Portable Power Station Market to Reach USD 493.3 Million by 2028; Increasing Adoption of Smart Devices to Fuel Market Development: Fortune Business Insights™

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Companies covered in the Portable Power Stations market research report are AGI – Ag Growth International, CST Industries Inc., Containment Solutions, DN Tanks, Balmoral Tanks, Caldwell Tanks Inc., Aqua Dam Inc., Sintex Plastics Technology Limited., Superior Tank Co. Inc., Frontier Polymers Pvt. Ltd., Tank Connection

Pune, India, Jan. 12, 2022 (GLOBE NEWSWIRE) — The world portable power station market the size should reach $439.3 million by 2028, presenting a 8.7% CAGR during the forecast period. Higher adoption of smart devices and increasing occurrences of power outages could drive the development of the market. Fortune Business Insight™ provides this information in its report entitled “Portable Power Station Market, 2021-2028.“According to the report, the market was at $238.1 million in 2020 and is expected to reach $244.5 million in 2021.

The growing adoption of smart devices is likely to fuel the adoption of the product. Developments in digital infrastructure, increasing adoption of smart electronics, and developments in 5G technology have increased reliance on electric power globally. Portable power stations convert chemical energy into electrical energy to provide sustainable and reliable electricity for long periods of time. It is a huge power bank capable of supplying electricity to users for a long time. The advantages of the power plant, such as portability and reliability, are likely to fuel the demand for the product. Furthermore, the increase in the occurrences of power outages has led to the adoption of renewable energy resources such as power plants to provide continuous power supply to users. Manufacturers are focusing on developing efficient power solutions with fast charging capability to improve user experience. For example, EcoFlow, an American startup, announced in July 2021 a powerful portable system called “Delta Pro”. It can be fully recharged in less than two hours and extended to 25 kWh. These factors might propel the development of the market in the coming years.

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List of Major Market Players Profiled in Reporting:

  • GOAL ZERO (USA)

  • BLUETTI Power Inc (USA)

  • Jackie (USA)

  • EcoFlow (USA)

  • Suaoki (USA)

  • Lion Energy (USA)

  • Shenzhen Sungzu Technology Co., Ltd (China)

  • iForway (China)

  • Lipower Technology Co., Ltd (China)

  • Duracell Inc. (USA)

  • Anker Technology Ltd (UK)

Report Scope and Segmentation:

Report cover

Details

Forecast period

2021 to 2028

Forecast Period 2021 to 2028 CAGR

8.7%

2028 value projection

$439.3 million

Year of reference

2020

Market size in 2020

$238.1 million

Historical data for

2017 to 2019

Number of pages

210

Segments Covered

By application, by power source, by capacity and geography

Growth engines

Off-grid power segment to gain high market share

The decline of the electronics and electrical industry is hampering the growth of the market

Major players are launching new products to strengthen their position in the market

Increase in camping activities and reduction in lithium-ion battery costs to support industry progress

Segmentation:

Off-grid power segment to gain high market share

By application, the market is segmented into emergency/standby power and off-grid. According to the power source, it is divided into a single power source and a hybrid power source. Depending on its capacity, it is classified as 1500 Wh and above, 500 Wh to 1499 Wh and less than 500 Wh. Regionally, it is grouped into Europe, North America, Asia-Pacific, Latin America and Middle East and Africa.

Impact of COVID-19:

The decline of the electronics and electrical industry is hampering the growth of the market

This market is expected to be negatively affected during the COVID-19 pandemic due to the shutdown of several electronic and electrical facilities. The alarming spike in COVID-19 infections has led to the imposition of strict lockdown standards, which, in turn, may affect several industries around the world. Lack of raw materials and supply chain disruptions can negatively affect product sales. Restrictions on manufacturing activities can lead to product shortages, which, in turn, can reduce sales. However, adopting technologically advanced production machinery and advanced disinfection methods can enable manufacturers to increase sales and improve their market position. This factor may propel industry growth during the pandemic.

Click here for the short and long term impact of COVID-19 on this market.

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Competitive Landscape:

Major players are launching new products to strengthen their position in the market

Leading companies operating in the market are launching innovative products to attract consumers and strengthen their position in the market. For example, The EcoFlow, a US-based company, announced its portable battery-powered power station in July 2021 using a crowdfunding campaign on Kickstarter. The EcoFlow Delta Pro system can be expanded to 25 kWh and charged in less than two hours. The battery can be connected to several energy sources and offers the possibility of powering an entire household for a week on a single charge. After the presentation was over, the company surpassed its $100,000 goal by reaching $4.6 million. This strategy can allow the company to attract a large audience and strengthen its position in the market. In addition, adopting a strategy of research and development, partnerships and acquisition can allow companies to strengthen their presence on a global scale.

industry development

  • January 2020: Goal Zero announced its award-winning next-generation lithium power station, Yeti X, at CES. Yeti X provides reliable power on the go and at home without fumes, noise and maintenance costs.

Drivers and Restrictions:

Increase in camping activities and reduction in lithium-ion battery costs to support industry progress

The spike in camping activities such as hiking, fishing, climbing and others in North America is expected to boost product adoption. For example, according to information provided by the 2021 North American Camping Report, the number of households that participated in hiking activities reached 48.2 million in 2020, and the number of active households participating in activities in the United States was of 86.1 million, a significant increase in the number from 71.5 million in 2014. In addition, the reduction in the price of rechargeable lithium-ion batteries is likely to fuel the adoption of the product. Lithium batteries are highly efficient, provide longer life and last longer than lead acid batteries. According to information published by Bloomberg NEF, the cost of lithium-ion batteries has seen a decline of $156 per kilowatt per hour from $1,183 kWh/h in 2010. Lithium-ion batteries are widely used in smart devices and require an efficient rechargeable power supply, which, in turn, can fuel the adoption of power plants. These factors are expected to drive the growth of the portable power station market.

However, its low functional capacity compared to non-renewable portable solutions may hamper the progress of the market.

Regional outlook:

Growing adoption of consumer electronics to facilitate market growth in North America

North America is expected to dominate the portable power station market share owing to the growing adoption of consumer electronics. The North America market was valued at USD 101.8 million in 2020 and is expected to grow positively over the next few years. Additionally, increase in outdoor and camping activities is expected to drive the development of the market. Additionally, changing shopping preferences and demand for cutting-edge products and solutions are expected to fuel the development of the market.

Asia-Pacific is the second-largest shareholder in the market due to the increase in power outages in developing countries. Additionally, the increase in tourism activities is leading to the adoption of portable power solutions in the region. Additionally, the adoption of emergency safeguards is expected to fuel the market growth.

In Europe, positive growth in the electronics and energy sectors is likely to increase product adoption. Additionally, the dominance of Germany, France, and the rest of Europe is expected to boost the market progression.

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