The portable generator market size will grow to USD 2.5 billion by 2026 (forecast year) from USD 1.8 billion in 2021 (estimated year), at a CAGR of 6.7% during the forecast period. Need for backup power during blackouts is one of the key factors driving the growth of the portable generator market. Increase in adoption of dual fuel and inverter generator to offer lucrative opportunities for the portable generator market during the forecast period.
The emergency segment is expected to dominate the portable generator market, by application, during the forecast period.
The emergency segment, by application, is projected to hold the highest market share during the forecast period. The growth of this segment is driven by increasing weather-related power outages and aging power generation & distribution networks. Portable generators that are used for shorter durations during outages are known as emergency generators. These generators have an average running time of 10–12 hours with a single filling of the tank. Emergency portable generators are mainly used when natural calamities such as storms, heavy rains, and heat waves disrupt the transmission & distribution infrastructure. Inadequate power generation infrastructure and poor grid networks in developing countries have forced small-scale manufacturers and businesses to rely on emergency portable generators.
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The natural gas segment is expected to be the fastest-growing portable generator market, by fuel, during the forecast period.
Natural gas based portable generator market is expected to witness the highest growth rate during the forecast period. Natural gas-powered portable generators are cost effective, efficient to operate, and better for the environment as they are considered the cleanest burning fuel. Furthermore, natural gas-powered portable generators also produce less noise pollution.
Natural gas can be easily stored for longer periods in tanks and used when required. Such portable generators are used during frequent blackouts and in areas prone to natural disasters, which is the reason for its increasing demand in the portable generator market globally. Companies such as Kohler, Honeywell, Champion, DuroMax, and Honda manufacture gas-powered portable generators.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the portable generator market.
A few major players that have a wide regional presence and dominate the portable generator market. The leading players in the portable generator market include Honda (Japan), Generac (US), Caterpillar (US), Atlas Copco (Sweden), and Yamaha (Japan).
The major strategies adopted by these players include new product launches, contracts & agreements, investments & expansions, mergers & acquisitions, joint ventures, and partnerships & collaborations. New product launches was the most commonly adopted strategy from January 2017 to February 2021.
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Honda is a leading manufacturer of motorcycles, automobiles, and power products. The company has a global presence and operates in 4 business segments—Automobiles Business, Financial Services Business, Motorcycles Business, and Life Creation & Others Business. It offers portable generators through its Life Creation & Others business segments, which accounted for a share of 2.2% of the company’s total revenue in 2020. The Life Creation & Other business segments include tillers, generators, snow throwers, outboard engines, and lawnmowers. Honda’s portable generators are used in appliances, such as TVs, DVDs, refrigerators, and coffee pots. Honda is also developing and producing electrified products, which include the miimo robotic lawnmower and the LiB–AID E500, that offer advanced portable power source, under its power products business segment. Honda delivers 6 million power products, annually, to its customers in over 150 countries. The company has 42 R&D centers across Europe, North America, South America, and Asia, particularly China and Japan. The company has 15 R&D centers in North America, which helped it analyze the requirements of its customers and align its products with their requirements.
Generac manufactures a wide range of power products, including portable, residential, commercial, and industrial generators. The company conducts its operations through 3 business segments—Residential Products, Commercial & Industrial Products, and Others. It offers portable generators through its Residential Products business segment, which accounted for a share of 51.9% of the company’s total revenue in 2019. The Residential Products business segment consists of standby generators with an output range of 6–60 kW and portable and inverter generators with an output range of 0.8 kW to 17.5 kW that operate on natural gas, liquid propane, and diesel. Generac also offers manual transfer switches along with portable generators. The portable generators manufactured by the company are used in residential, light construction, and recreational activities. The primary competitors of Generac in the Residential Products business segment are Kohler, Briggs & Stratton, Cummins, Honda, and Champion. Generac has its presence in North America, South America, Europe, the Middle East, and Asia Pacific, with independent distributor in over 150 countries. The company has its R&D facilities in countries such as the US, Mexico, Italy, Spain, China, and Germany. It also has more than 15 manufacturing facilities globally.
North America likely to emerge as the largest portable generator market
In this report, the portable generator market has been analyzed for five regions, namely, North America, South America, Europe, Asia Pacific, Middle East & Africa. North America region has been segmented, by country, into the US, Canada, and Mexico. The US and Canada, which are among the largest consumers in this region as well as globally, constitute the largest share of the portable generator market. Power outages, penetration of the natural gas network, and high peak time electricity costs are expected to drive the portable generator market in this region.
In the US, the major driver for the growth of portable generators in the country is increasing weather-related incidents such as storms, heavy rains, and heat waves, which creates power outages in the country. According to the US Department of Energy, major weather-related power outages cost businesses between USD 18 billion and USD 33 billion annually. This is likely to further propel the demand for portable generator market in the country.
