Portable Power Station Market Rising Demand & Tremendous Business Growth to 2026
Posted by Siddhant on July 29th, 2022
The global Portable Power Station Market size is expected to grow from an estimated USD 358 million in 2021 to USD 494 million by 2026, at a CAGR of 6.7 % during the forecast period. The drivers for this market are the increasing use of smart electronic devices, growing demand for uninterrupted and reliable power, and stringent emission rules across regions such as Asia Pacific, North America, South America, Europe, and Middle East & Africa. North America is expected to lead the portable power station market, followed by Asia Pacific and Europe.
The off-grid segment is expected to be the fastest-growing market segment in the portable power station market.
The portable power station market is segmented by application into emergency power, off-grid power, and automotive. The off-grid power segment is estimated to account for the largest share in 2021, and this trend is expected to continue during the forecast period. The growth of this application is mainly driven by the increasing number of camping and outdoor recreational activities in regions such as North America, Europe, and Asia Pacific.
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Hybrid power is expected to dominate the portable power station market.
The portable power station market is segmented by power source into hybrid power and direct power. Hybrid power accounted for the larger share of the portable power station market in 2020. The key advantage of using hybrid power is that it can be used at remote or off-grid locations, where direct power access is limited or non-existent. Solar power charging in hybrid power is predominantly used to charge portable power station equipment for campsites and recreational vehicle activities. Moreover, several major manufacturers are offering both solar charging-enabled portable power stations and portable power stations with direct power charging capability for powering electronic equipment during power outages and grid blackouts.
The lithium-ion is projected to have a higher growth rate in the portable power station market.
The portable power station market is segmented by technology type into lithium-ion and sealed lead-acid. The lithium-ion segment is estimated to lead the market and is also expected to register a higher CAGR. Increasing need for high durability, high energy density, faster charging, and availability of lithium-ion at affordable prices to drives the growth of this segment.
North America is expected to be the largest portable power station market.
North America was the largest Portable Power Station Market in 2020, driven mainly by power outages, increasing use of smart electronic devices, and the growing number of camping and outdoor recreational activities in countries such as the US, Canada, and Mexico. Portable power stations are being increasingly implemented to effectively power smart electronic devices during such events so that people can stay connected.
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The key players operating in the Portable Power Station Market are Goal Zero (US), Jackery (US), Duracell (US), Milwaukee Tool (US), Anker Technology (England), Bluetti (US), EcoFlow (US), and Lion Energy (US).
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About the AuthorSiddhant
Joined: July 26th, 2022
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