PORTABLE GENERATOR MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 

Portable Generator Market Analysis:

During the forecast period, it is anticipated that the global portable generator market will exhibit a Compound Annual Growth Rate (CAGR) of over 4.2%. The outbreak of COVID-19 in 2020 resulted in a surge in demand for portable power to cater to the power requirements of utility outages or temporary testing and treatment sites, thereby leading to a worldwide increase in demand for portable generators. The portable generator market is being driven by factors such as the incessant demand for power, the absence of dependable grid infrastructure, the need for emergency backup power solutions, and the demand for uninterrupted power supply. Furthermore, power outages have resulted in the adoption of standby power sources and portable generators, which can fulfill the requirements for reliable and consistent electricity supply and can also be easily transported. However, the growth of the portable generators market is expected to be restrained by the increasing demand for battery storage systems and other cleaner sources of standby power.

During the forecast period, the residential end-user segment is expected to be a significant market for portable generators, accounting for 20% of the global power demand due to population growth, urbanization, and various other factors. The commercial and industrial sectors of emerging economies, the residential sector of developed economies, and the growing need for power in defense operations are expected to create substantial opportunities for market participants in the near future.

In 2020, Asia-Pacific held the largest share of the market, with the majority of the demand originating from countries such as China and India.

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