Portable Generator Market Growth Report – Size, Share 2030

Portable Generator Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity 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)

Publication Month : Apr 2024

  • Report Code : TIPRE00007867
  • Category : Energy and Power
  • Status : Upcoming
  • No. of Pages : 150
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[Research Report] The portable generator market is expected to grow from US$ 4.58 billion in 2022 to US$ 6.90 billion by 2030; it is estimated to grow at CAGR 5.2% from 2022 to 2030.

Analyst Perspective

The increasing energy needs are one of the significant driving factors for the portable generator market. As societies become more reliant on electronic devices, appliances, and technology, the need for electrical power continues to grow. The portable generator offers a convenient and immediate solution to meet this increasing demand, especially in areas with frequent power outages or unreliable electricity supply. Portable generators serve as backup power sources for homes and businesses. They are essential in situations where a consistent power supply is crucial, such as during natural disasters, grid failures, or other emergencies. With the increasing importance of uninterrupted power, people are investing in the portable generator market to ensure that their essential appliances and systems remain operational. In remote and off-grid locations, access to the main power grid is limited or non-existent. Portable generators are often the only practical option for meeting energy needs in these areas. They provide power for construction sites, farms, cabins, and outdoor activities, addressing the energy demands of people in various settings. The increasing energy needs are driving the portable generator market because they create a demand for reliable, flexible, and immediate power solutions. The portable generator is versatile and can address a wide range of power requirements, making it a crucial component of modern life and essential for various industries and activities.

People are increasingly using electronic devices for entertainment and recreation, including outdoor activities and camping. The portable generator market supports these leisure activities by providing power for lighting, cooking, charging devices, and running electronic equipment, enhancing the overall experience. The construction industry relies on the portable generator market to power tools, equipment, and temporary job site facilities. These generators are indispensable for ensuring productivity in construction and industrial operations. Outdoor events, festivals, fairs, and concerts depend on the portable generator market to provide temporary power for stages, lighting, sound systems, and vendor booths. The growth in the event industry contributes to the demand for the portable generator market. Some consumers are looking for ways to reduce their dependence on the grid and achieve a degree of energy independence. The portable generator market allows them to have control over their power supply, especially in cases where grid power is unreliable.

Market Overview

A portable generator is a compact and movable apparatus designed to produce electrical power in situations where the main power grid is inaccessible or has failed. It comprises an internal combustion engine that operates on a variety of fuel sources, and an alternator, which transforms mechanical energy into electrical energy. The engine propels the alternator, generating electricity that can be harnessed to operate a wide array of appliances and devices. The portable generator market is witnessing the development of dual-fuel capable portable generators, which is a significant trend in the industry and aligns with the growing demand for versatile and efficient power solutions. For instance, in May 2022, Generac Power Systems, Inc., (NYSE: GNRC) a one of the leading global manufacturer of energy technology solutions and other power products, announced the introduction of two new Powermate dual-fuel capable portable generators – the Powermate 4500-Watt Dual Fuel Portable Generator and the Powermate 7500 Watt Dual Fuel Portable Generator. Both of the models are designed to work on either gasoline or an LP gas fuel source.

Strategic Insights

Market Driver

The release of dual-fuel generators represents a technological advancement in the portable generator market. These generators provide users with the convenience of choosing between two fuel sources, making them more versatile and efficient. This aligns with the trend of advancements in the portable generator market technology. Dual-fuel generators can run on either gasoline or an alternative fuel source, such as propane or natural gas. This provides users with flexibility in choosing the most convenient or cost-effective fuel, depending on availability and circumstances. It also serves as a backup option if one fuel source becomes unavailable. Dual-fuel generators are designed to be more energy-efficient, offering improved fuel consumption and longer run times compared to single-fuel generators. This efficiency can result in cost savings for customers and reduce the environmental impact. Dual-fuel generators are well-suited for emergency situations, such as power outages during natural disasters. Customers can store both types of fuel, ensuring they have a reliable power source during extended outages or when one fuel is unavailable. The focus on developing dual-fuel capable portable generator solutions is a response to changing customer needs and market dynamics in the portable generator market. It provides customers with enhanced options for backup power, improved efficiency, and the ability to make environmentally conscious choices. This trend demonstrates how portable generator providers are adapting to the evolving demands of their customers and the broader push toward cleaner and more versatile energy solutions.

