The portable generator market is likely to grow in the near future, owing to increasing demand for uninterrupted and reliable power supply and growing power outages. The portable generators are widely used for small to medium load power equipment, which include industrial machineries, such as air compressors, drills, vibrators, etc. The development of industrial and commercial infrastructure is expected to drive the demand for portable generators, majorly deployed as standby power source. In India, the government had made provision of INR 3 trillion for the Micro Units Development and Refinance Agency (MUDRA) scheme for 2018-2019, and an additional INR 3,794 crore for MSMEs for credit, capital support, interest subsidy and promotion of innovations. The implementation of such initiatives is expected to drive the growth of small to mid-size industries which is expected to be a big boost for portable generators market.
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Power Outages are driving the Portable Generator Market
Globally, the power outages has led to adoption of standby power source, such as generators that can provide the reliable and regular electricity. The portable generators can meet the requirement of reliable and regular electricity supply and it can also be transported easily. The small to medium size industries across the world is growing rapidly, which is likely to continue in the coming years as well. The regular supply of electricity for successful business operations of such industries is an imperative, which is a big boost for adoption of portable generators to tackle the power outage situation. In North America, the outages caused due to extreme weather is likely to rise as climate change increases the intensity and frequency of blizzards, hurricanes, floods, and other adverse weather events. Such power outages creates huge market opportunity for portable generator market.
Asia-Pacific to Dominate the Market Growth
The Asia-Pacific region is expected to dominate the market, led by China and India owing to increasing demand for electricity in the region. The development of infrastructure and industrial growth coupled with rising disposable income in the region has led to surge in demand of electricity. The growth in population has led to increased urbanization in the region, which has led to surge in demand for electricity, which, in turn, has led to growth in requirement of standby power source. The urban population in Asia-Pacific region is anticipated to increase by 70% during 2000-2030, which is expected to positively impact the portable generators market in the region during the forecast period.
The major players include - Generac Power Systems, Inc., Caterpillar Inc., Siemens AG, Kohler Co., Honda Motor Co Ltd, Briggs & Stratton Corporation, Wacker Neuson SE, Atlas Copco AB, Kubota Corporation, Eaton Corporation PLC, Yamaha Motor Co., Ltd., among others.
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