Portable power station Market Size Worth $295.91 Mn, Globally, by 2028 at 4.9% CAGR - Exclusive Report by The Insight Partners

The Portable Power Station market size is expected to grow from $211.03 million in 2021 to $295.91 million by 2028; it is estimated to grow at a CAGR of 4.9% during 2021-2028.

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Author: The Insight Partners

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Portable Power Station Market: Competitive Landscape and Key Developments

SunBeam New Energy; Midland Radio Corporation; ALLPOWERS Industrial International Co., Ltd.; ChargeTech; EcoFlow; Drow Enterprise Co., Ltd.; Duracell Inc.; Goal Zero; Jackery Inc.; SHENZHEN CHAFON TECHNOLOGY CO., LTD; Lion Energy LLC; and Hyundai Power Products are among the key players profiled during this market study. In addition, several other essential portable power station market players were studied and analyzed to get a holistic view of the market and its ecosystem.

The global portable power station market is segmented into five regions-North America, Asia Pacific, Europe, the Middle East and Africa, and South America. The market growth is driven by the rising usage of smart grid services, ageing infrastructure of electricity grid, and the increasing use of power in remote locations. Developing countries ensure that power is available in remote areas. Traditional centralized networks are unable to provide basic electricity to underserved areas in a timely and cost-effective manner. During the forecast period, the portable power station market in developing nations is predicted to grow due to the possibility for remote and scattered power systems to supply electricity around the world.

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Due to high electricity consumption, stringent federal policy directives and regulations concerning greenhouse gas emissions, rising energy costs, and increasing awareness about the benefits of portable power stations in the region, North America is expected to hold a significant share of the global portable power station market from 2020 to 2030. Recreational and camping activities, such as fishing and hiking, are becoming popular, particularly in North America. There is a demand for various technological equipment, such as laptops, cellphones, rechargeable trekking head lights, camping lamps, fridges, and cooler backpacks, as the urge to be connected grows and millennials choose for camping. All of these technologies require power to function, which expands the potential for portable power stations. Due to the rising number of consumer electronics manufacturers and the rising demand for alternate backup power solutions in Europe, the portable power station market is likely to grow rapidly during the forecast period in the European Market.

Asia Pacific is predicted to dominate the global portable power station market between 2020 and 2030 due to increased investments and improvements in the renewable energy sector in the region, particularly in China and India. According to a UN Environment Program report on overall renewable energy investments in 2020, China leads the world in renewable energy investment (US$ 91.2 billion). Investments in the country are expected to rise during the forecast period, with a greater number of planned renewable energy projects.

In 2020, Asia Pacific had a wide range of experiences in the power sector, particularly in light of the COVID-19 pandemic's impact. The effects of cost-cutting on power demand were first noticed in China, where electricity demand fell sharply in the first three months of 2020. Other countries, such as India, Japan, and Australia, saw significant declines in electricity demand in April and May when the demand in China had already begun resurging. Coal dominates the power generation processes across Asia Pacific. However, renewables are gaining importance as governments of China, Japan, and Korea focus on pursuing their clean energy goals and adopting ambitious net-zero carbon targets for 2050–60. Compared to 2019, gas-fired generation also decreased, while renewables maintained or grew their proportion. The region's strong focus on renewable energy will aid in the expansion of the portable power station market.

China and India are the most prominent manufacturing hubs in the region and have an enhanced focus on industrialization. Despite the ill effects of the social restrictions enacted during the COVID-19 pandemic, the industrial sector recovered in the second half of 2020 by enhancing the production capabilities. The demand for advanced electronics such as smartwatches, smart wearables, and healthcare machines has risen significantly during 2020–2021. Further, raw material shipments and manufacturing activities resumed in 2021, with relaxations in lockdown restrictions and acceleration of vaccination process in various countries in Asia Pacific. These conditions will boost the growth of the portable power stations market in the region in the coming years.

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Portable Power Station Market: Type Overview

Based on type, the portable power station market is bifurcated into direct power and solar power. The direct power segment is estimated to dominate the market during the forecast period. However, the market for the solar power segment is expected to grow at a faster rate in the coming years due to the growing awareness regarding renewable energy.

The direct power segment refers to the direct charging of portable power stations. Electric power stations, also known as battery portable power stations, function as large battery. The user can plug the portable power station into the respective wall outlet and get it charged quickly. Some portable power stations can also get charged in a car power outlet, provided that the correct adapter is used, but such charging usually takes longer time than it takes for charging through a standard outlet. The user should not plug a portable power station directly into the residential electrical system without installing a transfer switch from the technician. These power stations can also supply power to home appliances, TVs, electronic gadgets, and radios. The portable power stations with direct charging capability are not preferred for off-grid or remote locations, mountain trekking, forest trips, and naval operations across maritime borders. The portable power stations charging with direct power offer more constant reliable power than the portable power stations charging with solar power.

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