Portable Power Station Market Size, Share & COVID-19 Impact Analysis, By Application (Off-Grid, Emergency/Back-up, and Others), By Power Source (Hybrid Power Source and Single Power Source), By Capacity (Less than 500 Wh, 500 Wh to 1,499 Wh, and 1,500 Wh and Above), and Regional Forecast, 2022-2029

The global portable power station market size was valued at USD 425.4 million in 2021 and is projected to grow from USD 478.3 million in 2022 to USD 836.0 million by 2029, exhibiting a CAGR of 8.3% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with portable power station experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a growth of 11.3% in 2020 as compared to 2019.                   

Changing lifestyles, geography, increasing spending power, and physical and emotional benefits are encouraging consumers to engage in entertaining outdoor activities. Outdoor leisure activities can also contribute to a healthy work-life balance. An increase in people’s participation in outdoor leisure activities indicates a significant potential for the growth of the market globally.

Portable power has been the domain of gas generators for decades, whereas battery-powered generators are emerging to be a cleaner option for DIY, campers, tailgates, and around-the-home use.

COVID-19 IMPACT 

Restrictions in Travel Plans have Impacted the Global Portable Power Station Market Growth

The COVID-19 pandemic has affected the market globally. The closure of public places and recreational activities led to a drop in the revenue of market players. The restrictions on travel plans and the closure of tourist destinations have had a negative impact on the market. Closed destinations, hotels, and restrictions on travel, camping, and entertaining outdoor activities have impacted the travel and tourism industry, which is expected to augment product demand due to its compact size.

LATEST TRENDS

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Utilization of Smart Electronic Devices to Boost the Market Development

The adoption of consumer electronics and smart devices has increased dramatically over the past decade. This has led to manufacturers adopting a “push” strategy, in which much smart electronic equipment is pushed into the market so that consumers can purchase them easily.

Manufacturers focus on delivering connected devices as the adoption of IoT devices and the popularity of smart and connected products are increasing gradually. Technological advances and the introduction of the wireless network led to the development of intelligent and connected tools. The manufacture of smart and wirelessly connected devices is growing steadily, which use a battery to power their products. In order to power these devices again, there appears to be a good opportunity for the market to grow in the forecast period.

DRIVING FACTORS

Increase in Outdoor and Camping Activities to Surge Portable Power Station Demand

There is an ascent in sporting and setting up camp exercises such as fishing and climbing across the world. For instance, according to the North American camping report of 2021, the number of camping households who camped at least once in 2020 stood at a figure of 48.2 million, and active households in the U.S. were 86.1 million, which saw a rise of 20.41 % increase from 71.5 million in 2014.

By generation, camping experience was highest among the millennials (44%), followed by GenX (46%) and GenZ (32%). In Australia, individuals visiting lodgings, inns, and resorts represented 24%, and individuals opting for caravans and camps represented 14%. As per Eurostat, 66% of European camping areas are situated in five nations, particularly the U.K., France, Germany, Italy, and the Netherlands. In 2017, guests spent USD 397 million to set up evening camping areas across the E.U.

Reduction in Lithium-ion Batteries Cost Augmented Growth of the Market

The world is moving toward a low-carbon energy system to decrease global greenhouse gas emissions. Renewable energies, such as solar and wind, are becoming cost-effective when compared to fossil fuels due to significant cost reductions. However, low-cost energy storage is needed to balance these sources and transform our transportation network. Lithium-ion is the most common type of battery.

Lithium-ion batteries have gained popularity as the main power source for portable power storage devices, and more units are being produced annually for their useful properties. Battery demand, particularly from consumer devices, has historically fueled the lithium market, which has seen its price fall in its last years.

As per research from the Massachusetts Institute of Technology in March 2021, the cost of these batteries has fallen by 97%, making energy storage commercially viable for the first time. A lithium-ion battery consists of several different parts, among which the cell is the most expensive part of any lithium-ion battery.

RESTRAINING FACTORS

Low Functional Ability of Portable Power Stations to Hinder Market Growth

A portable power station is a portable battery-powered power supply that does not have a wide range of functional capabilities such as those of compact diesel generators. Portable fuel generators can power camping areas and sports vehicles, whether it is a troop, R.V., or campervan.

A continuous and reliable power supply is essential for controlling energy-intensive appliances, for example, water heaters, satellite TV, internet switches, coolers, telephones, and workstations. Portable generators can power microwaves, fans, electric pots, and toaster ovens. In contrast, a portable or mobile power station cannot be used similarly for additional power capacity and load.

SEGMENTATION

By Capacity Analysis

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500 Wh to 1,499 Wh Segment to Boost Segment Growth

The market is segmented into 500 Wh to 1,499 Wh, less than 500 Wh, and 1,500 Wh and above based on capacity. The 500 Wh to 1,499 Wh segment had the largest market share in 2021 and is anticipated to grow with the highest CAGR during the forecast timeframe.

Capacity plays an important part in how long a battery-powered power station lasts. Portable power stations with larger battery banks will last longer. If you tie the power station into a solar array, you have an almost infinite capacity as long as the sun shines. A small charger might charge the phone one time, while a larger one might charge the phone several times before it needs to be recharged.

By Power Source Analysis

Growth of Renewable to Power Hybrid System Augment Segment Growth

Hybrid systems combine two or more types of electricity generation, commonly using renewable technologies such as wind turbines and solar photovoltaics. Hybrid systems offer a high level of energy security through a combination of production processes. They often integrate a storage system such as a battery and fuel cell to ensure optimum secure and reliable supply.

