Rising demand for power backup solutions to drive portable generators market growth
Publisher : Fractovia | Published Date : 2019-07-12Request Sample
Owing to increased energy consumption globally and regular occurrences of power outages, portable generators market has gained immense traction in the past several years. Today, generators have become an essential equipment for several small as well as large scale industries such as oil & gas and agriculture, as they enable continuous and uninterrupted supply of electricity to ensure consistent business growth. There is also substantial demand for portable generators industry from distribution facilities that are located in remote areas where utility power outages can last longer.
U.S. Portable Generators Market Size, By Fuel, 2018 & 2025 (USD Million)
With novel advancements and increased utilization of the technology, building & construction industry has to face many eminent challenges and one of the most vital is securing availability of power for undertaking construction activities. The industry cannot avail efficient grid supply when operating in remote areas where grid is unable to supply the required power continuously. This is where many power generator providers are collaborating with prominent industries and taking efficient steps to cater to the increasing energy consumption. Evolving product demand across the construction segment will contribute substantially towards the expansion of global portable generators market.
Growing demand for consistent and dependable power supply across the commercial landscape has enabled portable generators as being a key power source. With rising instances of natural disasters like hurricanes, the world has experienced considerable chaos and turmoil caused by long queues at the gas pumps, shelters, hospitals and other establishments. By experiencing such disasters, a law was passed in the U.S. state of Florida that all gas stations should have backup power generator sets installed. Unquestionably, implementing such laws that benefit businesses as well as the community would result in increasing number of opportunities for portable gensets industry players worldwide.
According to the U.S. Department of Energy, approximately 70% of transmission and distribution lines nationwide are more than 25 years old. Power infrastructure across the U.S. has been slowly degrading, as aging equipment coupled with networks struggle to keep up the pace with the rising demand for electricity. This could result in an upsurge in investments for backup power solutions and enhanced product demand for end-use sectors like commercial, residential, and construction, further reinforcing portable generators market stance.
As per the 2018 State of Commercial & Industrial Power Reliability report, 18% of companies in U.S. witnessed a loss of over $100,000 as a result of the worst power outage experienced by them. Several companies and manufacturers are expanding and augmenting their business outlook by adding unique features in their product lines. These include tremendous transformation in design and performance, manufacturing the product in a wide array of sizes and power ratings, and producing portable generators equipped with own fuel tanks incorporated with advanced power distribution equipment.
New advancement trends have placed the portable gensets market at the forefront of generator technology. Citing an instance, Generac, a Fortune 1000 American manufacturer of backup power generation products has recently introduced a new controller platform onto its MDG25 compact mobile diesel generator. The controller is aimed at simplifying the usage of the company’s portable genset for end-users who are unfamiliar with the operations of such an equipment. Undoubtedly, these novel innovations and product-driven approaches would significantly impel the industries to grow further.
Owing to several major manufacturing giants, residential complexes and thousands of small businesses depending on power backup solutions worldwide, the portable generators industry size is projected to witness an upward revenue graph over the projected timeframe. Key players constituting the industry’s competitive landscape are Honda, Atlas Copco, Cummins, Generac, Kirloskar Oil Engines Limited, Yamaha, Briggs & Stratton, and Caterpillar. Global Market Insights, Inc. has anticipated that portable generators market will exceed USD 4 Billion in annual valuation by 2025.
