Pune, March 11, 2021 (GLOBE NEWSWIRE) -- Global Portable Power Station Market Overview
Portable power stations, also known as battery powered inverter generators, are rechargeable units capable of dispensing power for charging devices. It is equipped with AC outlet and USB charging ports. Camping trips and power outages are best applications of these units. The global portable power station market size is set to reach USD 482 million by 2026, according to Market Research Future (MRFR). It can display 7.60% CAGR over the forecast period (2020-2026). Huge demand for alternatives to gas generators and need for units capable of running heavy applications can drive the majority of the market demand.
The market growth is attributed to rising use of smart electronic devices and huge requirement for uninterrupted power supply. Areas frequented by power outages caused by natural disasters are expected to be a lucrative market for portable power stations. Residents are shelling out for these generators for charging smartphones capable of calling emergency responders. Moreover, discounts and deals for portable power stations on ecommerce portals can drive the market volume significantly. The large opportunity for consumer electronic products owing to restrictions on movement during the pandemic can be leveraged by market players.
The long charging times and high costs of these generators can restrain market growth.
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COVID-19 Impact:
The COVID-19 pandemic has hit the global portable power station market badly. Closure of public spaces and recreational activities can lead to a slump in sales. Restrictions on travel plans and closure of tourist destinations can negatively impact the market. But areas with frequent blackouts are commanding a huge demand for portable power stations to survive the pandemic.
Industry Trends:
The need for reliable survival gear in treks and areas with low power can drive the demand for portable power stations. Manufacturers in the market are increasing the capacity of these generators by providing extra outlets for charging more devices. Rise of recreational activities and surge in outdoor events has led to sale of power stations. New generation trekkers are opting for camping and caravanning with backup charging equipment being on top of the priority list. Crowdfunding campaigns for driving development of larger capacity power generators will fare well for the market.
Segmentation:
By operation type, the global portable power station market is divided into direct power and solar power. The solar power segment is expected to grow at the fastest rate in the portable power station market. This is attributed to the low dependence on fossil fuels for energy generation and storage. Renewable schemes and subsidies designed to create public awareness and interest can drive the segment demand.
Based on application, the market is segmented into emergency power, off-grid power, and automotive. The off-grid power segment is estimated to grow at the fastest rate during the forecast period due to the increasing use of smartphones and surge in camping and other recreational activities. On the other hand, the emergency power segment is deemed to capture a large market share due to frequent power outages and blackouts in certain areas. Power station manufacturers are offering discounted prices on batteries and units to push sales.
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Based on technology type, the market has been divided into lithium-ion and sealed lead-acid. The lithium-ion segment is projected to grow at the fastest rate during the study period due to the affordable prices of lithium-ion. Concerns of climate change and inclination to electric driven vehicles can drive the segment growth.
Based on capacity type, the global market is divided into less than 500 WH, 500 to 999 WH, 1000 WH to 1499 WH, and 1500 WH and above. The 500 to 999 WH segment is expected to hold the largest market share during the forecast period. The lightweight and capable inverter is likely to sell large number of units due to its capability most electronic devices.
Regional Segmentation:
The portable power station market covers regions of North America, Europe, Asia Pacific (APAC), South America, and the Middle East & Africa (MEA).
North America is set to dominate the global market owing to presence of power station manufacturers and prolific use of smart devices. Awareness of energy storage and charging devices can drive the market demand significantly. Major unnatural events that cause blackouts have led to customers procuring portable power stations. Concerns of carbon emissions and huge need for storage units of renewable energy can navigate the regional market to great heights.
On the other hand, APAC is expected to exhibit the highest growth rate over the assessment period. The large population and inclination towards smart devices by customers can drive regional market demand of portable power stations. The transition to renewable energy is likely to spur the demand for these units. Replacement of legacy grid infrastructure and need for developing countries to supply power in remote regions can drive the demand for portable power stations. Development of lithium-ion and phosphate batteries for powering these units can spur the market.
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Competitive Analysis:
The portable power station market is likely to be highly competitive with collaborations and product development. Key players involved in the market are Scott Electric, ChargeTech, Goal Zero, Lion Energy, Ecoflow, Suaoki, Jackery, Li Power (Shenzhen) Technology, Midland, Drow Enterprise, Milwaukee Electric Tool, and Duracell. For instance, Honda R&D and Toyota Motor Corporation have decided to collaborate on Moving e, a charging station fuel cell bus run on portable batteries developed by the former.
Industry News
EcoFlow has launched the R600 portable power station for its customers whose capacity can be extended with the help of an external battery. It can lower the required power of electric appliances by running them efficiently at a lower wattage.
Global Portable Power Station Market Growth to Surge in Unprecedented Incidents of Power Outage
The global portable power station market is poised to command huge demand owing to power outages and need for charging stations of smart devices. The reliance on smart devices for daily tasks is likely to drive the market demand significantly. Use of various devices for consumption of content and need for uninterrupted power supply may push for its usage till 2026.
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