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Portable Generators Global market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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LONDON, GREATER LONDON, UK, September 11, 2024 /EINPresswire / -- The global portable generators market is projected to grow from $5.14 billion in 2023 to $5.37 billion in 2024, reflecting a compound annual growth rate (CAGR) of 4.4%. The market's expansion in recent years can be attributed to an increase in power outages, growth in the construction industry, a rise in outdoor activities, heightened demand for home power backup, and government support. Looking ahead, the portable generators market is expected to continue its steady growth, reaching $6.33 billion by 2028 at a compound annual growth rate (CAGR) of 4.2%, driven by rising remote work, aging grid infrastructure, environmental regulations, and increasing disposable income.
Urbanization and Power Grid Failures Drive Growth in the Portable Generators Market
The accelerating pace of urbanization, coupled with the growing frequency of power grid failures, is significantly propelling the growth of the portable generators market. Reliable electricity is critical for economic progress, yet many countries face challenges with inadequate grid infrastructure, resulting in unreliable power supplies that disrupt residential and industrial operations. Portable generators offer a dependable solution, ensuring continuous electricity during blackouts for both residential and industrial applications. Additionally, concerns about power instability due to natural disasters and the need for uninterrupted operations further fuel the demand for portable generators. For instance, in October 2022, The World Bank highlighted that 56% of the world's population, or 4.4 billion people, reside in urban areas. This urbanization trend is expected to drive further demand for portable generators as the global urban population is predicted to more than double by 2050.
Explore comprehensive insights into the global portable generators market with a detailed sample report:
Key Players and Market Trends
Major companies operating in the portable generators market include YellowScan, Kohler Co., General Electric Company, Caterpillar Inc., Cummins Inc., Honeywell International Inc., Generac Power Systems Inc., Eaton PLC, and Briggs & Stratton Corporation, among others.
A significant trend in the portable generators market is the growing popularity of bi-fuel portable generators. Manufacturers are focusing on technological advancements to develop bi-fuel technology, which allows generators to operate on two fuel types-usually diesel and natural gas. This technology offers fuel efficiency, extended running times, and greater reliability, while also being environmentally friendly. For example, Generac's Bi-Fuel generators are EPA-certified and emit significantly fewer nitrogen oxides (NOx) and particulate matter compared to traditional diesel-only units. These bi-fuel generators also help reduce costs associated with storing and managing large quantities of diesel fuel, aligning with increasingly stringent government regulations on diesel-powered engines.
Segments:
. By Fuel Type: Diesel, Gas, Other Fuel Types
. By Product Type: Conventional Portable Generator, Inverter Portable Generator
. By End-User: Residential, Commercial, Industrial
Geographical Insights: Asia-Pacific Leading the Market
In 2023, Asia-Pacific emerged as the largest region in the portable generators market, followed by North America. The region's growth is supported by a combination of urbanization, power infrastructure challenges, and rising disposable incomes. The comprehensive report offers detailed insights into regional dynamics, market trends, and growth opportunities.
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Portable Generators Global Market Report 2024 from The Business Research Company covers the following information:
.Market size data for the forecast period: Historical and Future
.Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
.Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Portable Generators Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on portable generators market size, portable generators market drivers and trends, portable generators market major players, portable generators competitors' revenues, portable generators market positioning, and portable generators market growth across geographies. The portable generators market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.