Portable Generator Market Growing at CAGR of 5.4 %

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.

Info Source: https://www.fortunebusinessinsights.com/industry-reports/portable-generator-market-100155

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.

Market Driver

Lack of Access to Stable Power Supply to Propel the Market

Deficient, poor, and interrupted power supply in developing and underdeveloped economies is one of the top portable generator market trends. The International Renewable Energy Agency (IRENA) revealed in its ‘The Energy Progress Report’ that close to 840 million people across the globe are deprived of electricity. The report states that by 2030, 650 million people will still be living without electricity. The challenge looms large in case of remote areas in underdeveloped regions, such as sub-Saharan Africa where a whopping 573 million people live without electricity. In such a dreadful scenario, portable generators can prove extremely useful, not just in providing electricity to remote areas, but also to substantially enhance the quality of life of the underprivileged, which bodes well for the portable genset market growth.

List of Key Players Covered in the Portable Generator Market Research Report are: