The portable power station market is estimated to garner a sizeable revenue by growing at a noteworthy CAGR over the forecast period, i.e., 2021 – 2030. The growth of the market can be attributed to increasing users of smart electronic devices around the world, aging electricity grid infrastructure and rising usage of power in remote areas. In 2019, more than 3.2 billion people purchased a smartphone globally. The number grew up to 3.5 billion in the following year, i.e., 2020. Along with these, growing need for uninterrupted power across applications and escalating consumer investments in portable power stations are also expected to boost market growth in the coming years. Moreover, rise in the number of recreational activities such as camping and fishing is assessed to offer lucrative opportunities to the market in the near future.
The market is segmented by battery type into lithium ion, and sealed lead acid, out of which, the segment for lithium-ion battery is anticipated to witness significant growth in the portable power station market on account of the high affordability and abundant availability of lithium ions. Furthermore, on the basis of capacity, the 500-1500 Wh segment is projected to grab the largest market share over the forecast period ascribing to the increasing demand for additional power for charging electronic appliances with high capacity. Additionally, on the basis of application, the off-grid segment is evaluated to be the most futuristic market segment in the upcoming years owing to the intensifying global demand to fulfill the power requirements of portable devices such as laptops, tablets and smartphones. According to the World Bank, by 2020, the off-grid power sector expanded to a $1.75 billion market that has served 420 million users in the past decade. CLICK TO DOWNLOAD SAMPLE REPORT
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
On the basis of geographical analysis, the portable power station market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is estimated to occupy the largest market share over the forecast period on the back of high electricity consumption, notable user base of smart device users and growing emphasis on outdoor activities. According to U.S. Energy Information Administration, the total energy consumption in 2019 was 100.17 quadrillion Btu. Among all the sectors, electric power held the largest share, accounting to 37% of the total energy consumed. In addition to these, stringent rules and protocols related to the emissions of greenhouse gases is also predicted to drive growth to this region’s market in the future. Moreover, Asia Pacific is expected to witness the highest CAGR in the market during the forecast period owing to increasing investments in the renewable energy sector and rising technological advancements in IT industry in the region.
The portable power station market is further classified on the basis of region as follows:
Our in-depth analysis of the portable power station market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing number of smart devices users globally and growing use of power in remote Areas are the major market growth drivers.
The market is anticipated to attain a noteworthy CAGR over the forecast period, i.e., 2021 – 2030.
Stringent emission regulations associated with battery powered power stations is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities to the market owing to the growing investments in renewable energy sector in the region.
The major players in the market are Jackery Inc., Goal Zero LLC, EcoFlow, Duracell Inc., Genpower Ltd, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by battery type, capacity, power source, application, and by region.
The 500-1500 Wh segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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