Portable Generator Market Size
| Study Period | 2019-2029 |
| Market Size (2024) | USD 5.53 Billion |
| Market Size (2029) | USD 7.35 Billion |
| CAGR (2024 - 2029) | 5.86 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Portable Generator Market Analysis
The Portable Generator Market size is estimated at USD 5.53 billion in 2024, and is expected to reach USD 7.35 billion by 2029, growing at a CAGR of 5.86% during the forecast period (2024-2029).
Over the medium term, factors such as the ever-increasing demand for power, lack of reliable grid infrastructure, the need for emergency backup power solutions, and the demand for steady power supply are driving the portable generator market.
On the other hand, Portable generators face tough competition from battery storage systems. Also, other cleaner sources of standby power are expected to hinder the portable generators market.
Nevertheless, the commercial and industrial sectors of emerging economies, the residential sector of developed economies, and the increasing need for power in defense operations are expected to create significant opportunities for market participants in the near future.
North America is expected to have a significant market share, with the majority of the demand coming from countries such as the United States and India.
Portable Generator Market Trends
Industrial Sector to be a Significant Market Segment
- Industrial operations are mainly dependent on electricity produced from onsite generators, where power outages are more common (to avoid production risks) and in regions where grid access is limited.
- The industrial sector, which includes mining, manufacturing, agriculture, and construction, accounts for the largest share of energy consumption of any end-use sector. The industrial sector is expected to account for more than 50% during the forecast period. Therefore, the increasing demand for continuous and reliable power supply from these industries, especially from healthcare facilities, pharmaceutical industries, and manufacturing facilities, is expected to escalate the demand for portable generators.
- China and India are expected to witness robust industrial growth in the coming years on account of the sharp increase in manufacturing owing to campaigns, such as Make in India, which is expected to drive the demand for portable generators in the industrial sector.
- Steel production in China accounts for around 50% of the global steel production, which makes it a huge market for portable generators, as the steel industry is extremely energy-intensive, and its operations are highly dependent on power generated from onsite generators during power outages.
- According to the World Steel Association, in 2022, China's crude steel production was about 1,018 million metric tons, a decrease of 1.6% compared to 2021. Annual crude steel production in China has been increasing over the past decade, and it has been the world's top producer of crude steel.
- The Middle East and Africa region is expected to offer a huge scope for portable generators during the forecast period due to inadequate power infrastructure in the region. In addition, the increasing demand-supply gap in African nations, such as Tanzania and Nigeria, has resulted in increased use of diesel portable generators as a prime source of power.
- Further, a key component of South Africa's economy is the automotive industry. Due to the presence of all the major European, American, and Japanese automobile manufacturers, the country has gained a wealth of experience. In recent years, South Africa has demonstrated its attraction as a destination of choice for investment and production base for exporting products to global markets.
- The automotive industry in South Africa has taken a proactive approach to the Automotive Production and Development Programme (APDP) regulations by investing in production facilities and local plants as well as developing efficient technology expertise. According to NAAMSA, the South African Association for the Automotive Industry, major vehicle manufacturers invested ZAR 0.59 billion in the sector in 2021 and USD 0.56 billion in 2020.
- In October 2022, The South African cabinet approved an investment plan for a USD 8.5 billion package to accelerate the country's transition from coal to renewable energy sources. A substantial share of the investment is expected to develop electric vehicle manufacturing in South Africa. According to the plan, USD 7.5 billion will be spent on electric vehicles, with some of that money going to industrial development and innovation.
- Thus, with those mentioned above, the Portable Generators market will see significant growth in the industrial segment.
North America to Have a Significant Market Share
- Portable generators are widely used in North America, particularly in the United States and Canada. They are popular among homeowners, small business owners, and contractors who need access to power in locations where a traditional power grid is not available or during power outages.
- In 2022, the electricity consumption in the United States was about 4.05 trillion kWh. The commercial sector accounted for approximately 38.9% of the total electricity consumed in 2022. The commercial sector includes offices, retail, educational, public, and government facilities and public services, such as water supply, telecommunications equipment, and outdoor and public street lighting. According to EIA, computers, office equipment, and refrigeration combined accounted for the largest share of electricity consumption in 2022.
- Despite the presence of a complex electricity grid infrastructure and 100% electricity access across the country, problems like power outages and increasing demand for standby power sources are expected to drive the demand for the backup power generation market in the country. Power outages cost an average of about USD 18 billion to USD 33 billion per year in the country. Therefore, backup generators and UPS are considered the most viable options for making business operations run continuously without any interruption.
- Moreover, increasing awareness among customers about the features and benefits of backup power, as well as the best-suited equipment combination for personal use, is driving the demand for the portable generator market, especially in the residential and commercial sectors.
- As of 2022, the United States was one of the largest countries for data centers in the world. Major markets include the financial hubs of New York and Chicago, the tech hubs of the Bay Area (San Francisco), Seattle, and Portland, the population hubs of Dallas and Los Angeles, and the center of Government in Washington DC/Virginia. With the country's total data center numbers outweighing its nearest market (the United Kingdom) by five times, the United States is also the undisputed "home of the internet. "
- As data centers have become increasingly necessary, the need for redundancy has also grown. A backup power generator is one of the most critical components of a data center redundancy plan. Generator failure is one of the foremost causes of data center downtime, so having a dedicated backup power generator is essential.
