FACTS AT A GLANCE
Edition: 7; Released: May 2021
Executive Pool: 19553
Companies: 69 – Players covered include Atlas Copco AB; Briggs & Stratton Corporation; Caterpillar, Inc.; Champion Power Equipment; Eaton Corporation PLC; Generac Power Systems, Inc.; Honda Motor Co., Ltd.; Honeywell International, Inc.; Kohler Co.; Kubota Corporation; Siemens AG; Wacker Neuson SE; Yamaha Motor Co., Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Application (Emergency, Prime/Continuous); End-Use (Residential, Commercial, Industrial); Fuel (Gasoline, Diesel, Natural Gas, Other Fuels)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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Global Portable Generators Market to Reach $2.7 Billion by 2024
An electricity generator represents an electro-mechanical machine that creates electrical energy from mechanical or motive energy. During power outages, electric generators become crucial providers of electricity for the most essential appliances. Portable generators are used for generating electric power for domestic, industrial, and commercial applications. The generators help in providing power supply during a power outage; generating electricity for electrifying machinery in construction sites, for providing electricity for live commercial events. In the event of an unexpected, sudden power outage, buildings like airports, hospitals, water and sewage facilities, data centers, communication and transportation systems, and fueling stations, need some alternative power, which is provided by a portable generator. These generators are used as a standby power source during the expansion or renovation of industrial infrastructure and commercial infrastructures. For the residential sector, portable generators enable in providing electricity to household lighting, cooling, refrigeration, heating and other electronic appliances/devices during power outages.
Amid the COVID-19 crisis, the global market for Portable Generators is projected to reach US$2.7 Billion by 2024, registering a compounded annual growth rate (CAGR) of 4.0% over the analysis period. The United States represents the largest regional market for Portable Generators, accounting for an estimated 33.0% share of the global total. The market is projected to reach US$884.4 Million by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 6.1% over the analysis period.
The market is on a healthy growth path, driven by a myriad of factors, which include significant rise in extreme weather-associated power outages and increased business downtime, growing demand for reliable and uninterrupted power supply in both the developed and developing countries globally, surging demand from rapidly growing building and construction industry, and increasing demand for low-cost generators. Besides weather-related power outages, aging grid infrastructure in several countries struggling to address growing demand for electricity from small and medium scale businesses resulting in power outages spurs the growth opportunities for portable generators. Portable generators also find extensive application in the building and construction sector for powering varied power tools such as air compressors, cutters, drives, drills, air hammers, nail guns and rotary tools. Rise in number of new construction projects where access to power from the power grid is not available, and renovation of existing buildings, drive the growth for the portable generators market. Rising construction activities in India, China, Saudi Arabia, the UAE, and the US is likely to propel demand for portable generators for continuous power applications. More
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