Portable Power Station Market Expected to Reach $5.9 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Portable Power Station Market," The portable power station market size was valued at $4 billion in 2021, and portable power station industry is estimated to reach $5.9 billion by 2031, growing at a CAGR of 3.9% from 2022 to 2031.

Portable power stations are used for long-term energy supply through capture, storage, and electricity supply in an immediate manner while achieving sustainability as compared to conventional power stations in locations around the globe. Portable power stations enable a modular, smarter, and more resilient power generation infrastructure through peak demand management. Increased integration of renewable energy is possible in portable power stations. Portable power stations provide electricity in a plug-and-play manner and generate power in a couple of moments.

Furthermore, they aid in the reduction of carbon dioxide (CO2) emissions. During peak shifts, portable power stations can provide additional electricity. They also support grid networks at short notice, for any period, or seasonally, if required. Traditionally, portable power stations are suitable for power outages and long-term energy supply whenever there’s an immediate or emergency need for electricity.

Increased use of smart grid services, aging electricity grid infrastructure, and increased use of power in remote places are all key drivers of the global market. In remote places, developing countries must provide reliable access to power. Traditional centralized networks are incapable of providing cost-effective basic electricity to neglected areas in a timely manner. The potential for remote and dispersed power systems to supply electricity around the world is expected to increase the portable power station market in developing countries around the world during the forecast period. Concerns about CO2 and greenhouse gas emissions have motivated significant investments in renewable energy generation around the world. Portable power stations are commonly used to store renewable energy and provide power when it is needed.

Therefore, it is expected that during the forecast period, the technological shift toward renewable energy generation will promote the development of the global market for portable power stations. The portable power station provides a reliable power source through the AC inlet and the USB socket. Furthermore, the power station is widely used because it can be easily transported to remote areas. Therefore, more consumers are willing to invest in portable power stations for personal use, which is expected to promote the development of the global portable power station market during the forecast period. The lack of awareness of the usefulness of portable power stations in reducing energy costs and carbon dioxide emissions in developing countries is a major limiting factor in the global market.

The portable power station market is segmented into type, application, sales channel, and region. By type, the market is divided into less than 500 Wh, 501-1000 Wh, 1001-1500 Wh, and 1500 Wh or more. By application, the portable power station market is divided into emergency power, off-grid power, and automotive. By sales channel, the portable power station market is divided into online and offline. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

On the basis of type, the 501-1000Wh segment accounted for 37.3% of the portable power station market share in 2021 and is expected to maintain its dominance during the forecast period. The 501-1000 Wh portable power backup package provides electricity from AC outlets for cell or emergency electricity, offering a chargeable source of electricity for the home, work, or camping needs. It is safe for indoor use with silent operation and no fuel requirements or fumes. With its portable size, it is great for outdoor camping activities in RVs.

By application, it is divided into emergency power, off-grid, and automotive. The emergency power segment accounted for the largest revenue share in the global portable power station market in 2021. The global electronics sector engages in several activities such as design, development, production, assembly, and distribution of sales channels. With the widespread availability of internet offerings and their low cost, various customers can make use of numerous gadgets at the same time. The rise in trend of putting gadgets online and spending extra time in front of the display screen is necessitating the installation of a power supply to experience limitless entertainment.

On the basis of sales channel, the offline segment accounted for 53.0% of the portable power station market share in 2021 and is expected to maintain its dominance during the forecast period. The offline sales channel is the method of opening a single store based on the name, branding, trademark, and products of an existing business. In basic terms, the offline sales channel is a model for expanding a business and distributing goods and services through a licensing relationship. A franchise store of an offline sales channel pays an initial fee and ongoing royalties to a franchisor to use the products of an existing business, as well as the right to sell its products and have constant support from the franchisor.

Region-wise, North America accounted for the largest market share in the market and is projected to grow at a CAGR of 3.6% during the forecast period. North America portable power station market is analyzed across the U.S., Canada, and Mexico. The North America portable power station market is estimated to witness significant growth during the forecast period, owing to the presence of well-established applications such as emergency power (residential & commercial end users), off-grid power, and automotive. The U.S. is the region's largest market.

Key Findings of the Study

• On the basis of type, the 501-1000Wh segment emerged as the largest market share, which accounted for 37.3% in 2021 and is anticipated to continue this trend during the forecast period.
• On the basis of application, the emergency power segment emerged as the global leader by acquiring more than 72.3% of the portable power station market share in 2021 and is anticipated to continue this trend during the forecast period.
• On the basis of sales channel, the offline segment emerged as the largest market share in 2021 which accounted for 53.0% and is anticipated to continue this trend during the forecast period.
• On the basis of region, North America is the major consumer of portable power station among other regions. It accounted for around 38% of the market share in 2021.

Impact of Covid-19 on the global portable power station market

The COVID-19 pandemic led to a decline in the demand for the portable power station market due to a decline in tourism activities across the globe. In addition, due to strict travel restrictions, investments in recreational activities decreased significantly. As most people were spending maximum time in their homes, the need for portable power stations declined sharply. The outbreak of COVID-19 affected the availability of raw materials for this sector.

Due to the temporary closure of manufacturing units, non-availability of the workforce, and logistics problems, the portable power station market faced hindrances. During the post-pandemic period, the market is expected to rise, due to an increase in tourism activities across the globe. In addition, the government initiatives to develop the economy through tourism will have a positive impact on the market.

Competitive Landscape

Key players in the portable power station industry include Alpha ESS Co., Ltd., Anker Technology, Bluetti, Chilwee Group Co., Ltd, Duracell, GES Group Limited Company, Jackery Inc., Lion Energy, Milwaukee Tool, Mitsubishi Corporation, NRG Energy, Inc., Scott electric company, and Suaoki. These players have adopted various strategies to gain a higher share or retain leading positions in the market.