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The global portable generator market size is set to touch USD 5.87 billion by 2026 as countries strengthen their grid infrastructure to meet national power demands. This information is contained in the recent Fortune Business Insights™ 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”. The report further states that the value of this market stood at USD 3.88 billion in 2018 and is expected to exhibit a CAGR of 5.4% from 2019 to 2026.
HIMOINSA Establishes New Subsidiary in Australia, Deepens Its Presence in APAC
In December 2019, HIMOINSA, a leading genset manufacturer, announced that it would be setting up its 13th global subsidiary through a definitive partnership with the Australia-based company Generator Power. HIMOINSA established the new unit with the intent to capture the flourishing mining, hospitality, and service sectors in Australia. The most promising sector, as per the company’s analysis, will be mining as the global demand for iron ore has escalated in the past few years. Combined, these sectors have propelled Australia’s position in the APAC region and HIMOINSA hopes to ride this wave. Thus, operational expansion with a view to strengthen global foothold is likely to emerge as one of the leading portable generator market trends.
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Increasing Urbanization Worldwide to Favor Market Expansion
Rural to urban migration is occurring at a furious pace in emerging economies, accelerating the pace of urbanization in these countries. As per the UN Department of Economic and Social Affairs (DESA) estimates, 68% of the world’s population will be living in urban areas by 2050; presently, 55% of the global population is housed in urban areas. More importantly, Asia and Africa will account for roughly 90% of this rise. According to the DESA, urban dwellers in China, Nigeria, and India will be numbered at 255 million, 189 million, and 416 million, respectively, by 2050. Urban areas in developing nations typically have high power demands and also require uninterrupted and efficient power supply to function smoothly and productively. This bodes well for the portable generator market outlook as the uptake of these machines is likely to skyrocket in these countries in the near future.
Growth in Manufacturing Sector to Open New Opportunities for Market Players
Key players in this market are slated make long-term gains as the global manufacturing sector is displaying steady growth, according to the portable generator market report. Manufacturing units require stable and reliable power supply and small and medium enterprises (SMEs) are increasingly inclining towards portable gensets to fulfill their power needs. Many major companies in this market are innovating and collaborating to cater to this burgeoning market, the portable genset market analysis states.
List of Prominent Players Profiled in the Report:
Further Report Findings:
Table of Segmentation:
Value (USD Billion)
By Power Rating