Cummins Inc: Global Portable Generator Market Overview 2017
Portable generator market has been witnessing a healthy growth over the past few years, owing to the increasing applications of portable generators in the residential, infrastructural and commercial sectors.
The latest report by IMARC Group, titled “Portable Generator Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, finds that the global portable generator market reached a value of more than US$ 4 Billion in 2016. Portable generators are gas or diesel-powered devices that turn an on-board alternator to generate electrical power. A typical portable generator consists of various components, like internal combustion engine, alternator, starter, fuel tank, and outlets, which are assembled together in a single unit. These generators provide temporary AC power for non-hardwired, stand-alone applications, and allow extension cords, electric-powered tools and appliances to be plugged into them. Portable generators are preferred over standby generators as they are cheaper and do not require special installation. Moreover, they can be easily moved from place to place and are not permanently installed.
Highlights of the global portable generator market:
Low cost and easy installation of the portable generators are expected to be the major demand drivers.
Portable diesel generators account for the largest share of the total market.
Asia Pacific dominates the global portable generator market, holding the majority of the market share.
The advantages of portable generators such as cost-effectiveness and ability to provide efficient backup for power outages play a crucial role in driving the growth prospects of the market worldwide. Apart from this, the development of the global construction industry in the recent years has also created a demand for portable power backup systems. In line with the growing environment concerns, manufacturers are also introducing eco-friendly portable generators, so as to increase their profitability. Some of the other market drivers include rapid population growth, rising urbanization rates and increasing industrialization. As a result, the global portable generator market is further expected to reach a value of US$ 6 Billion by 2022, exhibiting a CAGR of around 7% during 2017-2022.
On the basis of fuel type, the market is segmented into portable diesel generators, portable gasoline generators and others. Presently, portable diesel generators account for the largest market share. Based on end-use, the residential sector leads the market, accounting for the majority of the total global share. It is followed by the commercial, infrastructure and industrial sectors. On the basis of region, Asia Pacific currently dominates the market, accounting for the largest share. Other major regions include Europe, North America, Middle East and Africa, and Latin America. On evaluating the competitive landscape of the market, it is found that the key players include Briggs & Stratton Corporation, Cummins Inc., Honda Motor Co., Ltd., Eaton Corporation, and Generac Power Systems, Inc.