Hybrid Portable Generators Identified as New Trend across Geographies, According to Fact.MR
Published : 09 Jun 2021 Industry: Industrial Goods
As per a revised report published by Fact.MR, the global portable generators market was valued at US$ 700 Mn in 2020, and is anticipated to expand at a CAGR of around 6.5% over the next ten years.
Diesel and gasoline portable generators are seen as major contributors to CO2 emissions. Over the past half-decade, various measures have been taken by governments around the world to curb air pollution. For instance, diesel generators are banned across various cities of Europe citing high levels of emissions.
In order to tackle the emission problem without compromising on electricity supply, market players have come up with hybrid generators that can significantly reduce emissions. Photovoltaic (PV) diesel hybrid generators have garnered increased attention of late.
Moreover, high spending on R&D and innovation has paved the way for innovative hybrid generators, attributed to changing consumer preference along with stringent environmental policies laid down by government bodies.
Key Takeaways from Market Study
- The global portable generators market is anticipated to add a significant value by 2031.
- The residential and commercial segment is expected to capture major chunk of the market share over the next ten years.
- On the basis of power output, portable generators with power output ranging from 1.0-3.0 Kw hold substantial part of total revenue share of the market.
- Asia Pacific set to dominate global market revenue in 2021 and beyond.
- The market in Africa expected to rise at a high single-digit CAGR through 2031.
- Due to the COVID-19 crisis, demand for portable generators was hit in 2020, which saw a decline. But with the manufacturing industry back on track, demand is expected to bounce back over the coming months.
“High R&D spending coupled with technological advancements in portable generators is expected to aid market growth over the coming years,” says a Fact.MR analyst.
Market players have been spending on research & development to come up with new, innovative products such as hybrid generators. These enhancements will drive the growth of the portable generators industry in the medium- to the long-term forecast period.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global portable generators market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study divulges essential insights on the market based on the power output (less than 1.0 kW, 1.0 to 3.0 kW, 3.0 to 5.0 kW, and more than 5.0 kW) end use (commercial, residential, industrial, agricultural, and others), application (standby backup power and continuous power), across six major regions of the world (North America, Latin America, Europe, Japan, APEJ, and MEA).
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Consultant – Industrial Domain