Portable Generators Market 2021 | Global trend, segmentation and forecast to 2027
The portable generators market size is anticipated to record an annual deployment of more than 12 million units through 2027
Delaware, United States – August 9, 2021 /MarketersMedia/ —
The COVID-19 outbreak has created an impact on the portable generators market expansion, leading to staggering growth across the manufacturing sector. This is caused due to a delay in production processes and the halting of numerous mega construction projects.
Several countries comprising Germany, France, and the United States have taken this opportunity for shifting their focus towards renewable resources. The market growth is driven by the shifting preference towards generator units that are functional on gas or other non-polluting fuels due to their compliance with low emission norms.
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Furthermore, the industry is witnessing a strong demand for portable generators for homes owing to surging temperatures and ERCOT’s request for the conservation of energy by consumers. The fear of power outages is driving the demand from a wide range of enterprises that span from small businesses to big-box retailers.
Considering these trends, the portable generators market size is anticipated to record an annual deployment of more than 12 million units through 2027, as stated by the latest study by Global Market Insights, Inc.
The increasing consumption of power and the surging end user awareness towards emergency readiness and smart technological upgrades is set to propel the demand for various generator types including small portable generators over the coming years.
Citing few other trends that are instrumental in influencing portable generators industry share:
Increasing demand for portable generators in the Middle East
The Middle East portable generators market is estimated to record appreciable growth, impelled by the ample availability of diesel and gasoline and the rising adoption of large-scale O&G and CGD exploration projects.
The regional growth is further driven by favorable government initiatives comprising Saudi Arabia Vision 2030, which has the aim of promoting the development of public spaces that include health, infrastructure, recreation, tourism, and education.
Surging usage of diesel portable generators
Diesel portable generators are expected to register considerable growth through the ensuing years, propelled by the increasing demand for power from off-grid and healthcare spaces. This growth is ascribed to a range of factors that include safety considerations, application area, fuel economy & availability, and the ease of storage.
The escalating demand for power from residential areas owing to the surging dependency on numerous electrical appliances will boost portable generators market growth through the forthcoming years.
Rising deployment of conventional portable gensets
Conventional portable gensets accounted for more than 73% of the overall market revenue in 2020. These generators are primarily installed for contingency power backup in residential flats, small scale industries, and provide steady power in the event of grid network facilities, weather calamities, and brownouts.
Moreover, cost efficiency, easy accessibility to numerous fuel options, small surface footprint, and quick response time to power shutdowns comprise a few features that propel the demand for these units.
Innovative corporate strategies of major industry participants
Leading portable generators manufacturers are targeting product innovation owing to the surging focus for aesthetics, technological upgradations, and competitive product pricing. The increase in technological partnerships coupled with ongoing research and development expenditure by major industry players will bolster market outlook.
In addition, numerous companies are incorporating strategies such as product developments, backward and forward integration, and capacity expansions, with the intention of maintaining their competitive advantage, in turn propelling industry landscape over the analysis period.
On the whole, the increasing demand for power coupled with an increase in urbanization and the rate of population will augment portable generators industry growth through the coming years.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision-making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Source: MarketersMedia
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