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Portable Inverter Generators Market size valued at over USD 1.9 billion in 2021 and is expected to grow at a CAGR of around 7.1% from 2022 to 2028. Global industry annual installation is projected to cross 3.7 million units by 2028.
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Stringent government compliances coupled with shifting consumer preferences toward inadequate power supply & chronic outages will favor the market growth. The surging dependency on power equipment to sustain day-to-day operations across a multitude of consumers will stimulate the technological deployment. Moreover, the product offers key advantages including lower noise level, insulation materials, and special quality mufflers, stimulating the industry potential.
|Market Size in 2021:||1.95 Billion (USD)|
|Forecast Period:||2022 to 2028|
|Forecast Period 2022 to 2028 CAGR:||7.1%|
|2028 Value Projection:||3.16 Billion (USD)|
|Historical Data for:||2018 to 2021|
|No. of Pages:||400|
|Tables, Charts & Figures:||714|
|Segments covered:||Power Rating, Power Source, Application|
|Pitfalls & Challenges:|
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The gasoline segment is estimated to witness 7.1% growth rate through 2028. Gasoline is the primary choice for fuel inverter gensets due to its reasonable cost and easy portability. However, natural gas is the preferred fuel for residential applications with propane as the second choice. It is preferred in air-cooled backup generators attributed to its unlimited availability. Inverter generators are quiet and easy to operate owing to their user-friendly control panel, influencing the product adoption.
Diesel is less volatile and more stable as opposed to gasoline with easy maintenance and availability. It is an efficient & cost-effective alternative fuel for generators as it can be easily supplied in remote areas and desired locations. The lack of ignition system in diesel-based portable gensets ensures low maintenance cost and low ignition risks along with longer shelf life. The diesel generators can function in different environmental conditions with an ability to handle large power loads and longer duration operations.
The 1 kVA to 2 kVA portable inverter generators market exceeded USD 915 million in 2021. The growing consumer focus on units with smaller surface footprint and easier portability will sustain the dominance of these generators. The ability of these systems to adequately cater to consumer power requirements, predominantly across residential establishments, will favor their incursion in the industry. Light weight, operational suitability, and compactness are the key features encouraging the use of these units.
The paradigm shift toward lower price index and multi-use capacity will drive the market progression of diesel portable inverter generators. These units have experienced a significant transition from merely being an additional power source to a necessity across a wide multitude of applications. These systems cater to a wide-ranging uses from households to light-duty commercial applications, construction sites, and recreational activities, driving the product acceptance.
The residential application in the portable inverter generators market is anticipated to reach USD 1.7 billion by 2028. Increasing applicability across residential, construction, outdoor sports, and recreational activities including camping, tailgate parties & family gatherings will energize the industry expansion. These systems are utilized across occasional situations during longer power cuts and are intended to power a few basic appliances. The wide scale utilization across construction sites for offering reliable power to various tools including air circulation fans, battery chargers, small compressors, electric vibrators, circular saws, concrete drills, and multiple hands will favor the business scenario.
Portable inverter gensets are imperative in the construction sector to ensure continuous operations even during power interruptions, further avoiding cost overruns and delayed schedules. These units are deployed to aid jobsite equipment, power communication systems, and provide lighting in the sites for uninterrupted operations. Robust construction activities driven by an elevated infrastructure spending have triggered the demand for portable inverter generators.
The global economy has been hit hard by an unforeseen outbreak of COVID- 19. The development & construction activities were operational followed by no prohibitions by governments. However, the world witnesses a decline in the execution of projects, primarily across outdoor activities and the commercial sector. In addition, the increasing work-from-home concept and surging healthcare infrastructure development will impel the portable inverter generators demand.
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North America portable inverter generators market held 35% of revenue share in 2021 led by the inadequate power supply along with accelerated demand for continuous & reliable power supply. Increasing intensity and frequency of weather-related disasters resulting in prolonged outages will boost the product usage. Aging grid infrastructure coupled with deteriorating grid resiliency will foster the business outlook. Moreover, rising investments toward backup power solutions coupled with the growing consumer awareness will further complement the industry progression.
Europe market is poised to attain a CAGR of 5.1% till 2028 owing to the increasing commercial and construction activities. The environmental and emission compliances including the proposed introduction of the EU Stage V limits will further play an influential role in the industry landscape. This has resulted in an accelerated shift toward cleaner power sources including gas & dual fuel configurations. The surging demand from infrastructure expansion, real estate development, and rapid industrialization will propel the industry demand.
The companies operational in the market include Cummins, Kirloskar Oil Engines Limited, Briggs & Stratton, Kohler, Generac Power Systems, Yamaha Motor Co., Honda Motor Co., Caterpillar, Atlas Copco, Honeywell International, Wacker Neuson SE, Deere & Company, Champion Power Equipment, DuroMax Power Equipment, FIRMAN Power Equipment, Westinghouse Electric Corporation, WEN Products, A-iPower, Mitsubishi Heavy Industries, and HIMOINSA. The major players are leading toward digital advancements while forming mergers and acquisitions to meet the industry competition.
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Market, By Power Rating
Market, By Power Source
Market, By Application
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