In 2020, the global portable power station global market size was estimated at USD 3.9 billion and is expected to grow to USD 5.8 billion in 2030, at a CAGR of 4.1% between 2021 and 2030.
Portable power stations are rechargeable battery generators that power small appliances like smartphones, mini-refrigerators, tablets, fans, etc. The increasing use of these electronic devices, and the unending demand for sustainable and reliable power supply, emergency power supply, in regions around the world, primarily contribute to the rapid growth in the global market size.
As the demand for portable power stations increases, manufacturers and supplies are equally not relenting. The global electronic industry engages innovative ideas to design, develop, manufacture, and distribute the device to its end users. For instance, Sunly power, one of the China-based portable power station manufacturers and suppliers, is committed to delivering custom options for homes, offices, outdoors, professionals, and businesses across the globe.
The Market Dynamics of Portable Power Stations
Market Driving Factors
#1 Growing Demand for the Use of Smart Electronic Devices
The electronics industry is one of the innovative and fast-growing industries. The intense competition and the brands constantly seek to release the latest technology into the market first. The key focus of these companies in recent times has been on consumer products, such as home intercommunication systems, electronic ovens, video game systems, computers, smartphones, radios, televisions, etc.
The high growth opportunity for consumer electronic products results from the increasing investments in applications like smart cities, smart homes, smart cars, etc. These applications require consumers to stay connected regardless of the platform, and they need the trending smart device.
Most portable power stations are made of LiFePO4 batteries. And just like Duracell car batteries, lithium iron phosphate batteries are safe, durable, and long-lasting. Hence, an increasing demand for portable power stations to power smart electronic devices and stay connected is needed.
According to research by the US National Center for Biotechnology Information (NCBI), 95% of US citizens use cell phones, and 77% own a smartphone. The estimated number of users globally grew to 2.87 billion units in 2020. In the global semiconductor market, laptops and communication devices accounted for 32.4% of the estimated value of USD 469 billion in 2018. This further buttresses the fact that the increasing demand and rise in the use of smart electronic devices drive the portable power station market.
In addition, other outdoor activities, such as camping and recreational events, require laptops, phones, and other electronic devices to be continuously powered by portable power stations. Some activities, like plumbing, involving valve installation can be electrically actuated. For the best result, check with a valve size chart to determine the right diameter and angle for installation. The installation equipment also requires an uninterrupted power supply, hence the increasing demand for a portable power stations in the plumbing industry.
#2 High Level of Investment and Research
A high level of investment and continuous research and development to improve electronic devices is another key player in driving the growth of portable power stations in the global market.
#3 Reduction of Lithium-ion Battery Cost
The reduction in the cost of lithium-ion battery invariable impacts the portable power station global market. The price reduction is because the world is working towards the adoption of lithium-ion technology for batteries. Hence, the availability of lithium at an affordable and attainable price.
Therefore, several manufacturers of portable power station technology appreciate the future of batteries in lithium as the cost of lithium-ion declines every year and covers the lapses in price per watt as opposed to lead-acid. The advantages of lithium-ion batteries encourage manufacturers to implore this technology for portable power stations, hence the rising demand for the equipment in the global market.
Restraining Factors
#1 Low Functional Capability of Portable Power Station
A portable power station is mainly a battery-powered power source with limited functional capabilities like compact diesel generators. Portable fuel generations can power sports vehicles, camping areas, etc. Portable generators, power fans, toasters, microwaves, electric pots, etc. On the other hand, portable or mobile power stations can’t be used for additional power supply and capacity.
Also, during outdoor activities, electric outlets might not be possible, and solar charging is most likely to be time-consuming; hence, people might want to stick to portable generators for camping activities than portable power stations. This is a major challenge and can negatively impact the global market.
#2 Off-grid to Dominate the Portable Power Station
The off-grid power segment’s growth, driven by a continuous increase in the number of camping and outdoor recreational activities in regions like North America, Asia Pacific, and Europe, is estimated to grow rapidly, dominating the portable power station market.
Key Market Players
Some of the key/main players in the global portable power station market intervention are;
- Ecoflow (US)
- Lion Energy (US)
- Duracell (US)
- Midland (US)
- Drow Enterprise (China)
- Goal Zero (US)
- Li Power Technology (China)
- Charge Tech (US)
- Suaoki (Japan)
- Jackery (US)
Recent Developments
- In January 2021, Duracell launched its PowerSource 1440W, a portable power generator that supplies clean, odorless, and gasless powder. It is fit for critical devices during a power failure because it immediately transits from AC to its internal battery.
- In April 2021, Bluetti released the EB 70 portable power station at $499, equipped with a 716 Wh lithium-ion battery. The station supports smart devices, mini-space heaters, cooking appliances, etc. It’s also perfect for outdoor camping, traveling, and indoor emergencies.
- In November 2020, the collaboration between EcoFlow and SunPower produced the EcoFlow-SunPower Energy Bundle. This power station allows small electronics to be powered and charged for 5 to 9 hours under direct sunlight.
Conclusion
The recent developments show that the portable power station is fast gaining ground and saturation the global market, with more to surface.
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