Portable Power Station Market to Exceed $494 Million by 2026
The global Portable Power Station Market size is projected to grow from USD 358 million in 2021 to USD 494 million by 2026, at a CAGR of 6.7% according to a new report by MarketsandMarkets™. North America is expected to lead the portable power station market, followed by Asia Pacific and Europe. The market in North America is also expected to grow at the highest rate during the forecast period. The demand for portable power stations to ensure power supply during power outages, camping, and outdoor recreational activities in the US, Canada, and Mexico is contributing to the portable power station market’s growth in this region.
The off-grid is expected to be the fastest-growing 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 is also expected to grow at fastest rate during the forecast period. The growth of off-grid power segment is mainly driven by the increasing number of camping and outdoor recreational activities in regions such as Europe, North America, and Asia Pacific.
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The portable power station market is served by a mix of large international players with their presence and capabilities across different regions, as well as local players that have a strong foothold in the domestic markets. The key players operating in the market are Goal Zero (US), Jackery (US), Duracell (US), Milwaukee Tool (US), Anker Technology (England), Bluetti (US), EcoFlow (US), and Lion Energy (US).
By power source, hybrid power is expected to dominate the portable power station market
The market is segmented by power source into hybrid power and direct power. The largest share of the portable power station market is accounted by Hybrid power in 2020. The major advantage of using hybrid power is that it can be used at off-grid or remote locations, where access to direct power is limited or does not exist. Predominantly solar power charging is used in hybrid power 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.
By technology type, lithium-ion is projected to have a higher growth rate in the portable power station market
The 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 grow at highest CAGR during forecast period. The increasing need for high energy density, high durability, and faster charging, and availability of lithium-ion at affordable prices drive the growth of this segment.
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North America likely to emerge as the largest portable power station market
North America was the largest portable power station market in 2020 and was mainly driven by increasing use of smart electronic devices, power outages, 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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