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- Standby Backup Generators to Create an Absolute Opportunity worth US$ 500 Mn in Portable Generators Market Until 2031
- The latest study on the portable generators market published by Fact.MR uncovers factors propelling the demand across various segments on the basis of power output, end use, and application. It also profiles some of the leading market players and examines the impact of their strategies.
NEW YORK , Nov. 3, 2021 /PRNewswire/ -- Fact.MR – A Market Research and Competitive Intelligence Provider: As per a detailed survey conducted by Fact.MR, the global portable generators market is set to total US$ 1.5 Bn by 2031. Rising instances of power outages due to the aging electrical grid infrastructure, especially, across developing economies such as India , and China are augmenting the sales of portable generators.
A substantial rise in the consumption of energy is anticipated to be witnessed in the coming years, owing to the rapid industrialization and urbanization. According to the International Energy Agency (IEA), energy consumption across the world is estimated to rise from 19% in 2018 to 24% in 2040.
As old electrical grids fail to meet the increasing energy demand, portable generators are estimated to witness lucrative sales opportunities in the coming years. In response to this, the market is projected to expand at 6.5% CAGR over the forecast period 2021-2031.
Portable generators are gaining popularity across construction, mining, oil & gas exploration activities to provide electricity for power tools such as drills, air hammers, compressors, and others. Driven by this, sales of portable generators are expected to reach US$ 850 Mn in 2021, increasing by 1.8x from 2021 to 2031.
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As per Fact.MR, standby backup generators are projected to emerge as the most remunerative application segment, creating an absolute dollar opportunity of US$ 500 Mn through 2031. High reliability and continuous power supply attributes of standby backup generators are the factors favoring growth in the segment.
"Leading manufacturers are emphasizing on developing innovative products such as photovoltaic (PV) diesel hybrid generators to counter the rising concerns regarding the pollution caused by generators. This is expected to accelerate the growth in the market in forthcoming years," says a Fact.MR analyst.
Key Takeaways from the Portable Generators Market Study
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As per Fact.MR, top companies in the global portable generators market are Briggs & Stratton Corp, Generac Power Systems, Inc., Kohler Co. Inc., and Honeywell International Inc. These companies are estimated to account for more than 40% sales in 2021.
Leading players are focusing on adopting strategies such as product diversification, acquisition, agreement, marketing strategy development, and brand awareness to strengthen their market position while lowering business risks. For instance,
Some of the key players in the market profiled by Fact.MR are:
More Valuable Insights on Portable Generators Market
Fact.MR, in its new report, offers a detailed analysis on the global portable generators market, analyzing forecast statistics for the assessment period 2021-2031. The study reveals growth projections in portable generators market with detailed segmentation:
Key Questions Covered in the Portable Generators Market Report
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Portable Inverter Generator Market- The increasing frequency of power outages has fueled demand for portable inverter generators. Because electrical grids in both industrialized and developing countries have come to a halt owing to circuit failures, businesses and individuals have suffered massive losses totaling millions of dollars. Regularized power supply remains an issue in impoverished areas of the world, and these countries are emerging as the leading buyers of portable inverter generators. Fuels such as diesel and gasoline are readily available in such locations, but proper electricity supply remains a distant dream.
Electric Generators Market- Over the last few years, electrical grids in various regions of the world have faced numerous issues. In order to meet the power demand, ageing power transmission infrastructure and rising global demand for electricity have boosted sales of electric generators. Urbanization has put strain on existing infrastructure, causing governments and private enterprises to increase power outages. Consequently, the population in cities is expected to adopt residential electric generators. The electric generators market is expected to increase at a high rate in the near future.
Diesel Generators Market- Rapid industrialization is one of the primary growth drivers that has propelled demand for diesel generators around the world. Heavy-duty generators are required for a variety of industrial applications, including marine, mining, railways, and oil and gas exploration. Other factors driving demand for diesel generators in the market include the relatively low installation cost of diesel generators compared to alternative power sources, which is projected to drive demand for diesel generators even higher over the forecast period.
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