The Portable Power Station Market is Segmented 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). The report covers global opportunity analysis and industry forecasts from 2021 to 2030.
The global portable power station market size was valued at USD 3.9 Billion in 2020 and is projected to reach USD 5.8 Billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 4.1% from 2021 to 2030.
Major Factors Driving The Growth Of The Portable Power Station Market Are:
The Portable Power Station market is being driven by rising usage of smart grid services, increase in outages, whenever there's an immediate or emergency need of electricity and increased use of power in remote locations.
Through peak demand management, portable power stations provide a modular, smarter, and more robust power generation infrastructure. Portable power stations are plug-and-play devices that create electricity in a matter of seconds. This characteristic is predicted to propel the portable power station market forward.
Furthermore, they contribute to the decrease of CO2 emissions. Portable power stations can provide more electricity at peak shifting. If needed, they can also maintain grid networks on short notice, for any period of time or seasonally. These benefits are projected to fuel the portable power station market's expansion.
Developing countries must ensure that power is available in remote areas. Traditional centralized networks are unable to provide basic electricity to underserved areas in a timely and cost-effective manner. During the forecast period, the portable power station market in developing nations is predicted to grow due to the possibility for remote and dispersed power systems to supply electricity around the world.
Concerns about CO2 and greenhouse gas emissions have also prompted considerable global investments in renewable energy development. Portable power stations are frequently utilized to store renewable energy and deliver electricity when needed. This shift in trend for renewable energy generation is expected to drive the growth of the portable power stations market.
The AC inlet and USB socket on the portable power station provide a reliable power source. Furthermore, power stations are popular because they are simple to transfer to remote locations. As a result, an increasing number of customers are prepared to invest in portable power stations for personal use, boosting the growth of the portable power station market.
However, a key limiting factor in the global market is a lack of awareness of the utility of portable power stations in decreasing energy costs and carbon dioxide emissions in developing nations.
Portable Power Station Market Share Analysis:
Based on capacity, during the projected period, the 501-1,000 Wh category is expected to have the largest market share.
Based on application, the off-grid power category is expected to develop at the quickest rate during the forecast period, due to the increased usage of smartphones, as well as a growth in camping and other leisure activities,
Based on region, North America is projected to grow at the highest CAGR of nearly 4.1%, in terms of revenue, during the portable power station market forecast period. North America has the largest market share, owing to the presence of major portable power station manufacturers, particularly in the United States. Furthermore, the growing use of smart electronic devices is propelling this region forward.