- Thus, with the points mentioned above, the Asia-Pacific region is set to witness growth in the portable generators market in the given forecast period.
Portable Generator Industry Overview
The portable generator market is moderately fragmented. Some of the key players in this market (in no particular order) include Generac Holdings Inc., Caterpillar Inc., Kohler Power Systems, Honda Siel Power Products Limited, and Briggs & Stratton Corporation, among others.
Portable Generator Market Leaders
Generac Holdings Inc.
Caterpillar Inc.
Honda Siel Power Products Limited
Briggs & Stratton Corporation
Kohler Power Systems
*Disclaimer: Major Players sorted in no particular order
Portable Generator Market News
- February 2023: Caterpillar announced the launch of the XQ330 mobile diesel generator powered by the Cat C9.3B diesel engine; the XQ330 is rated for up to 288 kW in standby and 264 kW in prime operation at 60 Hz and up to 341 kVA in standby and 310 kVA in prime power applications at 50 Hz. Engineered to operate at low noise levels, the XQ330 packages system components in a weather-resistant enclosure. It is also equipped with several rental-ready features, including a battery charger, block heater, switchable voltage outputs, permanent magnet generator (PMG), and optional mounting on a trailer.
- January 2022: Honda announced plans to begin selling its new EU32i portable generator equipped with a recently designed reliable engine (with a maximum output of 3.2kVA). The company also revealed that sales were to begin in the European region in March 2022, followed by expanding sales to other areas globally.
Portable Generator Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD, till 2029
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Increasing Demand for Power
4.5.2 Restraints
4.5.2.1 Increasing Demand for Battery Storage Systems and other Cleaner Sources of Standby Power
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Power Rating
5.1.1 Below 5 kW
5.1.2 5-10 kW
5.1.3 Above 10 kW
5.2 Fuel Type
5.2.1 Gas
5.2.2 Diesel
5.2.3 Other Fuel Types
5.3 End-User
5.3.1 Industrial
5.3.2 Commercial
5.3.3 Residential
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.1.4 Rest of North America
5.4.2 Europe
5.4.2.1 Norway
5.4.2.2 Sweden
5.4.2.3 United Kindom
5.4.2.4 Germany
5.4.2.5 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 India
5.4.3.3 South Korea
5.4.3.4 Japan
5.4.3.5 Rest of Asia-Pacific
5.4.4 South America
5.4.4.1 Chile
5.4.4.2 Brazil
5.4.4.3 Colombia
5.4.4.4 Argentina
5.4.4.5 Rest of South America
5.4.5 Middle-East and Africa
5.4.5.1 Egypt
5.4.5.2 Saudi Arabia
5.4.5.3 United Arab Emirates
5.4.5.4 South Africa
5.4.5.5 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Generac Holdings Inc.
6.3.2 Caterpillar Inc.
6.3.3 Honda Siel Power Products Ltd.
6.3.4 Briggs & Stratton Corporation
6.3.5 Kohler Power Systems
6.3.6 Wacker Neuson SE
6.3.7 Atlas Copco AB
6.3.8 Eaton Corporation PLC
6.3.9 Yamaha Motor Co. Ltd.
- *List Not Exhaustive
6.4 Market Ranking/Share Analysis
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Commercial and Industrial Sectors of Emerging Economies
Portable Generator Industry Segmentation
A portable generator is a small, self-contained unit that is designed to provide electrical power in locations where there is no access to a traditional power grid. They are commonly used during power outages or in areas where electricity is not readily available, such as on a construction site or in a rural area.
The portable generator market is segmented by power rating, fuel type, end-user, and geography. By power rating, the market is segmented into below 5 kW, 5-10 kW, and above 10 kW. By fuel type, the market is segmented into gas, diesel, and other fuel types. By end-user, the market is segmented into industrial, commercial, and residential. The report also covers the market size and forecasts for the portable generator market across major regions, such as Asia-Pacific, North America, Europe, South America, the Middle East, and Africa.
For each segment, the market sizing and forecasts have been done based on revenue (USD).
| Power Rating | |
| Below 5 kW | |
| 5-10 kW | |
| Above 10 kW |
| Fuel Type | |
| Gas | |
| Diesel | |
| Other Fuel Types |
| End-User | |
| Industrial | |
| Commercial | |
| Residential |
| Geography | |||||||
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Portable Generator Market Research FAQs
How big is the Portable Generator Market?
The Portable Generator Market size is expected to reach USD 5.53 billion in 2024 and grow at a CAGR of 5.86% to reach USD 7.35 billion by 2029.
What is the current Portable Generator Market size?
In 2024, the Portable Generator Market size is expected to reach USD 5.53 billion.
Who are the key players in Portable Generator Market?
Generac Holdings Inc., Caterpillar Inc., Honda Siel Power Products Limited, Briggs & Stratton Corporation and Kohler Power Systems are the major companies operating in the Portable Generator Market.
Which is the fastest growing region in Portable Generator Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Portable Generator Market?
In 2024, the Asia-Pacific accounts for the largest market share in Portable Generator Market.
What years does this Portable Generator Market cover, and what was the market size in 2023?
In 2023, the Portable Generator Market size was estimated at USD 5.21 billion. The report covers the Portable Generator Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Portable Generator Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Portable Generator Industry Report
Statistics for the 2024 Portable Power Station market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Portable Power Station analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
