-based power outages and surge in the requirement for the reliable power supply around the globe are expected to drive the global portable generator market.
Increased Investments In Construction Activities are expected to Create Lucrative Opportunities for the Global Portable Generator Market:
The increased investment towards the building and construction activities with rising demand for generators to power the equipment at the remote sites drives the market growth. Small-sized portable generators are usually used to facilitate electricity at remote locations. According to the Ceramics Organization Report, the global market for residential buildings, including new construction, renovation buildings, and remodeling, was valued at US$ 6.80 trillion in 2022. Rising electricity demand for commercial and residential buildings across developing nations, including Mexico, Brazil, Argentina, and India, is driving the market growth. According to the NITI Ayog Indian government organization, electricity demand reached 1,993 TWh in 2020, and peak load electricity demand is expected to reach around 299 GW, growing with a CAGR of 6.32% by 2027. Such rising demand for electricity and increasing urban population in developing nations is expected to create ample opportunity in the future. A power outage indicates an unexpected termination of connectivity with the rest of the globe.
Portable generators are widely used in construction projects where electricity supply from power grids cannot reach. These portable generators help in providing the light for conducting construction activities. Different power tools such as motor drives, drilling machines, air compressors and hammers are employed in the construction industry. The construction industry around the globe is developing at a rapid pace for developing economies and improving their daily lives. However, the building & construction industry has performed unsatisfactorily during the Covid-19 pandemic. The COVID-19 pandemic imposed a crisis on the construction industry that is growing in the upcoming years, particularly to improve the economic cycles. The construction industry consists of infrastructure, real estate, and industrial structures, accounting for around 13% of the world’s GDP. In the construction industry, the workers use many power tools for performing their operations. As a result, portable generators are reliable for delivering consistent power to these tools. Companies such as Honda, Cummins, Generac, and many others offer portable generators with features such as 8,000 watts, up to 11 hours of running time, and 50% load-carrying capacity.
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