The recently published market study by Fact.MR highlights the current trends that are expected to influence the dynamics of the Portable Generators Market in the upcoming years. The report introspects the supply chain, cost structure, and recent developments pertaining to the Portable Generators Market in the report and the impact of the COVID-19 on these facets of the market. Further, the micro and macro-economic factors that are likely to impact the growth of the Portable Generators Market are thoroughly studied in the presented market study.
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Powered by diesel or gas, portable generators provide temporary electricity up to certain level of wattage. These generators are generally used by residents and businesses to keep the vital appliances operating during a power cut. Stringent regulations by government in various countries to reduce toxic emissions is encouraging manufacturers to focus on developing gas generators instead of diesel generators.
As compared to diesel generators, gas generators emit very less amount of pollution and also operate silently. Manufacturers have also started focusing on developing bi-fuel portable generators. As these generators lead to low gas emission and save cost. Meanwhile, tri-fuel portable generators are also being developed as they can run on gasoline, natural gas as well as liquid propane.
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Manufacturers are offering better options including lighter and more compact designs. Undergoing technological advancements, smart portable generators are also being developed with advanced features. Residential sector being the largest user of portable generators is facing the problem of deadly carbon monoxide emissions from portable gasoline-powered generators. Hence, this is resulting in the development of technology or method by manufacturers to reduce carbon monoxide emissions from portable generators.
According to the latest report by Fact.MR, the global portable generators market is expected to witness steady growth, registering 5.1% CAGR during 2017-2022. Owing to the low-cost and providing power supply in an emergency, portable generators are gaining popularity among residents and businesses. Meanwhile, manufacturers are also focusing on various technologies to develop eco-friendly generators and to save fuel cost.
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5 Forecast Highlights on Global Portable Generators Market
- North America is expected to remain dominant in the global portable generators market. North America is projected to reach close to US$ 300 million by the end of 2024. North America portable generator market is witnessing a growth, due to increasing number of residents opting for portable generators to keep essential appliances at home working during power cut owing to the bad weather conditions.
- Japan portable generators market is expected to experience moderate growth during the forecast period, 2017-2022.
- Portable generators with a power output of 1.0 to 3.0 KW are expected to experience above-average growth during the forecast period. Towards the end of 2024, 1.0 to 3.0 KW portable generators are estimated to reach just above US$ 450 million revenues. Meanwhile, 3.0 to 5.0 KW portable generators are expected to gain more than one-fourth of the revenue share by 2017 end.
- Residents are expected to emerge as the largest users of portable generators during 2017-2022. By the end of 2017, the residential sector is projected to account for nearly three-fifth of the revenue share on global revenues. Meanwhile, the commercial sector will show moderate growth during the forecast period.
- Portable generators offering standby backup power are expected to witness above-average growth. Accounting for more than three-fourth of the revenue share by 2017 end, the standby backup power application is projected to surpass US$ 750 million revenue by the end of 2024.
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The report has also profiled leading players in the global market for portable generators, which will remain active through 2024. These include companies such as Briggs & Stratton Corp, Champion Power Equipment, Generac Power Systems, Inc., Honeywell International Inc., Kohler Co. Inc., NIDEC Corp, STEPHILL GENERATORS LTD, and Yamaha Motor Co., Ltd.
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