Experts predict that the market value for portable generators will likely reach a whopping US$ 5 billion by the year 2026. A study conducted by Acumen Research Consulting and which was recently published made this announcement.
Interestingly, the data forecast for 2026 means that the portable generator market is growing at a CAGR of almost 4.8% compared to the 2019-2026 forecast.
Experts attribute the rising demand for portable generators to rapid advancement in generator technology and increasing environmental awareness. Other factors include the popularity of heavy portable generators and advancements in mechanical products.
The experts note that many developing countries have introduced favorable business policies and encourage small and mid-size enterprises. These factors have further boosted the generator market growth.
Top Global Portable Generator Markets
According to analysts, the major global generator market regions will include Europe, North America, Latin America, the Middle East, Africa, and Asia. The market will further grow due to rapid industrialization and increased construction activities in most developing countries.
Other countries like Singapore, China, and India will become major markets for portable generators in the coming decades. This is due to increased demand for electrical power by these countries’ residential sector population.
Overall, the portable generator market is mostly segmented into power range, end-use, and product type. The end-use segment incorporates construction, oil and gas, mining, residential, commercial, and industrial elements.
According to the report, some major portable generator manufacturers likely to play a dominant role include Generac Power Systems Inc, Wacker Neuson SE, Kohler Co. Harrington Generators International, Briggs and Stratton, WINCO, Caterpillar, Multiquip, Honda Power Products, and Cummins.
What Are the Market Projections Covering 2021-31?
Another exciting aspect involves this question: What are the projections for the portable generator market growth spreading from 2021-2031? According to Fact. MR, the market growth for portable generator sales will be around 6.5% CAGR. Significantly, in 2020 the market was valued at around US$700 million.
Which Portable Generator Markets are Most Lucrative?
Fact MR projects that some of the most lucrative portable generator markets include sub-Saharan Africa, India, China, Pakistan, Bangladesh, and Indonesia. These markets are expanding at impressively high CAGRs. Analysts say that by 2031, East and South Asia will hold about 1/3 of the global portable generator market.
Who are The Leading Portable Generator Manufacturers?
As noted, some of the top suppliers are tier-1 companies. These include Generac Power Systems, Briggs and Stratton Corp, Honeywell International, and Kohler Co. Inc. In 2020, these companies controlled 40% of the global generator revenue.
What Opportunities Exist for Portable Generator Manufacturers?
Most manufacturers are committed to the reduction of carbon emissions. Also, they want to meet the dynamic consumer needs. Thus, the leading manufacturers tend to diversify their production by including hybrid, natural gas generators, and fuel cells.
Analysts further predict that the rise in mining, oil & gas, and construction activities will boost the portable generator market. The Australian Bureau of Statistics says that approximately US $2.3 billion was spent on mining alone. Significantly, this was a 19% increase from the previous year; it represents an optimistic projection for the future.
What Challenges Exist for Portable Generator Suppliers?
Many types of portable generators produce noise and pollute the air. In the past, this led to a decline in sales. Further, countries like the US and most of Europe have introduced restrictions in environmental policies. These factors have led to a significant decrease in sales in the regions.
A recent report by the World Health Organization revealed that almost 1 million people die in Western Europe alone due to exposure to pollutants. Thus, many governments in Europe are introducing new laws to restrict the use of specific diesel generators. This has made it more challenging for new entrants to break into the portable generator market.