The rising demand for backup power is a significant driver of the portable generator market. Essential services such as healthcare facilities, data centers, and emergency response systems require uninterrupted power. The demand for backup power solutions, including the portable generator market, is driven by the need to ensure that these services remain operational even during power failures. Businesses, especially those in sectors where downtime is costly such as manufacturing, retail, and finance, rely on the portable generator market for business continuity. Maintaining operations during power outages helps avoid financial losses and maintain customer satisfaction. The rise of remote work and telecommuting means that people need reliable power for their home offices. The portable generator market provides the necessary backup power to support remote work, virtual meetings, and online collaboration.

Regional Analysis

Regional Analysis

In many parts of India and China, the main power grid is often unreliable or inaccessible, especially in rural and remote areas. The portable generator market provides a reliable and cost-effective solution for addressing the electricity needs of households, small businesses, and farms, ensuring that essential equipment and appliances can function even in areas with inconsistent grid power. The construction industry in the region is booming, leading to increased demand for the portable generator market. These generators are essential on construction sites to power tools, equipment, and temporary facilities, enhancing productivity and efficiency in construction projects. Government and non-governmental initiatives aimed at rural electrification have spurred the demand for the portable generator market in remote areas. These initiatives aim to improve the living conditions of rural communities and promote economic development by providing access to electricity. Overall, the increasing demand for the portable generator market in emerging markets in Asia, particularly in India and China, can be attributed to a combination of factors related to energy access, industrial growth, disaster preparedness, and changing consumer needs. These generators play a vital role in providing accessible, reliable, and flexible power solutions in regions with diverse challenges and opportunities.

Segmental Analysis

In 2022, the residential segment emerged as the dominant segment in the portable generator market, capturing the majority of the global portable generator market share. The increasing frequency and severity of weather-related disasters, such as hurricanes and snowstorms, have amplified the risk of extended power outages. These events can disrupt the normal functioning of homes, leaving residents without electricity for days or even weeks. As a result, homeowners are increasingly turning to the portable generator market as reliable backup power sources to safeguard their essential appliances and maintain a basic level of comfort during these extended outages. The need for a stable and continuous power supply is paramount for modern households. The portable generator offers homeowners the assurance that critical devices like refrigerators, heating and cooling systems, lighting, and communication equipment remain operational during power outages. This reliability is a significant driver of the portable generator market segment's growth.

Segmental Analysis

A notable trend within the residential segment is the rising demand for portable generators that are compact, easy to use and highly portable. These user-friendly generators provide homeowners with the flexibility to move them easily between various applications. They are not only valuable during power outages but also serve as power sources for camping trips, outdoor events, and other recreational activities, aligning with the modern lifestyle of homeowners. The residential segment's dominance in the portable generator market is indicative of the increasing importance of reliable backup power in households. As severe weather events become more frequent, and as consumers seek greater convenience and flexibility in their power solutions, the demand for residential portable generators in the portable generator market is expected to continue to grow in the coming years. Manufacturers are responding by developing user-friendly, compact, and efficient portable generators to cater to the specific needs of homeowners. For instance, in May 2023, Generac Power Systems, Inc., a prominent player in the global energy technology solutions and power product manufacturing sector (traded on the NYSE under GNRC), introduced the Generac GP7500E Dual Fuel portable generator to its product lineup. This new addition boasts an impressive 9,400 starting watts and 7,500 running watts, making it well-suited for powering a wide range of applications, from power tools and sump pumps to essential household loads.

Key Player Analysis:

Cummins, Inc., Honda, Yamaha Corporation, Atlas Copco, Kohler, Rato Europe, Caterpillar Inc., Honeywell International Inc., Siemens, and Generac are among the key players operating in the portable generator market.

Recent Developments:

The companies are adopting several strategies, such as collaborations, partnerships, mergers & acquisitions, and new product developments in the global portable generator market. A few recent key market developments are listed below:

In December 2022, EcoFlow has unveiled the Smart Generator (Dual Fuel), a robust generator capable of utilizing propane alongside conventional gasoline as a fuel source. This dual-fuel capability not only enhances energy efficiency but also reduces emissions. The Smart Generator (Dual Fuel) is capable of generating up to 20 kilowatt-hours (kWh) of electricity with propane, a sufficient supply to meet the power requirements of an average family for approximately five days during emergency situations.


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REGIONAL FRAMEWORK
World Geography

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Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Fuel Type, Power Rating End-user

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

The List Of Companies

  1. Atlas Copco
  2. Aggreko
  3. Briggs and Stratton
  4. Cummins Inc.
  5. Eaton
  6. Generac Power Systems, Inc.
  7. Honda India Power Products Ltd.
  8. Honeywell
  9. Kohler Co.
  10. Yamaha Motor Co., Ltd.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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