The global portable generator market size is projected to reach USD 5.87 billion by 2026, exhibiting a CAGR of 5.4% during the forecast period. Rising incidence of natural disasters across the globe will play a central role in augmenting the growth of this market, shares Fortune Business Insights™ in its new report, titled “Portable Generator Market Size, Share and Global Trend by Fuel (Diesel, Gas, and Others), Power Rating (Below 5kVA, 5-15kVA, 15-45kVA, 45-75kVA), By Application (Residential, Commercial, and Others), and Regional Forecast, 2019 to 2026”.
Weather-related natural calamities such as hurricanes and floods have spiked in terms of frequency in last few decades. According the United Nations Office for the Coordination of Humanitarian Affairs (OCHA), a staggering 315 natural disasters occurred in 2018, causing nearly 12,000 deaths globally. Bulk of the burden of these disasters was borne by countries in Asia, with Indonesia accounting for half of the total deaths, the OCHA highlights. Furthermore, the world suffered an economic loss of approximately USD 131.7 billion as a result of these calamities. One of leading factors aggravating the intensity of loss created by such tragedies is poor energy and power infrastructure. A study conducted by the European Commission found that restarting power generation in flood-hit regions can take up to 3 weeks. Portable generators, therefore, can prove to be critical during and after such events for rehabilitation and recovery purposes.
List of Key Players Covered in the Report:
Speedy Economic Development in China and India to Fuel the Market in Asia-Pacific
With a market size of USD 1.33 billion in 2018, Asia-Pacific is poised to dominate the portable generator market share during the forecast period. One of the main reasons for the region’s leading position is the unprecedented economic rise of India and China. These countries are heavily investing in establishing strong and durable grid infrastructure to meet their energy demands.
Poor energy infrastructure in most African countries is creating several growth opportunities in the Middle East and Africa region for the market. Moreover, African countries are exhibiting promising economic growth, which is attracting MNCs into the region and upping the demand for portable generators in the continent.
Increasing Operations of Small and Medium Enterprises (SMEs) to Intensify Competition
Small and medium enterprises (SMEs) are gaining significant ground in emerging economies and their energy demands are consistently growing, which has brightened the portable generator market outlook. These SMEs are primarily engaged in manufacturing where the demand for uninterrupted power supply is high.
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