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The global portable power station market size was USD 238.1 million in 2020. The market is expected to grow from USD 244.5 million in 2021 to USD 439.3 million in 2028 at a CAGR of 8.7% in the 2021-2028 period. The global impact of COVID-19 has been unmatched and staggering, with portable power stations witnessing a negative demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a slow growth of 1.2% in 2020 compared to the average year-on-year growth during 2017-2019. The rise in CAGR during the forecast period is attributable to this market's demand and growth, returning to pre-pandemic levels once the epidemic is over.
The ongoing significant development in smart electronic devices adoption globally fuels the products’ demand. These stations, also referred to as portable power inverters can convert chemical energy into electrical energy, which can be stored for later usage. Hence, they can be conveniently called massive power banks. The portability factor plays a significant role in the growth of the market. The benefits derived from battery-powered portable power stations such as compact size compared to diesel or gas-powered generators are expected to bring immense growth prospects for the market.
Blockades in Electronic Industry To Negatively Affect Portable Power Station Market Growth Amid COVID-19
The COVID-19 pandemic has had a significant impact on every industry globally. Industries have suffered losses in operational time. As the market is majorly dependent on consumer electric and electronic activities, the decline faced by these sectors in a long time has also impacted the investment in power stations. Closed destinations and hotels and restrictions on travel, camping, and outdoor recreational activities have affected the travel and tourism industry which is anticipated to boost the products demand due to its compact size. The imposition of lockdowns in various countries and closure of businesses except for essential services with minimal workforce has affected the international and domestic trade.
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Utilization of Smart Electronic Devices to Boost the Market Development
The electronic industry is made up of companies that manufacture, design, assemble and service electronic products. These products consist of materials, parts, assemblies, and equipment that use the principle of electronics to perform major functions. Products can range from discrete components like circuits, consumer electronics like TV, smartphones, and personal computers; medical equipment like heart rate monitors and dialysis machines; industrial equipment like robots, and communication and networking equipment like routers and switchboards.
The adoption of consumer electronics and utilization of smart devices has massively increased in the past decade. This has led to the adoption of 'push' strategy by manufacturers, wherein many smart electronic devices are pushed into the market so that consumers can buy them at ease.
Increased Usage of Portable Power Station During Power Outages to Fuel Industry Growth
Modern lifestyles and the increasing adoption of consumer electronics among people have increased dependence on electricity. The recent rise in power outages around the world is a significant cause of concern especially in developing countries as it leads to substantial losses at work. Power outages are rising in many countries which, in turn, has increased the installation of emergency backup systems.
In July 2021, a U.S based start-up “EcoFlow” launched the most powerful portable system in the market, “Delta Pro”, which can be expanded up to 25 kWh and be fully charged under two hours. EcoFlow claims that the system can power one average household for one week on a full charge. The demand for portable power is also likely to increase in areas where electricity from principal grid utilities is too expensive or unreachable to off-grid households, which is expected to drive the product demand.
Increase in Outdoor and Camping Activities to Drive the Portable Power Station Demand
There is an ascent in sporting and setting up camp exercises, like fishing and climbing in North America. As per 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 camp represented 14%. As per Eurostat, 66% of European camping areas are situated in 5 nations, particularly the UK, France, Germany, Italy, and the Netherlands. In 2017, guests spent a sum of 397 million to set up camping areas evenings across EU camping areas.
Reduction in Lithium-ion Batteries Cost to Augment the Growth of Portable Power Station Market
Batteries used in these power stations are often referred to as rechargeable deep cycle batteries as they can be recharged several times. Lithium-ion batteries are becoming the battery of choice for many reasons, such as higher electrical efficiency and longer lifespan as compared to lead-acid batteries. However, the major factor in the rise of lithium battery-powered portable stations is the low cost of lithium-ion batteries.
According to an analysis report issued by Bloomberg NEF data in May 2020, lithium-ion battery pack’s cost dropped to USD 156 per kilowatt-hour in 2019 from USD 1,183 kWh/hr in 2010. Incremental innovation in battery chemistry and increasing momentum in production expansion are the main reasons for the price drop in lithium-ion batteries over 9 years. The price is also expected to drop to USD 100/kWh in 2024 and touching around USD 60/kWh by 2030 which is expected to further drive the market during the forecast period.
Low Functional Ability of Portable Power Stations to Hinder Market Growth
A portable power station is a battery powered portable power which does not have a broad scope of functional capacities as those of compact diesel generators. Portable fuel generators can be utilized to power camping areas and sporting vehicles (RVs), be it a troop, spring up camper, RV, or campervan. An continuous and reliable power supply is essential to control appliances with high power requirements, for example, water radiators, satellite TVs, Internet switches, ice chests, telephones, and workstations. Portable generators can provide power to microwaves, electric pots, fans, and toaster ovens, while a portable or mobile power station can't be utilized in a similar situation for additional power capacity and charging.
Portable power generation for recreational vehicles can yield sufficient watts/amps to securely control the heavy load of machines. Diesel-controlled compact and fuel generators can control weighty apparatuses, such as heaters and air conditioners, while a mobile power station can only power low-capacity electronic devices. Numerous generators use diesel, which is effectively accessible at fuel stations. In contrast, a mobile power station should be charged at regular intervals, either through solar photovoltaic panels (solar power) or using wall charging (AC supply). These factors are adversely affecting the market growth.
