Projections for the Growth of the Global Portable Power Station Market

Different sectors and markets were hit hard by the global coronavirus pandemic hit hard, and the portable power station was no exception. There was a significant drop in the demand for portable power stations across all the regions during this period. In 2020, the market grew by just 1.2 %, which is significantly less than the year-to-year growth rates for the years before.

And as the global community picked up itself after the worst of the pandemic seems to have passed, so did the portable power station market. Industry statistics for the year 2021, but the global portable power station market at USD 244.5 million. It is estimated that this will grow to USD 439.3 million in the year 2028, with an 8.7 % CAGR in 2021-2028.

Industry players continue to outdo themselves, developing novel products. EcoFlow has been in the forefront, pouring its resources into excellent product development. One of EcoFlow’s range of portable power stations, the DELTA Pro portable home battery as well as LiFePO4 battery 12V, was named among the 100 Best Inventions of 2021, by TIME. 

Drivers for Projected Growth

A lot of research has gone into this and the numbers are out. Of course, there are informed projections, and here are some of the reasons why it’s expected that the market for portable power stations will grow

1. Need for All-time Preparedness

Everyone wants to be prepared at all times. Storms can lead to power outages at any time and people want to be prepared when such happen. This is especially the case for people living in areas where bad weather and storms that damage the grid infrastructure is quite common. Even without factoring in bad weather, there has been a significant rise in cases of power outages, for other reasons, including failing infrastructure. This has led to serious concerns about operations being disrupted. Individuals and organizations alike are looking to have a reliable source of power, as provided by portable power stations, to ensure there is continuity of operations when there is an outage.

Again, energy costs have been on the increase over the last few years. People are investing in portable power stations as an alternative when they may not be able to keep up with the high costs.

2. Increased Camping Activities

More people are looking to spend more time outdoors. There has been a steady increase in camping activities, from trekking and climbing to fishing, and more people are taking up these recreational activities.

 Campers need portable power stations for various uses when they are in the great outdoors. From charging your mobile devices to ensure you can stay in touch with others, to powering bite alarms and other gadgets you may need for your fishing adventures.

3. Reduced Cost of Lithium-ion Batteries and Increased Demand for Smart devices

Lithium-ion batteries offer great advantages, including being longer-lasting and highly efficient. The last few years have seen the cost of these batteries go down, and the cost is expected to decrease even further in the coming years.

These batteries are used extensively in smart devices. The batteries require effective rechargeable power, and this is where portable power stations come in.

4. Increased Use of Power in Remote Locations

It is no secret that there are areas, especially in that are considered developing countries, that are not fed by the national grid. Residents in these areas also need to use appliances and gadgets that require power.

Portable power stations are a great choice for use in these areas. It’s an advantage that these stations can power a range of devices.

5. Evolving Buying Preferences

Today’s end consumer is one who is very aware. Away from just needing a portable power station, people prefer to do get one. This is an informed buying preference, as people have taken the time to understand the inherent benefits of this product, and how well it stacks up against other alternatives. End users want the advanced products and with the many advantages that portable power stations offer, it is no wonder that the demand will stay on the upward trajectory.

Portable Power Station Market Segments

On the global scale, the portable power station market is split into five main segments-North America, South America, Europe, Asia Pacific, and the Middle East and Africa. The drivers already highlighted cut across all segments.

There are two divisions of the portable power station-solar and direct power. The direct power bifurcation is expected to dominate the market during the forecast period until 2028.

Direct power refers to directly charging the power stations. Your power station will act like a big reliable battery. You can plug the portable power station into a wall outlet and quickly charge it.  You can even charge some portable power stations from your car’s power outlet. In this case, you must ensure you have the right adapter. Again, charging from a car outlet may not be as fast as when you are doing it from your standard wall outlet.

The solar power segment is also expected to grow in the next few years, even as more people realize the benefits of, and gravitate towards renewable energy sources.

As far as application goes, portable power stations can be segmented as off-grid, emergency power, and automotive power. In this forecast period, the off-grid application is expected to dominate. Drivers, as highlighted already, include the demand for power in remote areas, as well as an increase in interest in camping and recreational activities.

Based on capacity, the global portable power station market is divided into -less than 500Wh,500-1499Wh, and 1500Wh-above. The most dominant in the market is the 500-1499Wh segment because most of the commonly used devices such as smartphones, laptops, tablets, portable speakers, and more require charging electronics with a capacity in this range. You can also charge several devices simultaneously because power stations in this range provide multiple AC outlets.

The Wrap Up

Will these projections for the future of the global portable power station market come to be? Time will surely tell. In the meantime, manufacturers and other industry players are committed to availing the best quality of products and services across the various market segments to the end-users.