Portable Power Station Market to Garner $5.8 Bn, Globally, by 2030 at 4.1% CAGR: Allied Market Research
- Increase in use of smart electronic devices and rise in concerns regarding CO2 emission drive the growth of the global portable power station market.
PORTLAND, Ore., Sept. 20, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Portable Power Station Market by Capacity (Less than 500 Wh, 501-1,000 Wh, 1,001–1,500 Wh, and 1,500 Wh or more) and Application (Emergency Power, Off-Grid Power, and Automotive): Global Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the global portable power station industry was accounting for $3.9 billion in 2020, and is expected to reach $5.8 billion by 2030, growing at a CAGR of 4.1% from 2021 to 2030.
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Major determinants of the market growth
Increase in use of smart electronic devices and rise in concerns regarding CO2 emission drive the growth of the global portable power station market. However, high cost of battery-powered portable stations hinders the market growth. On the contrary, rise in outdoor and camping activities would unlock new opportunities for the market players in the future.
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Covid-19 scenario:
- As the governments imposed strict regulations regarding social distancing and lockdown, people remain isolated in their homes, which negatively affected the tourism industry and air travel. Moreover, several countries closed their borders to curb the spread of the virus. This reduced camping activities, affecting the demand for portable power stations.
- Moreover, prolonged lockdown across several regions hampered the manufacturing of electronics devices and disrupted the supply chain.
The 501-1,000Wh segment dominated the market growth
By capacity, the 501-1,000Wh segment held the largest share in 2020, accounting for nearly two-fifths of the global portable power station market, due to increase in demand for additional power capacity and charging electronic appliances with high power requirements across North America, Europe, and Asia-Pacific regions. However, the 1,500Wh or more segment is expected to manifest the highest CAGR of 4.6% during the forecast period, due to its usage in various applications, including off-grid power.
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The off-grid segment to manifest the highest CAGR through 2030
By application, the off-grid segment is projected to register the highest CAGR of 4.3% during the forecast period, due to rise in demand for smart electronic devices such as laptops and smartphones. However, the emergency use segment held the largest share in 2020, contributing to nearly three-fourths of the global portable power station market, as manufacturers have been lowering prices of batteries and equipment.
North America held the largest share
By region, the market across North America held the largest share in 2020, accounting for nearly two-fifths of the market, as the U.S. is the largest portable power station market in the world. However, the global portable power station market across Asia-Pacific is anticipated to showcase the highest CAGR of 5.0% during the forecast period, owing to rise in use of smart electronics and the increased number of incidences of power outages in countries such as China, India, and Japan.
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Major market players
- Anker Technology
- Duracell
- Bluetti
- Goal Zero
- EcoFlow
- Lion Energy
- Jackery
- Scott Electric
- Milwaukee Tool
- Suaoki
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