The portable inverter generator market reached a valuation of US$ 3.05 Billionin 2022. Furthermore, across the 2022-2032 period of assessment, growth is expected to accelerate at a 9.7%CAGR, reaching US$ 7.7 Billion.Increasing adoption of portable generators owing to a rapidly growing construction industry is also propelling market growth. Power tools of all sizes, such as drills, drives, compressors, and air hammers, are widely used in the construction sector. Portable generators are used majorly for new construction projects, where most of the work is carried out at night and in conditions where power from power grids is not accessible.
Increasing awareness of global warming has resulted in growing demand for portable generators based on biofuel, a sustainable energy source. Biofuel has chemical characteristics similar to that of petroleum-based fuels and hence, it can be used as a direct substitute for diesel fuel. Additionally, biofuel provides energy independence to countries such as Japan and Italy, which import petroleum and natural gas from other countries. Biofuels can be produced from soybean, canola, corn, used cooking oil, and animal fats. Rising demand for biofuel powered generators will provide an opportunity to market players over the forecast period.
Emerging countries like China, India, Indonesia and South Korea are expected to navigate the demand curve. Whereas, economies including the US, Germany and UK is expected to account for a notable share in portable inverter generator market. Portable inverter generator market is gaining momentum over conventional generators, due to its advanced technological features, high quality outputs, minimal NV (Noise & Vibration) levels and ease of carrying it anywhere.
Key Takeaways from the Market Study
· According to Fact.MR, a CAGR of 4.4% was recorded for the Portable Inverter Generator market from 2017-2021
· In FY 2021, the Portable Inverter Generator market reached a valuation of US$ 2.78 Billion
· The market is likely to register a Y-o-Y growth rate of 8.0% in 2022
· By Fuel Type, the Gasoline Segment is expected to dominate the market, documenting an 9.5% value CAGR
· As per Fact.MR’s projections, the market for Portable Inverter Generator in the US will likely expand at an 9.6% CAGR
· The Portable Inverter Generator market in Japan is expected to expand at a 9.5% CAGR
“The increasing demand for uninterrupted and reliable power supply in developed and developing countries are anticipated to drive the global portable inverter generator market over the analysis period”, comments an analyst at Fact.MR.
Competitive Landscape
Prominent players in the Portable Inverter Generator Industry are taking advantage of the rapidly increasing demand for the Portable Inverter Generator in various applications. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale players. Some prominent market developments are as follows:
· In January 2022, Honda announced planned to begin sales of its new EU32i portable generator equipped with a newly designed dedicated engine (with a maximum output of 3.2kVA). The company also revealed that sales would begin in the European region in March 2022, followed by the expansion of sales to other regions globally.
· In June 2021, Generac Holdings Inc. announced that the company had acquired Deep Sea Electronics Limited, an advanced controls designer and manufacturer. Deep Sea Electronics provides a diverse suite of controller products that provide flexible solutions for multiple applications, including generators, automatic transfer switches, battery charging, and off-highway vehicles.
- In March 2021, Generac Power Systems announced their complete redesign of Powermate portable generators. The new line-up consists of ten modules of portable generators to meet nearly all the demand, and make life easier for homeowners.
