Portable Power Station Market Size to Surpass $948.19 Million by 2030 | Energy Industry Update 2023
According to Fortune Business Insights, the global Portable Power Station market size is projected to grow from USD 486.69 Million in 2022 to USD 948.19 Million in 2030, at CAGR of 8.2% during forecast period.
Pune, India, Oct. 05, 2023 (GLOBE NEWSWIRE) — The global portable power station market size was valued at USD 486.69 million in 2022 and is anticipated to expand from USD 545.04 million in 2023 to USD 948.19 million by 2030, exhibiting a CAGR of 8.2% over the estimated period. The expansion is on account of the escalating participation in leisure activities and rising spending power. This information is provided by Fortune Business Insights™ in its research report, titled “Portable Power Station Market, 2023-2030”.
Key Industry Developments:
December 2021 – Klein Tools announced the launch of the KTB1000 Portable Power Station that provides nearly 1500W of continuous power for corded power electronics and tools. The company also introduced the new 60W solar panel that can be paired with the power station for extension of runtime.
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|Forecast Period 2023 to 2030 CAGR||8.2%|
|2030 Value Projection||USD 948.19 Million|
|Market Size in 2022||USD 486.69 Million|
|Historical Data for||2019-2021|
|No. of Pages||226|
|Segments covered||Portable Power Station Market Size, Share & COVID-19 Impact Analysis, By Application (Off-Grid Power, Emergency/Backup, and Others), By Power Source (Hybrid Power and Single Power Source), By Capacity (Less than 500 Wh, 500 Wh to 1,499 Wh, and 1,500 Wh and Above) And Regional|
|Growth Drivers||Increase in Outdoor and Camping Activities to Surge Portable Power Station Demand|
|Emergency/Backup Power to Gain Traction Driven by Escalating Outdoor Recreation|
Drivers and Restraints:
Increase in Outdoor and Camping Activities to Surge Portable Power Station Demand
Around the world, activities such as fishing and climbing that involve setting up camp are becoming more popular. For example, according to the North American Camping Report of 2021, there were 48.2 million households that camped at least once in 2020, and there were 86.1 million households that were active, up by 20.41% from 71.5 million in 2014.
A portable power station is a battery-powered power source that can be moved around, unlike compact diesel generators, which have a wide range of functional capabilities.
Industry Value Affected on Account of Restrictions in Travel Plans
The coronavirus pandemic led to the closure of recreational activities considering the enforcement of travel restrictions. The market growth was further affected by closed hotels, destinations, and restrictions on camping and travel. The shutdown of recreational activities and public places further affected industry growth at the global level.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/portable-power-station-market-105508
The report provides an analysis of the significant trends propelling the global industry landscape over the coming years. Other aspects of the report comprise a series of activities adopted by leading companies for the consolidation of their market positions. Furthermore, it provides an account of the major factors driving the market growth over the study period.
500 Wh to 1,499 Wh Capacity Segment Share to Escalate with Long Battery Life
By capacity, the market is subdivided into less than 500 Wh, 500 Wh to 1,499 Wh, and 1,500 Wh and above. The 500 Wh to 1,499 Wh capacity segment accounted for the largest share in the market and is anticipated to register considerable expansion over the study period owing to its long battery life and usage in various applications, including off-grid power.
Hybrid Power Segment to Depict Substantial Surge Impelled by Growth of Renewables
Based on power source, the market is fragmented into single hybrid power and single power source. The hybrid power segment is slated to hold the largest market share and is poised to exhibit substantial growth throughout the forecast period. The surge is impelled by the high level of energy security via a combination of production processes.
Emergency/Backup Power to Gain Traction Driven by Escalating Outdoor Recreation
Based on application, the market is categorized into emergency/backup, off-grid power, and others. Of these, the off-grid power segment is expected to register considerable expansion over the projected period. The growth is propelled by the escalating number of power outages arising from extreme conditions such as lightning, storms, and earthquakes.
By geography, the market has been studied across North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
North America to Hold Lion’s Share due to Largest Number of Power Stations
Due to the U.S. in particular, North America now has the biggest portable power station market share, and this trend is expected to persist during the forecast period.
The market in Asia Pacific is predicted to grow at the strongest CAGR during the forecast period. The need for electronic equipment in the region is driven by the its expanding urbanization and high internet penetration rate.
As they are lightweight and have a longer lifespan, portable power units use lithium batteries, and Latin America has the greatest concentration of lithium reserves.
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Key Companies Enter into Collaborations to Expand Product Reach
Leading industry participants are centered on formulating and adopting a range of strategic initiatives for strengthening the positions of their businesses. These include collaborative agreements, partnerships, and the launch of new products. Additional steps comprise an escalation in research and development activities.
A List of Key Manufacturers Operating in the Global Market:
- GOAL ZERO (U.S.)
- BLUETTI Power Inc (U.S.)
- Jackery Inc (U.S.)
- EcoFlow (China)
- Lion Energy (U.S.)
- Shenzhen Sungzu Technology Co., Ltd (China)
- iForway (China)
- Anker Technology (U.K.) Ltd (U.K.)
- Shenzhen Lipower Energy Co., Ltd (China)
- Duracell Power (U.S.)
- Klein Tools (U.S.)
Portable Power Station Market Segmentation:
- Less than 500 Wh
- 500 Wh to 1,499 Wh
- 1,500 Wh and Above
By Power Source:
- Hybrid Power
- Single Power Source
- Off-grid Power
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Table of Content:
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions & Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Insight on Regulatory Landscape
4.4. Porters Five Forces Analysis
4.5. Impact of COVID-19 on the Portable Power Station Market
4.6. Value Chain Analysis
5. Global Portable Power Station Market (USD Million) Analysis, Insights, and Forecast, 2019-2030
5.1. Key Findings
5.2. Market Analysis, Insights and Forecast – By Application
5.3. Market Analysis, Insights and Forecast – By Power Source
5.3.1. Hybrid Power Source
5.3.2. Single Power Source
5.4. Market Analysis, Insights and Forecast – By Capacity
5.4.1. Less than 500 Wh
5.4.2. 500 Wh to 1,499 Wh
5.4.3. 1,500 Wh and Above
5.5. Market Analysis, Insights and Forecast – By Region
5.5.1. North America
5.5.3. Asia Pacific
5.5.4. Latin America
5.5.5. Middle East & Africa
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