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Dec 03, 2020 (The Expresswire) —
The globalportable generatormarket size is projected to reach USD 5.87 billion by 2026, exhibiting a CAGR of 5.4% during the forecast period. Rising incidence of natural disasters across the globe will play a central role in augmenting the growth of this market, shares Fortune Business Insights™ in its new report, titled “Portable Generator Market Size, Share and Global Trend by Fuel (Diesel, Gas, and Others), Power Rating (Below 5kVA, 5-15kVA, 15-45kVA, 45-75kVA), By Application (Residential, Commercial, and Others), and Regional Forecast, 2019 to 2026”.
To Gain More Insights into the Portable Generator Market, Browse Summary of the Research Report:https://www.fortunebusinessinsights.com/industry-reports/portable-generator-market-100155
Weather-related natural calamities such as hurricanes and floods have spiked in terms of frequency in last few decades. According the United Nations Office for the Coordination of Humanitarian Affairs (OCHA), a staggering 315 natural disasters occurred in 2018, causing nearly 12,000 deaths globally. Bulk of the burden of these disasters was borne by countries in Asia, with Indonesia accounting for half of the total deaths, the OCHA highlights. Furthermore, the world suffered an economic loss of approximately USD 131.7 billion as a result of these calamities. One of leading factors aggravating the intensity of loss created by such tragedies is poor energy and power infrastructure. A study conducted by the European Commission found that restarting power generation in flood-hit regions can take up to 3 weeks. Portable generators, therefore, can prove to be critical during and after such events for rehabilitation and recovery purposes.
An Overview of the Impact of COVID-19 on this Market:
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List of Key Players Covered in the Report:
- Wacker Neuson (Germany)
- John Deere (United States)
- Manlift Group (United Arab Emirates)
- Briggs and Stratton (United States)
- Kohler-SDMO (France)
- Kirloskar Electric Co. Ltd (India)
- Himoinsa (Spain)
- Caterpillar Inc. (United States)
- PRAMAC (Italy)
- Yamaha Motor Corporation, USA (United States)
- Aggreko (United Kingdom)
- Ingersoll Rand (Ireland)
- Cummins Inc. (United States)
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As per the portable generator market report, the value of this market stood at USD 3.88 billion in 2018. The report also comprehensively answers the following questions:
- What are key factors driving the growth and development of this market?
- What challenges does the market face and may face in the future?
- Which regions are emerging as the most promising ones in the market?
- Who are the key players and what are their key strategies?
- Which segments are set to lead the market share in the coming years?
Lack of Access to Stable Power Supply to Propel the Market
Deficient, poor, and interrupted power supply in developing and underdeveloped economies is one of the top portable generator market trends. The International Renewable Energy Agency (IRENA) revealed in its ‘The Energy Progress Report’ that close to 840 million people across the globe are deprived of electricity. The report states that by 2030, 650 million people will still be living without electricity. The challenge looms large in case of remote areas in underdeveloped regions, such as sub-Saharan Africa where a whopping 573 million people live without electricity. In such a dreadful scenario, portable generators can prove extremely useful, not just in providing electricity to remote areas, but also to substantially enhance the quality of life of the underprivileged, which bodes well for the portable genset market growth.
Speedy Economic Development in China and India to Fuel the Market in Asia-Pacific
With a market size of USD 1.33 billion in 2018, Asia-Pacific is poised to dominate the portable generator market share during the forecast period. One of the main reasons for the region’s leading position is the unprecedented economic rise of India and China. These countries are heavily investing in establishing strong and durable grid infrastructure to meet their energy demands.
Poor energy infrastructure in most African countries is creating several growth opportunities in the Middle East and Africa region for the market. Moreover, African countries are exhibiting promising economic growth, which is attracting MNCs into the region and upping the demand for portable generators in the continent.
Increasing Operations of Small and Medium Enterprises (SMEs) to Intensify Competition
Small and medium enterprises (SMEs) are gaining significant ground in emerging economies and their energy demands are consistently growing, which has brightened the portable generator market outlook. These SMEs are primarily engaged in manufacturing where the demand for uninterrupted power supply is high.
- January 2019:Yamaha Motor Corp launched its new line of portable inverter generators called EF2200iS. These generators will be an addition to the company’s existing portable generator offerings and will feature an LED control panel and larger power capacity, whilst being lightweight.
- February 2017:Atlas Copco’s Portable Energy Division unveiled its novel and powerful portable generators at the CONEXPO 2017 held in Las Vegas. The company’s QAS generator series is engineered specifically for the market in the US, while the iP generators are designed to be fuel efficient and compact.
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Major Table of Content for Portable Generator Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Portable Generator Market Analysis (USD Billion), Insights and Forecast, 2015-2026
Complete TOC Available Here….
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