By Application Analysis 

Emergency/Backup Power will Emerge as a Significant Application 

By application, the market is trifurcated into off-grid power, emergency/backup, and others. The off-grid power segment dominated the market owing to increased outdoor recreational and camping activities worldwide. Moreover, the emergency/backup segment also accounted for a significant share. The emergency/backup power segment comprises charging devices, such as smartphones, tablets, and laptops, during grid blackouts and power outages. Increased power outages resulting from extreme conditions such as earthquakes, storms, and lightning surge the demand for emergency power applications.

REGIONAL INSIGHTS

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The global market has been analyzed across major regions, North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

North America has the dominant global portable power station market share, predominantly due to the U.S., and the trend is predicted to continue during the predicted period. A growing emphasis on recreational activities, such as fishing and camping, can be observed in this region. Furthermore, numerous campers are looking to use technologies such as mobiles, laptops, Wi-Fi, and other smart technologies during their camping activities, which they believe, will enhance their camping experience. The use of smart electronic devices and the subsequent need for connectivity requires power, which may drive the growth of the market in the region.

The outdoor camping market is vast and mature. Developed countries in Europe have a long history of outdoor activities and strong per capita spending power. Outdoor tourism, camping, fishing, and other outdoor activities have many participants and participation frequencies. There is a huge demand for outdoor sports-related supplies and equipment.

The Asia Pacific market is anticipated to develop at the healthiest CAGR during the forecast timeframe. The growing urbanization and high internet penetration rate drive the demand for electronic equipment in the region. Portable power stations are frequently used to store renewable energy and provide electricity as needed. Thus, the market is predicted to grow with technological transformations in renewable energy generation during the forecast period.

Portable power stations comprise lithium batteries for their lightweight and longer running, and Latin America is the region with the most Lithium deposits. According to the U.S. Geological Survey (USGS), lithium is one of the most abundant resources in South America. The region is accountable for approximately 55%-60% of the world's lithium resources. Globally identified lithium resources are approximately 89 million tons, distributed across the region, such as Bolivia, 21 million tons; Argentina, 19 million tons; and Chile, 9.8 million tons.

GCC countries are economically and technologically ahead, while African countries are yet to expand their purchasing power and adopt advanced technologies. In addition, the ambitious clean energy target set by the countries is set to generate a combined 80 GW of renewable energy capacity by 2030. Currently, solar and wind are leading the renewable energy sectors in the country, which will surge the demand for hybrid power portable power stations and eventually drive the market in this region.

KEY INDUSTRY PLAYERS

GoalZero LLC and EcoFlow to Lead with a Wide Service Profile

Major players include GoalZero LLC, EcoFlow, and Anker Technology (U.K.) Ltd, Duracell Power, Jackery, and others. The major companies occupy half of the market share, and many regional and local players dominate the remaining market. Numerous other players operating in the industry are focused on delivering longer battery life and lightweight products catering to consumer demands.

LIST OF KEY COMPANIES PROFILED:

• GOAL ZERO (U.S.)


• BLUETTI Power Inc (U.S.)


• Jackery Inc (U.S.)


• EcoFlow (China)


• Lion Energy (U.S.)


• Shenzhen Sungzu Technology Co., Ltd (China)


• iForway (China)


• Anker Technology Ltd (U.K.)


• Shenzhen Lipower Energy Co., Ltd (China)


• Duracell Power (U.S.)


• Klein Tools (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• August 2021 – The net-zero goal introduced the fifth generation of Yeti power with the Yeti X line. Starting with the lightest, most compact, the Yeti 200X will launch exclusively with REI. The comprehensive Yeti X line includes the Yeti 500X, 1000X, 1500X, 3000X, and the most powerful Yeti yet, the 6000X. The three largest models have elevated inverters that can power anything you can plug into an outlet.


• January 2022 – EcoFlow has launched the industry-leading DELTA Pro portable home battery in Europe with a base capacity of 3.6 kWh and expandable to 25 kWh. The DELTA Pro is the industry's first portable home battery and can provide several days of backup power for families in emergencies. The company's ambitious vision EcoFlow DELTA Pro is to promote sustainability by providing a robust, low-carbon, and renewable energy solution for individuals, homes, and industries.


• October 2021- EcoFlow has launched a portable power station called RIVER mini, having a capacity of 210Wh. The RIVER mini is the most portable and compact power station in the company's product line. The product is designed to provide convenient power for every occasion and lifestyle. The company has expanded its product portfolio by launching EcoFlow River products in the market.


• November 2020- iForway launches PS105N portable solar power station for outdoor emergencies. It offers the best functional outlook for outdoor camping enthusiasts, photographers, business travelers, and customers using CPAP ventilators. The product has a capacity of 154 Wh and a weight of 1.5 kg, which can be put in a briefcase and taken on a plane. The product can be used anywhere with a temperature range between 0-40.


• April 2020 - Anker Technology (U.K.) Ltd launched the Anker 757 Powerhouse, the world's most advanced and durable portable battery generator. The Anker 757 Powerhouse is powered by a Lithium Iron Phosphate (LiFePO4) battery for long-range electric vehicles. LiFePO4 batteries have a longer lifespan and offer improved discharge and charge efficiency compared to other lithium-ion batteries.

REPORT COVERAGE

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The global portable power station market research report highlights regional and country-level analysis to understand the user better. Furthermore, the report provides insights into the latest market trends and analysis of technologies deployed rapidly globally. It further highlights some drivers and restraints, helping the reader extract in-depth knowledge about the industry.

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