As stated in our extensive report; the Global Portable Generator Market accounted forUSD 1.5 Billionin the year 2021.
The worldwide increase in business downtime owing to mounting weather-related power outages is leading to the growth in demand for uninterrupted power supply, which is a crucial factor in the global Portable Generator market development. A portable generator is a type of electrical generator that may be easily moved from one location to another. It's essentially a miniature turbine powered by a motor, and it can generate electricity up to a certain wattage. Portable Generator supplies the alternating current (AC-based) for non-hardwired and standalone applications.
Factors Influencing Global Portable Generator Market Growth
The growth of the Portable Generator global market can be attributable to the following:-
1. Increased frequency of power outages because of severe weather conditions like cyclones, earthquakes, hurricanes, and landslides resulting in the rising demand for uninterrupted power supply is a significant factor driving the growth of the global market.
2. Growing awareness of global warming has led to the expanding demand for Portable Generator based on biofuel, a sustainable energy source, which will propel the market expansion of Portable Generator.
3. Growth in the adoption of Portable Generator owing to the rapid growth of the construction industry is also driving market development.
4. Recently, there has been a noteworthy increase in the consumption of electric power in sectors like automotive, aerospace and defense, oil and gas, agriculture, IT, and telecommunications, which is expected to propel the demand for market.
5. Rise in demand for biofuel-powered generators will provide growth prospects for the key players in the future.
Asia Pacific Region to Take Over the Market
Asia Pacifichas the largest market share in thePortable Generatormarket and is anticipated to continue this trend during the forecast period. The increase in residential energy consumption drives market growth in this region. Furthermore, the current government initiatives, including smart cities and green building campaigns, will support the market growth in this region. Also, China's growing urbanization and industrial development are fuelling the regional market escalation. Besides, theindustrial sector is expanding in China and India, propelling the demand for Portable Generator inAsia Pacific. Moreover, the leading market contributors to the Asia Pacific region comprise China, Japan, India, and Thailand, likely to boost the market growth in the coming years.
As per VMR, the insufficient grid infrastructure in developing regions increased natural calamities, and frequent power outages have blown the overall Portable Generator market.
Notable and prominent players in the Global Portable Generator Market include- Atlas Copco (Sweden), Briggs & Stratton (US), Generac (US), Honda (Japan), Yamaha (Japan), Caterpillar (US), Cummins (US), Eaton (Ireland), Honeywell (US), Siemens (Germany), Wacker Neuson (Germany), Kubota (Japan), Kohler (US), Champion (US), Himoinsa (Spain), Duromax (US), Loncin (China) and others.