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The US - low-capacity portable generator market size is estimated to grow at a CAGR of 7.79% between 2022 and 2027. The market size is forecast to increase by USD 26.63 million. The growth of the market depends on several factors including the rising instances of power grid failure and power outages, the increasing incidents of natural calamities leading to power outages, and the high indulgence in recreational activities. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
This report extensively covers market segmentation by end-user (residential and commercial), product (conventional generator and inverter generator), and type (gasoline, gas, and diesel). It also includes an in-depth analysis of drivers, trends, and challenges.
US Low-capacity Portable Generator Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
The aging grid line is one of the major reasons for power outages in the US. Grid infrastructure in the US is inadequate to cater to the rising demand for electricity. Thus, to prevent such power outages, substantial investments are needed for the renovation and development of the existing grid to provide uninterrupted power in the US. Moreover, the growing frequency of power grid failures has driven the adoption of low-capacity portable generators in the US.
Furthermore, the older components in the power transmission and distribution networks face high pressure, which, along with the lower capacity of the power grids, inevitably leads to overload. Thus, to overcome power outages and power shortage issues, consumers are increasingly using low-capacity portable generators to ensure continuous power supply. Consequently, the rising frequency of power grid failures is likely to drive market growth during the forecast period.
The fuel used in low-capacity portable generators contributes a substantial part of the overall operating cost of end-users. Technological advances have made it possible for US - low-capacity portable generator market players to design dual-fuel systems, which enable diesel engines to operate on CNG without the need to make any prominent and permanent changes in the engines. Such systems are affordable and operationally reliable.
Furthermore, there is always a high possibility that one of these fuels may become scarce during emergencies. As a result, most people tend to purchase generators that can be operated using different fuels. Thus, when one of the fuels is not available, end-users can have an emergency backup fuel to meet their power needs. Hence, increasing adoption of dual-fuel systems in low-capacity portable generators will positively impact the growth of the market in focus during the forecast period.
The renting or leasing of portable generators in the US, particularly for short durations, is a cost-efficient option for purchasing them. Several companies, such as Herc Rentals, Emergency Systems Service, and Clifford Power Systems, supply portable generators for rent in the US. Many consumers choose rental portable generators during power outages due to the availability of professional service and consulting, timely service responses, and access to a wide range of products.
Moreover, the average cost of renting a small portable generator in the US varies between USD 20 to USD 50, and the cost of purchase is approximately USD 300 to USD 500. The capacity requirement of generators varies depending on time and season. Consequently, consumers in the US prefer rental portable generators during power outages. Therefore, the rising use of rental residential portable generators will impede the growth of the market during the forecast period.
The residential segment will account for a major share of the market's growth during the forecast period.? The residential segment is an essential end-user of portable generators powered by gas. Portable generators are fine for single households. Large households require multiple portable units. Frequent blackouts induced by natural calamities and aging electricity infrastructure increase the demand for portable backup generators in the residential segment.
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The residential segment segment was valued at USD 22.97 million in 2017. The demand for backup power for the smooth operation of appliances, lights, fans, heating, ventilation, and air conditioning (HVAC) systems in cases of power outages will grow in the future. It is expected that the residential segment will show the highest demand for portable generators, which will drive the growth of the market during the forecast period.
Product?Segment Analysis:
Based on product, the market has been segmented into conventional generators and inverter generators. The conventional generator?segment will account for the largest share of this segment.?Conventional generators (below 3 kW generators) are used in residential and commercial sectors to deliver short-term power backup. These types of generators are favorably scalable and can be parallelly combined. Portable generators with a power output of less than 3 kW have a lower footprint and require a low initial investment. Furthermore, an upsurge in spending on residential construction is expected to drive the demand for backup power for the smooth operation of household appliances. Thus, such factors will drive the segment and market growth during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Atlas Copco AB, Briggs and Stratton LLC, Caterpillar Inc., Champion Power Equipment Inc., Cummins Inc., Deere and Co., Generac Holdings Inc., Mi T M Corp., Multiquip Inc., Quanta Services Inc., Siemens AG, Wacker Neuson SE, Westinghouse Electric Corp., and Yamaha Motor Co. Ltd.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The US low-capacity portable generator market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
US Low - capacity Portable Generator Market Scope |
|
Report Coverage |
Details |
Page number |
154 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.79% |
Market growth 2023-2027 |
USD 26.63 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.47 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Atlas Copco AB, Briggs and Stratton LLC, Caterpillar Inc., Champion Power Equipment Inc., Cummins Inc., Deere and Co., Generac Holdings Inc., Kohler Co., Mi T M Corp., Multiquip Inc., Quanta Services Inc., Siemens AG, Wacker Neuson SE, Westinghouse Electric Corp., and Yamaha Motor Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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