Portable Power Station Market is expected to reach US$ 295.91 Million by 2028
2023-01-21
According to our latest market study on [Portable power station Market by The Insight Partners. Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Capacity, Application, and Battery Type," the market was valued at US$ 211.03 million in 2021 and is projected to reach US$ 295.91 million by 2028; it is expected to grow at a CAGR of 4.9% from 2021 to 2028. Camping is becoming a popular leisure activity in the US, and over 40.5 million people participated in these activities in 2016. This number encompasses travelers who camp in automobiles and tents, recreational vehicles, and backyards. A Portable Power Station can be used to power a mini-fridge to keep meat and seafood fresh and light up the camping venue. According to the North American Camping Report of 2019, the annual count of camper households in the US has climbed by 7 million since 2014, and the percentage of people preferring camping activities has increased by 72%. In addition to the increasing number of new campers, 38% of the Gen X population and 32% of millennials have begun to go camping regularly. According to Tourism Research Australia, total tourism in 2019 accounted for US$ 152 billion, which includes both domestic and foreign tours. People visiting hotels, motels, and resorts accounted for 24% of visitors in Australia, followed by those going caravanning and camping, which accounted for 14%. According to Eurostat, the UK, France, Germany, Italy, and the Netherlands account for two-thirds of all European campsites. Demands for laptops, cellphones, rechargeable trekking headlights, camping lamps, fridges, and cooler backpacks are growing with an urge among millennials to stay connected to the real world while camping. All of these devices require power to function, which justifies the potential for portable power stations. In remote locations of developing countries, traditional centralized networks are incapable of addressing the basic, cost-effective electricity needs in time. The potential of remote and dispersed power systems to supply electricity across the world is supporting the portable power station market growth in developing countries. Concerns about CO2 and greenhouse gas emissions have attracted considerable global investments in renewable energy generation. Portable power stations are frequently utilized to store renewable energy and deliver electricity when needed. Thus, the global portable power stations market is predicted to grow during the forecast period as a result of the technological transformations in renewable energy generation. The AC inlet and USB socket on the portable power station constitute a reliable power source. Furthermore, power stations are gaining further popularity as their reach can be extended to remote locations. As a result, a large number of customers are prepared to invest in a portable power station for personal use, which is driving the portable power station market progress. The global portable power station market is segmented on the basis of type, capacity, application, battery, and geography. Based on type, the market is bifurcated into direct power and solar power. Based on capacity, the market is segmented into below 500 Wh, 500–1500 Wh, and above 1500 Wh. By application, the global portable power station market is segmented into emergency power, off-grid power, and others. Based on battery type, the market is bifurcated into sealed lead-acid and lithium-ion. The electronic components or battery manufacturers are experiencing two or more weeks of delay in receiving raw materials, which is pressurizing the manufacturers to slow down the production pace and is exhibiting the declination trend in revenue generation. With the closure of borders and restrictions on international flights, the traveling of tourists reduced notably. With the temporary closure of tourist places, the outing of Europeans and international tourists declined drastically. As per the 2021 annual Economic Trends Report conducted by the World Travel and Tourism Council (WTTC), the travel & tourism sector in Europe suffered drastic losses since March 2020. This negatively impacted the demand for portable power stations required in outing and during the expeditions. Additionally, the UK, France, Germany, and Italy experienced the second wave of COVID-19 outbreak, which has again compelled the manufacturers to restrict their production unit workforce, resulting in deceleration in portable power station demand. Portable Power Station Market Insights: Increasing Use of Portable Power Stations During Power Outages Drives Market GrowthPower outages have severe economic and social consequences on communities worldwide, particularly in developing countries. The modern lifestyle of people and the rising usage of consumer devices are the critical reasons for the growing dependence on power. The reliance on electricity limits the societal tolerances for power outages, highlighting the need to improve power grid resilience against natural disasters. Although outages are low-probability events, even one extreme event can be disastrous for infrastructure systems. Storms and intense weather conditions such as high gusts, searing heat, or freezing rain are the most common causes of power outages. Further, some outages, such as rolling blackouts and brownouts, also occur when there isn`t enough power to run the electrical system. Power outages are likely to occur in locations that lack the necessary utility infrastructure to serve a densely populated area. The US reported 1.33 billion hours of power outages in 2020, up by 73% from that experienced in 2019. Although the number of people affected by outages varies every year, it increases steadily. In 2020, despite the longer blackout hours, total outages accounted for less than 1% of total customer hours. Thus, to avoid the losses due to power outages, the demand for portable power stations increases with time.
