In 2021, the portable inverter generators market was valued at more than USD 1.9 billion, and it is expected to grow at a CAGR of around 7% from 2022 to 2028.
By 2028, the global industry’s annual installation is expected to exceed 3.7 million units. The growing demand for portable power has pushed the world toward adopting portable inverter generators that can generate electricity at the user’s leisure. During the forecast period, more gasoline portable inverter generators are expected to be sold.
With the ever-changing demands of individual consumers on power usage and the growing proliferation of electronic devices, portable inverter generators are finding new utility applications. However, as the global power grid strives for sustainability, power outages cost millions of dollars in lost revenue.
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Compared to traditional generators, incorporating inverter technology in generators contributes to higher quality maximum power output with minimal surges. The microprocessor in inverter generators can calculate the amount of power consumed and then control and regulate the speed of the generator to optimize the equipment’s power consumption.
Developed countries are seeing an increase in the abuse of available power. Developing countries are struggling to reduce the challenges in their electricity distribution network, creating a disparity in the global power distribution network and increasing demand for portable inverter generators.
Key Takeaways:
- In 2021, the market for 1 kVA to 2 kVA portable inverter generators will exceed USD 915 million. The growing consumer preference for units with a smaller surface footprint and greater portability will help these generators maintain dominance in the portable inverter generators market.
- The gasoline segment is projected to expand at a CAGR of 7% through 2022-2032. Due to its low cost and portability, gasoline is the most popular fuel for inverter generators.
- Along with its unlimited availability, gasoline is preferred in air-cooled backup generators. Due to their user-friendly control panel, inverter generators are quiet and simple to operate, influencing the portable inverter generators market.
- The absence of an ignition system in diesel-powered portable generators ensures low maintenance costs and low ignition risks, as well as longer shelf life. Portable diesel inverter generators can operate in various environments and handle high power loads for extended periods.
- North America portable inverter generators market held 35% of revenue share in 2021, owing to an insufficient power supply and increased demand for continuous & reliable power supply. Due to increased commercial and construction activities, the European market is expected to grow at a CAGR of 5% by 2032.
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Competitive Landscape:
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 are among the key players operating in the portable inverter generators market. To meet the immense competition in the portable inverter generators market, the major players are leading the way toward digital advancements while forming mergers and acquisitions.
Recent Developments in the Portable Inverter Generators Market:
- Cummins introduced the QG 2800i and 2500i, which are 60 per cent quieter RV inverter generators for the recreational vehicle market, in January 2021. They are powered by gasoline and liquid propane (LP). The Onan QG 2800i and 2500i are 2.8-kW and 2.5-kW inverter-based generator sets designed primarily for Class B and truck campers.
- Honda launched the Honda My Generator Bluetooth App in September 2019, allowing users to start (electric start models only), stop, and monitor critical operations of Honda portable generators via a Bluetooth interface on a smartphone.
- Pika, a manufacturer of home energy storage systems, was acquired by Generac in May 2019. The acquisition combined Pika’s capabilities with mobile industrial and commercial generators.
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