Portable Generator Market Trends

Growth Drivers

• Increasing Industrialization- The electricity demand is propelling due to increased industrialization, which has led to a situation where the generators are in a constant state of upgrade or improvement. According to a report in 2021, the US economic growth has been mainly concentrated in a few places, such as 6% of the US accounts for about two-thirds of the GDP output, they have greatly increased the growth rate of the generator market size expansion in the forecasted years.
   
• Demand for uninterrupted power supply- The unavailability of electricity can hamper several operations of SMEs (Small and Medium Enterprises) along with commercial places. A reliable power supply is required from several sources such as wind, solar, and many more which work with renewable resources. According to a report by the Center for Climate and Energy Solutions, renewable energy made up about 19.8& of electricity generation in 2020, coupled with hydro and wind making up the majority of it. This is expected to increase to 35% by 2030, and most of this increase is set to be from wind and solar.
   
• Rising investments in power infrastructure- The increasing investments in power infrastructure, and power generation in the form of building new power plants, upgrading the existing ones, and the need for maintaining the new infrastructure leads to huge demands for generators. According to a report by IEA in 2023, a total of about 2.8 trillion USD was invested in energy in 2023, out of this, 1.7 trillion USD is for clean energy.

• Increasing energy demand- The surge in energy demand that is driven by several factors such as economic development, population growth, and many more, has led to an increase in the demand for generators. Portable generators are highly essential for meeting the increasing energy demands which has led to an increase in their production, this in turn results in the increasing availability and demand for spare parts, repairs, and maintenance services which are essential to ensure their operation continuously. According to a report in 2024, due to the increasing population, the global energy demand increased to 69.22% in 2022 led by the increasing world population from 47.67% in 1990.

Challenges

• Complexity of installation and maintenance- For optimal alignment and stability, portable generator systems need to be carefully designed, engineered, and installed. Along with this, regular maintenance is also required to maximize energy production and for the maintenance of structures in excellent shape. For certain users, this can be costly and time-consuming.
   
• High Manufacturing costs- Revenues from the portable generator market may be constrained by rising manufacturing costs and mounting safety concerns. The demand for these generators is also being hampered by a variety of technical and functional limitations, including the inability to power a large number of devices, the production of huge amounts of carbon monoxide, noisy gasoline engines, and gasoline consumption. Because of this, it is inappropriate in the event of unexpected power outages, requiring operator involvement and somewhat restricting product usage.