LOS ANGELES, June 29, 2021 (GLOBE NEWSWIRE) — The Global Portable Generators Market size is expected to reach around US$ 5 billion by 2026 growing at a noteworthy CAGR of around 4.8% over the forecast period 2019 to 2026.
Rising Environment concern and rapid technological advancement in generator technology is expected to augment the demand for portable products
Rapid technological advancement in mechanical products and approach towards introduction of heavy portable generators are factors expected to augment the growth of target market. Diesel generators are extremely common as back-up units for emergency power supply. Available in both single and three-phase, diesel generators can be used not only in large establishments but also for homes and small offices. Another benefit of installing a diesel generator is that it can provide steady power supply.
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In 2020, Jackery Inc., a global player in development of portable power and green outdoor energy solutions launched “Jackery Solar Generator 2000”. The product is equipped with Solarpeak Technology, a smarter and more efficient solar charging technology to enhance the product’s performance. Its maximum solar input can reach 800W, enabling it to be charged to 80% from 0% in 2.5 hours. This product launch is expected to help company to enhance the business and increase its revenue share.
In 2020, Honda India Power Products Limited (HIPP), a leading manufacturer of power products launched “Portable Generator EM 650” in India market. The product launch is expected to help the company to strengthen its business in India market and increase the revenue share.
Portable generators are witnessing rapid demand from various end use industries majorly from construction and oil & gas this is expected to drive the growth of global market. Construction activity requires electric power to run various equipment and machinery used at sites where construction is taking place. Construction sites are spread over a large area and it becomes difficult to draw power from a massive central generator. Rising construction and reconstruction activities in developing countries along with demand for continuous power supply is expected to increase demand for portable from construction sector.
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Heavy portable generators provide key power sources for the oil & gas industry particularly to assist with drilling and digging. A lot of different tasks are involved in the oil & gas industry such as deep earth and offshore drilling, pumping, and the actual delivery of the finished product.
Favorable business polices by the government of developing countries and emergence of small and mid-size enterprises with innovative solutions are factors expected to boost the growth of target market. Factors such as high cost of products and limited power generation capacity are factors expected to hamper the growth of global market. In addition, stringent government regulation related to environment regulations is expected to challenge the growth of target market. However, growth opportunities witnessed by the target market due to factors such as rising investment for product development and increasing adoption of dual fuel and inverter portable generators.
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The global market regions section is bifurcated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is expected to witness faster growth in the target market due to rapid industrialization in developing countries, increasing construction activities, along with growing awareness related to global warming which is resulting in high demand for portable generators based on biofuel. In addition, increasing consumption of electric power by residential sector in countries such as China, India and Singapore, rising manufacturing units in the countries, along with increasing adoption from manufacturing units for continuous power supply are among other factors expected to support the market growth to a certain extent.
The market is segmented into product type, power range, end use. The end use segment is divided into oil & gas, construction, commercial, mining, residential, industrial, and others. Players mentioned in the global report are Wacker Neuson SE. Generac Power Systems Inc. Harrington Generators International Ltd. Kohler Co. WINCO; Cummins, Inc. Multiquip, Inc. Caterpillar Inc. Briggs & Stratton Corporation and Honda Siel Power Products Ltd.
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