Pune, India, Jan. 11, 2023 (GLOBE NEWSWIRE) -- The global portable power station market size to grow at CAGR of 8.3% during 2022 to 2029. The global market size was valued USD 425.4 million in 2021 and USD 478.3 million in 2022 respectively. The global market is forecasted to grow USD 836.0 million by 2029. This information is provided by Fortune Business Insights, in its report titled, “Portable Power Station Market, 2022-2029.”
Key Industry Development:
October 2021: With a 210Wh capacity, EcoFlow has introduced the RIVER mini portable power station. RIVER mini is the company's most transportable and small power plant. The company has expanded its product line by introducing EcoFlow River products in the market. The product is made to offer convenient power for every occasion and lifestyle.
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| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 8.3% |
| 2029 Value Projection | USD 836.0 Million |
| Base Year | 2021 |
| Market Size in 2021 | USD 425.4 Million |
| Historical Data for | 2018-2020 |
| No. of Pages | 226 |
| Segments covered | 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 |
| Growth Drivers | Increase in Outdoor and Camping Activities to Surge Portable Power Station Demand |
| Innovative Product Launch Announcement by Key Players to Bolster Market Growth |
Drivers and Restraints:
Around the world, activities such as fishing and climbing that involve setting up camp are becoming more popular. For example, according to the North American Camping Report of 2021, there were 48.2 million households that camped at least once in 2020, and there were 86.1 million households that were active, up by 20.41% from 71.5 million in 2014.
A portable power station is a battery-powered power source that can be moved around, unlike compact diesel generators, which have a wide range of functional capabilities.
COVID-19 Impacts:
Restrictions in Travel Plans have Impacted Global Portable Power Station Market Growth
The COVID-19 pandemic had an impact on markets around the world. The loss of public spaces and leisure activities resulted in a decline in revenue for market participants. The market has been negatively impacted by the limits on travel arrangements and shutdown of popular tourist attractions. The travel and tourism sector has been impacted by closed locations, closed hotels, and limitations on travel, camping, and entertaining outdoor activities. However, given the sector's small size, it is predicted that product demand will increase.
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Report Coverage:
The report offers a detailed study of the market and a keen examination of the major segments of the market. It provides an in-depth analysis of key players and their insightful strategies to spur the market growth for monetary gains. It also shares tangible insights which guide business owners with their investment perspective.
Segments:
Medium Size Capacity Range 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 capacity segment held the largest market share in 2021 and is anticipated to grow with the highest CAGR during the forecast timeframe.
Growth of Renewable to Power Hybrid System to Augment Segment Growth
Hybrid systems combine two or more types of electricity generation, commonly using renewable technologies such as wind turbines and solar photovoltaics.
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.
The global market has been analyzed across major regions, including North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
Regional Insights:
North America to Hold Lion’s Share due to Largest Number of Power Stations
Due to the U.S. in particular, North America now has the biggest portable power station market share, and this trend is expected to persist during the forecast period.
The market in Asia Pacific is predicted to grow at the strongest CAGR during the forecast period. The need for electronic equipment in the region is driven by the its expanding urbanization and high internet penetration rate.
As they are lightweight and have a longer lifespan, portable power units use lithium batteries, and Latin America has the greatest concentration of lithium reserves.
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Competitive Landscape:
The prominent players adopt several strategies to bolster their position in the market as leading companies. One such key strategy is acquiring companies to bolster the brand value among users. Another essential strategy is periodically launching innovative products with a detailed study of the market and its target audience.
A List of Key Manufacturers Operating in the Global Market:
- GOAL ZERO
- BLUETTI Power Inc
- Jackery Inc
- EcoFlow
- Lion Energy
- Shenzhen Sungzu Technology Co., Ltd
- iForway
- Anker Technology Ltd
- Shenzhen Lipower Energy Co., Ltd
- Duracell Power
- Klein Tools
Portable Power Station Market Segmentation:
By Application:
- Off-Grid
- Emergency/Back-up
- Others
By Capacity:
- Less than 500 Wh
- 500 Wh to 1,499 Wh
- 1,500 Wh and Above
By Power Source:
- Hybrid Power Source
- Single Power Source
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Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions & Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Insight on Regulatory Landscape
4.4. Porters Five Forces Analysis
4.5. Impact of COVID-19 on the Portable Power Station Market
5. Global Portable Power Station Market (USD Million) Analysis, Insights, and Forecast, 2018-2029
5.1. Key Findings
5.2. Market Analysis, Insights and Forecast – By Application
5.2.1. Off-Grid
5.2.2. Emergency/Back-up
5.2.3. Others
5.3. Market Analysis, Insights and Forecast – By Power Source
5.3.1. Hybrid Power Source
5.3.2. Single Power Source
5.4. Market Analysis, Insights and Forecast – By Capacity
5.4.1. Less than 500 Wh
5.4.2. 500 Wh to 1,499 Wh
5.4.3. 1,500 Wh and Above
5.5. Market Analysis, Insights and Forecast – By Region
5.5.1. North America
5.5.2. Europe
5.5.3. Asia Pacific
5.5.4. Latin America
5.5.5. Middle East & Africa
Continued…
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