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Off-grid Segment to Maintain a High Share Due to the Growing Demand for Camping, Recreational, and Outdoor Activities
By application, the market is segmented into off-grid, emergency/backup, and others. A growing emphasis on outdoor recreational activities such as camping and the rising use of smart electronic devices is critical for the off-grid segment. The off-grid segment finds significant use in testing consumer electronic equipment. The emergency/backup segment is generally used in off-grid and renewable energy applications. The rise in power outages around the world is anticipated to propel the emergency/backup segment of the market. The other segments consist of applications such as home medical device energy usage which include CPAP machine, ventilator, oxygen concentrators, hemodialysis machine, and a motorized wheelchair.
Growing Adoption of Solar Photovoltaic Panels Will Drive the Hybrid Power Segment Growth
Based on the power source, the global portable power market can be primarily split into a hybrid power source and a single power source. Currently, the maximum portion of the mobile power station equipment that is manufactured and utilized consists of a hybrid source. They provide a continuous power supply with an additional option to charge the batteries after they are depleted. Solar panels are sold separately, hence it is an added cost. However, they provide a standalone power source without dealing with refueling. Portable power systems with hybrid source power also combine two or more electricity generation modes which commonly use renewable technologies such as solar photovoltaic panels (PV) and wind energy, and often incorporate a storage system (battery, fuel cell) to ensure maximum power supply reliability.
Owing to Maximum Utilization of Portable Power Station 500 Wh to 1,499 Wh Segment Holds a Significant Portable Power Station Market Share
Based on capacities, the global market is divided into Less than 500 Wh, 500 Wh to 1,499 Wh, and 1,500 Wh and above segments. Due to the low cost and high power capacity charging, the market is dominated by the 500 Wh to 1,499 Wh segment. Most of the electronic devices used in outdoor activities like smartphones, tablets, laptops, portable speakers, Bluetooth devices, and others, require charging electronics with low capacity power sources. 500 Wh to 1,499 Wh capacity power stations also provide multiple alternating current (AC) inlets, facilitating various devices to charge simultaneously.
Following the 500 Wh to 1,499 Wh segment, the 1,500 Wh and above is the second most dominated segment due to the growing usage of portable refrigerators and chillers in camping and recreational activities. Mobile power stations with 1500 wh and above capacity are the ideal electricity-generating devices for charging electronic appliances with high capacity. The vast potential due to growing digitalization and growth in adoption of smart consumer electronic devices, combined with technological advancements in portable power, is anticipated to propel the development of this segment of the market.
North America Portable Power Station Market Size, 2020 (USD Million)
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The market has been analyzed across major regions, including North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. North America is the largest market for mobile power stations due to the high adoption of smart electronics devices. An increase in camping and outdoor activities and growing emergency backups for electricity systems also drives the market growth.
The Asia Pacific is the second most dominant market due to the exponential growth rate of the travel and tourism industry. The rise of power outages in many underdeveloped countries and the utilization of emergency backup systems are also driving the Asia Pacific market.
The market in Europe is dominated by France, Germany, and the Rest of Europe. The region's growing electronics and power sector is a crucial driver for boosting the market progress.
The GCC countries contribute the largest market share of the Middle East and Africa region. Latin America is also a substantial growing region, owing to the region's increasing investment in the alternative off-grid electricity storage system sector.
GoalZero LLC, Jackery (US), and Duracell Inc. to Lead the Way with Investments in Product Development and Wide Customer Reach
A study of the competitive landscape of this market shows that very few companies have invested widely in new portable power technologies. The portable power market has seen significant recent technological advancements to keep pace with the best product manufacturers. Considering all the scenarios GoalZero LLC, Jackery (US), and Duracell Inc. are the major manufacturing companies of the power station and are investing in the development of different technology types. They are expected to remain as market leaders in the coming years.
An Infographic Representation of Portable Power Station Market
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The global market research report on the global portable power stations market highlights leading regions worldwide to offer a better understanding of the user. Furthermore, the market research report provides insights into the latest industry trends and analyzes technologies deployed at a rapid pace on a global level. It further highlights some of the growth-stimulating factors and restraints, helping the reader gain in-depth knowledge about the industry and major players.
Value (USD Million)
By Application; By Power Source; By Capacity; and By Region
By Power Source
Fortune Business Insights says that the global market size was USD 238.1 million in 2020 and is projected to reach USD 439.3 million by 2028.
In 2020, the North American market value stood at USD 101.8 million.
The market is likely to grow at a CAGR of 8.7% over the forecast period 2021-2028.
The 500 Wh to 1,499 Wh segment is anticipated to dominate this market during the forecast period owing to the rise in usage of small capacity devices in outdoor and recreational activities.
An increase in outdoor and camping activities that use portable power stations for energy storage purposes is the key factor driving the market.
Goal Zero, Jackery (US), and Duracell Power are some of the key participants in this market.
North America dominated the market in terms of share in 2020.
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