The global portable lithium power station market is expected to grow at a CAGR of around 13.5% from 2021 to 2028 and expected to reach the market value of around US$ 280 Mn by 2028.
Portable lithium power stations are a type of power station that combines power and portability. Furthermore, portable lithium power stations are designed to provide backup for emergencies, portable power for travel, and profit-making businesses.
Rising focus towards green environment projects for high sustainability bolster the growth of global portable lithium power station market
According to the OECD report, global energy demand is rapidly increasing due to population and economic growth, particularly in emerging market economies. Rising energy demand is being driven by population and economic growth, particularly in large emerging economies, which will account for nearly 90% of energy demand growth through 2035. Green growth, on the other hand, has the potential to reduce the burden on land, air, and water resources by creating lucrative opportunities for gains in productivity, quality of life, and social equity. Several countries launched stimulus program involving green energy, accounting for USD 1.8 trillion in International Energy Agency (IEA) spending on clean energy technologies and energy efficiency, with a 10% average spending for clean energy technologies and energy efficiency. Furthermore, as lithium-ion battery costs fall, electric vehicles are rapidly emerging as a viable option and vice versa. Plug-in hybrid electric vehicles provide an important transition step toward electric vehicles. These vehicles represent an important step toward vehicle electrification by increasing battery storage in hybrid vehicles and offering a plug-in option.
Rising government initiatives/involvement for involving the lithium-ion batteries propel the growth of global market
Historically, lithium-ion battery technology has been used in the electronics and transportation industries. They are also increasingly being used to replace lead-acid batteries in a variety of applications. They are becoming a hot topic worldwide due to their low self-discharge and high energy efficiency as a rechargeable, versatile battery type with numerous advantages over lead-acid. Large-scale electric vehicle (EV) manufacturing and development are aggressively lowering the prices of Li-ion batteries, which have a positive impact on automobile applications. According to a National Renewable Energy Laboratory report, Li-ion batteries are the most widely accepted battery storage in today’s world accounting for more than 90% of the total global grid battery storage market. Additionally, the Greening and Grid Program is expanding, as are advanced lead-acid and flow batteries, to provide grid support and reduce renewable curtailment.
COVID-19 impact on the global portable lithium power station market
According to the IEA report, the current economic crisis differs from the financial crisis in a number of ways. The overall effectiveness of these energy-related funds is difficult to assess. However, one example involves European Union member countries spending on clean energy measures such as energy efficiency, transportation infrastructure, vehicle scrappage policy schemes, renewable energy, and innovation. Spending on such specific measures raises GDP at the national level by 0.6-1.1%, depending on the level of the country, and by up to 1.5% at the EU level. Apart from that, strong support for R&D for lithium-ion battery storage systems and electric vehicles from the US resulted in accelerated cost reductions and improved standardization of EVs and grid storage.
The global portable lithium-ion power station market is segmented as a power source, operation type, and application. Based on power source, the market is classified into hybrid power and solar power. By operation type, the market is bifurcated into direct power and solar power. By application, the market is segmented as emergency power, off-grid power, and automotive.
Solar power is expected to dominate the global portable lithium-ion power station market in terms of power source. As there is a strong emphasis on the use of renewable energy globally, it is one of the major factors responsible for segmental growth, ultimately contributing to the growth of the global market. Because it takes less time to charge than solar power, the direct power segment accounts for the largest share of the global market. This is one of the most important factors influencing the growth of the global portable lithium power station market. Furthermore, based on application, the off-grid power segment is expected to grow at the fastest rate in the coming years due to an increase in smartphone usage as well as an increase in camping and other recreational activities over the years. These factors have a positive impact on the global portable lithium-ion power station market.
North America dominates; Asia Pacific to register fastest growing CAGR for the portable lithium power station market
North America has held the lion's share of the portable lithium power station market in the past and will continue to do so during the forecast period. With a strong focus on recyclers in the United States, it enables the use of lithium-ion batteries, which contributes to the growth of the portable lithium power station market. Furthermore, Li-ion batteries are being used in both the stationery and transportation markets in the United States, where they have gained significant traction. Its sales more than doubled between 2013 and 2018 due to its quick rechargeability. The transportation sector is the fastest growing, consuming 60% of Li-ion batteries and contributing US$40 billion to the states of North America.
Asia Pacific, on the other hand, has the fastest growing CAGR for the portable lithium-ion power station market during the forecast period. This is due to an increase in demand for portable lithium power stations that provide uninterrupted power supply during power failures, indoor and outdoor recreational activities, and powers load shedding particularly in India, China, and Japan. Because of China's increased emphasis on recyclability, the market for portable lithium power stations has gained significant attention in Asia Pacific countries. Because lithium batteries can be recycled and even refined into battery grade materials, they have gained significant market traction. According to a World Economic Forum report, the amount of batteries recycled in 2018 is estimated to be 97,000 tones. 67,000 tones were processed in China, while 18,000 tones were processed in South Korea. Such factors contribute to the expansion of the portable lithium power station market.
The prominent players of the global portable lithium power station market involve Goal Zero, Jackery Inc., Duracell Inc., EcoFlow, Lion Energy, The Milwaukee Electric Tool Corporation, Anker Innovations, Bluetti, ENF Ltd., Scott Electric Corporation, Scott Electric Corporation, and among others
Market By Power Source
Market By Operation Type
Market By Application
Portable lithium power station market is expected to reach a market value of around US$ 280 Mn by 2028.
The portable lithium power station market is expected to grow at a CAGR of around 13.5% from 2021 to 2028.
Based on power source, solar power segment is the leading segment in the overall market.
Rising government involvement is one of the prominent factors that drive the demand for portable lithium power station market.
Goal Zero, Jackery Inc., Duracell Inc., EcoFlow, Lion Energy, The Milwaukee Electric Tool Corporation, Anker Innovations, Bluetti, ENF Ltd., Scott Electric Corporation, Scott Electric Corporation, and among others.
North America is anticipated to grab the highest market share in the regional market
Asia Pacific is expected to be the fastest growing market in the forthcoming years