Portable Power Station Market to Reach USD 493.3 Million by 2028; Increasing Smart Device


Companies Covered in Portable Power Station Market Research Report are AGI – Ag Growth International, CST Industries Inc., Containment Solutions, DN Tanks, Balmoral Tanks, Caldwell Tanks Inc., Aqua Dam Inc., Sintex Plastics Technology Limited., Superior Tank Co. Inc., Frontier Polymers Pvt. Ltd., Tank Connection

Pune, India, Jan. 12, 2022 (GLOBE NEWSWIRE) — The global portable power station market size is projected to reach USD 439.3 million by 2028, exhibiting a CAGR of 8.7% during the forecast period. Increased smart device adoption and rising cases of power outages may boost market development. Fortune Business Insights™ provides this information in its report titled “Portable Power Station Market, 2021-2028.” As per the report, the market stood at USD 238.1 million in 2020 and estimated to reach USD 244.5 million in 2021.

The rising adoption of smart devices is likely to fuel the product adoption. Developments in digital infrastructure, rising smart-electronics adoption, and 5G technology developments have increased dependency on electric power globally. Portable power stations convert chemical energy into electrical energy to provide sustainable and reliable electricity for extended periods. It is a huge power bank that is capable of providing electricity to users for a long time. The benefits of the power station, such as portability and reliability, are likely to fuel the product’s demand. Further, the rising cases of power outages have led to the adoption of renewable energy resources such as power stations to provide continuous electric supply to users. Manufacturers focus on the development of effective power solutions with quick charging capability to enhance user experience. For example, EcoFlow, a U.S. startup, announced a powerful portable system named “Delta Pro” in July 2021. It can be fully charged in under two hours and be expanded to 25kWh. These factors may propel market development in the upcoming years.

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List of Key Market Players Profiled in Report:

  • GOAL ZERO (U.S.)

  • BLUETTI Power Inc (U.S.)

  • Jackery (U.S.)

  • EcoFlow (U.S.)

  • Suaoki (U.S.)

  • Lion Energy (U.S.)

  • Shenzhen Sungzu Technology Co., Ltd (China)

  • iForway (China)

  • Lipower Technology Co., Ltd (China)

  • Duracell Inc. (U.S.)

  • Anker Technology Ltd (U.K.)

Report Scope & Segmentation:

Report Coverage

Details

Forecast Period

2021 to 2028

Forecast Period 2021 to 2028 CAGR

8.7%

2028 Value Projection

USD 439.3 Million

Base Year

2020

Market Size in 2020

USD 238.1 Million

Historical Data for

2017 to 2019

No. of Pages

210

Segments covered

By Application, By Power Source, By Capacity and Geography

Growth Drivers

Off-grid Power Segment to Gain High Market Share

Declining Electronics and Electrical Industry to Impede Market Growth

Major Players Launch Novel Products to Boost Market Position

Increased Camping Activities and Lithium-ion Battery Cost Reduction to Bolster Industry Progress

Segmentation:

Off-grid Power Segment to Gain High Market Share

By application, the market is segmented into emergency/ backup and off-grid power. As per power source, it is bifurcated into single power source and hybrid power source. Based on capacity, it is classified into 1,500 Wh and above, 500Wh to 1,499Wh, and less than 500Wh. Regionally, it is grouped into Europe, North America, Asia-Pacific, Latin America, and the Middle East & Africa.

COVID-19 Impact:

Declining Electronics and Electrical Industry to Impede Market Growth

This market is expected to be negatively affected during the COVID-19 pandemic because of the closure of several electronics and electrical facilities. The alarming spike in COVID-19 infections has led to the imposition of stringent lockdown norms, which, in turn, may affect several industries globally. The lack of raw materials and disruptions in the supply chain may negatively affect product sales. Restrictions on manufacturing activities may lead to a product shortage, which, in turn, can reduce sales. However, the adoption of technologically advanced production machinery and advanced sanitization methods may enable manufacturers to boost their sales and improve their market position. This factor may propel industry growth during the pandemic.

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Competitive Landscape:

Major Players Launch Novel Products to Boost Market Position

Prominent companies operating in the market launch innovative products to attract consumers and boost their market position. For example, The EcoFlow, a U.S.-based company, announced its battery-powered portable power station in July 2021 using a crowd-funding campaign on Kickstarter. EcoFlow Delta Pro system can be expanded to 25kWh and be charged in under two hours. The battery can be linked to several energy sources and offers the capability to power an entire household for a week on a single charge. After the presentation was complete, the company surpassed its goal of USD 100,000 by reaching USD 4.6 million. This strategy may enable the company to attract a wide audience and boost its market position. Additionally, the adoption of research and development, partnerships, and acquisition strategy may enable companies to boost their presence globally.

Industry Development

  • January 2020: Goal Zero announced its next-generation award-winning lithium power station, Yeti X, at the CES trade show. Yeti X provides dependable on-the-go and home power without fumes, noise, and maintenance costs.

Drivers and Restraints:

Increased Camping Activities and Lithium-ion Battery Cost Reduction to Bolster Industry Progress

The spike in camping activities such as trekking, fishing, climbing, and others in North America is expected to boost the product adoption. For example, according to the information provided by the North American camping report 2021, the number of households who participated in hiking activities reached 48.2 million in 2020, and the number of active households participating in the activities in the U.S. was 86.1 million, which is a significant increase in number compared to 71.5 million in 2014. Further, the reduction of rechargeable lithium-ion battery prices is likely to fuel the product adoption. Lithium batteries are highly efficient, provide longer battery life, and last longer compared to lead-acid batteries. As per the information issued by Bloomberg NEF, lithium-ion battery’s cost witnessed a decline of USD 156 per kilowatt per hour compared to USD 1,183 kWh/hr in 2010. Lithium-ion batteries are used extensively in smart devices and require effective rechargeable power, which, in turn, may fuel power stations’ adoption. These factors are expected to drive the growth of the portable power station market growth.

However, its low functional ability in comparison with non-renewable portable solutions may hamper the market progress.

Regional Insights:

Rising Adoption of Consumer Electronics to Facilitate Market Growth in North America

North America is expected to dominate the portable power station market share because of the rising adoption of consumer electronics. The market in North America stood at USD 101.8 million in 2020 and is projected to grow positively during the upcoming years. Further, increasing outdoor and camping activities is expected to boost market development. In addition, evolving buying preferences and demand for advanced products and solutions are likely to fuel market development.

Asia-Pacific is the second-largest market shareholder because of rising power outages in developing countries. Further, the rising tourism activities lead to the adoption of portable power solutions in the region. In addition, the adoption of emergency backups is likely to fuel market growth.

In Europe, positive growth in the electronics and power industries is likely to increase the product adoption. In addition, the dominance of Germany, France, and the rest of Europe is expected to boost market progress.

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Major Table of content:

TOC Continued…!

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