CHICAGO (May 27, 2022) — According to the new market research report by MarketsandMarkets, the “Portable Generator Market by Fuel (Gasoline, Diesel, Natural Gas, Others), Application (Emergency, Prime/Continuous), Power Rating (below 5 kW, 5–10 kW, 10–20 kW), End User (Residential, Commercial, Industrial), and Region - Global Forecast to 2026", is projected to reach US$2.5 billion by 2026 from an estimated US$1.8 billion in 2021, at a CAGR of 6.7% during the forecast period.
Increasing instances of power outages owing to aging grid infrastructure and extreme weather conditions are the key factors driving the growth of the Portable Generator Market. Increasing adoption of dual fuel and inverter portable generators are expected to offer lucrative opportunities for the portable generator market during the forecast period.
Asia Pacific is expected to grow at the highest CAGR during the forecast period. Asia Pacific region has been segmented, by country, into China, India, Japan, South Korea, Australia and rest of Asia Pacific. Rest of Asia Pacific includes Indonesia, Singapore, Malaysia, Taiwan and Thailand. The region is the most populated region in the world and is expected to become the largest energy-consuming region globally. It comprises many developing countries and requires more energy for its development.
According to the Asian Development Bank (ADB), the region’s share of global energy consumption is expected to increase to 56% by 2035 from 34% in 2010. The industrial sector in China contributed more than 37% of its GDP in 2020. The growth of the industrial sector has tremendously increased power production and consumption in China. These factors have made China one of the most lucrative markets for the power industry. Thus, increase in demand for power is likely to offer growth opportunities for the portable generator market during the forecast period.
The report segments the Portable Generator Market, by fuel, into gasoline (petrol), diesel, natural gas, and others. Others includes LPG, propane, and biodiesel. The market for gasoline (petrol) is expected to hold the highest market share during the forecast period. It is majorly used for temporary, intermittent, or low-load applications. Gasoline is a common source of fuel and the easiest to obtain. It is mostly used for running portable generators for a shorter period of time, which is likely to increase their demand in the Portable Generator Market globally.
On the basis of power rating, below 5 kW, 5–10 kW, and 10–20 kW. The market for gasoline (petrol) is expected to hold the highest market share during the forecast period. The 5–10-kW portable generator, by power rating, is projected to hold the highest market share during 2021–2026. The market for these generators is projected to grow because of the increase in awareness of in-house power backup and demand for portable powering systems in outdoor recreational activities.
The portable generator market, by end user, is sorted into residential, commercial, and industrial. The residential segment is expected to hold the highest market share during the forecast period. The increasing number of frequent blackouts and insufficient power supply in some parts of Africa and South America are expected to boost the demand for residential portable generators.
