Portable generators uptake to contribute to $50m in commercial setting by 2031
Summary
Eventually, demand accelerated, as stay-at-home directives prompted an increase in electricity consumption levels, for professional and leisurely purposes. To address the pollution issue without jeopardising energy supply, market participants have developed hybrid generators that may drastically cut emissions. Furthermore, substantial R&D and innovation investment has opened the road for novel hybrid generators, which may be ascribed to shifting customer preferences as well as rigorous environmental rules imposed by government authorities. • 1-3 KW power output generators to generate $300m in revenue by 2031 • Standby backup generators sales to account for 3/4th of global revenue share • Residential usage to contribute around 20% value share to the global market • Uptake across commercial settings to rise, yielding an opportunity worth $50m by 2031 • U.S to experience high uptake, registering a CAGR of six percent from 2021-2031 • India to be an attractive market across Asia, expanding at 7.5% CAGR • China to emerge as the fastest growing market, clocking an eight percent value CAGR “The requirement for minimum electric wiring, simple equipment, and light weight components in contrast to its accessible equivalents is expected to increase the scope of portable generators in the long-run", says a Senior Research Analyst. • Cummins introduced the QG 2800i and 2500i, which are 60% quieter RV inverter generators for the recreational vehicle industry, in January 2021.