Market size 2021 – 2028
Report Overview
The global portable lithium power station market size was valued at USD 108.2 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 13.2% from 2021 to 2028. The growth of the market can be attributed to the growing penetration of smart electronic devices. Portable lithium power stations provide a dependable power source with AC inputs and USB ports for output. Moreover, users extensively use portable lithium power stations as they can be easily transported and accessed in remote areas. Consequently, a greater number of residential consumers are willing to invest in portable lithium power stations, which is anticipated to drive the market over the forecast period.
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Lithium-ion is an advanced technology that is integrated within portable lithium power stations. In portable lithium power stations, rechargeable lithium ions are used as the key component for its electrochemistry. The lithium-ion technology provides the highest energy density, along with the capability to deliver a large volume of current, particularly for high-power applications. Moreover, in terms of weight, lithium is two-thirds times lighter than lead-acid, although providing the same amount of power.
Rising concerns related to the emissions of carbon dioxide (CO2) and other greenhouse gases across the world have encouraged large investments toward the adoption of renewable energy solutions. Portable lithium power stations are commonly utilized for storing renewable energy and supply the same whenever needed. As most of the portable lithium power stations are available in the market, cabs are recharged using solar power. Therefore, technological advancements, coupled with a growing focus on renewable electricity generation, are projected to drive the market over the forecast period.
Emerging economies need to offer dependable access to power in remote locations. Traditional grids are incapable of delivering cost-effective basic power supply to underserved areas in a required amount of time. A portable lithium power station has the potential to supply power across the world, which, in turn, is anticipated to boost the demand for such products in the markets of emerging economies. Moreover, portable lithium power stations are a reliable source of energy with USB outlets and AC inputs. Additionally, these power stations are broadly employed owing to their capability to be effortlessly transported to remote locations. Consequently, a rising number of consumers are ready to invest in portable lithium power stations for their personal usage, which in turn, is anticipated to boost the demand for portable lithium power stations over the forecast period.
On the contrary, the higher cost of portable lithium power stations is the major factor hindering sales in the global market. Moreover, the limited charging time of portable lithium power stations is another factor hampering the overall growth of the market. Simultaneously, a decrease in the sales of electric vehicles during the COVID-19 situation is also one of the factors restraining the market growth. Although, with the growing sales and adoption of lithium technology in the market, the prices will fall in the future. Additionally, the solar rechargeable capability of portable lithium power stations is attracting new customers as the issues related to limited charging time can be eliminated with the solar power capabilities.
Type Insights
The direct power segment dominated the market with a share of over 60.0% in 2020. Direct power accomplishes the unidirectional flow of an electric current and is generally grid-connected power. A portable lithium power station can be charged from an automotive battery by plugging it into a vehicle’s 12V outlet that provides a DC supply. Direct power operation for portable lithium power stations can easily be performed by wall charging, which provides AC supply to deliver rapid charging. One of the key advantages of direct power is that there is no loss of supply. The direct power segment is anticipated to grow at a substantial rate owing to the lower dependency on power supply mode as compared to solar-powered products.
Energy can be directly harnessed from the sun using solar panels and used for power generation to charge portable lithium power stations. The focus on renewable solar energy is growing, in turn shifting the user preference from fossil fuel-powered products to renewable products. Solar power can easily be used at off-grid or remote locations where access to direct power is complicated. Moreover, the future growth of solar-powered portable lithium power stations is attributed to the growing demand for inexpensive ways of powering several electronic devices.
Report Coverage & Deliverables
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Capacity Insights
The less than 500 Wh segment dominated the market with a share of over 55.0% in 2020. These power stations are mainly used for charging small and medium-sized devices, such as smartphones and laptops, and are suitable for charging devices only for shorter durations. The growth of the segment can also be attributed to the easy to carry and compact design of less than 500 Wh portable lithium power station. Moreover, the growing penetration of advanced electronic devices and gadgets and the need to power them even in downtimes are anticipated to support the growth of the segment over the forecast period.
The 1,000 Wh to 1,499 Wh portable lithium power stations are used to charge large-sized devices and equipment along with multiple smaller devices, such as smartphones, laptops, and POV cameras. This type of charging equipment provides extra hours of operations and charges various devices such as 32” LCD TV, POV cameras, and light-a-life. The charging capacity of 1,000 Wh to 1,499 Wh portable lithium power stations is almost two times greater than the charging capacity of 500 Wh to 999 Wh. These are mainly used for outdoor activities such as camping, fishing, and hunting. It can easily be operated for long durations and can be charged by both direct power and solar power.
Sales Channel Insights
The e-commerce segment dominated the market with a share of over 58.0% in 2020. The increasing penetration of the internet and growth in online sales is likely to boost the segment growth. In 2019, internet penetration was recorded at around 95% across North America, which is likely to increase in the coming years. These factors are anticipated to accelerate the demand for e-commerce portable lithium power stations over the forecast period.
The presence of more than 300 online retailers, the increasing use of digital platforms for transactions, and an increasing number of smartphone users are the main factors expected to accelerate the growth of the e-commerce sales channel segment. The online sales of portable lithium power stations are expected to increase in the coming years owing to the presence of major retailers, such as Amazon.com; Walmart Inc.; and Best Buy Co. Inc. Apart from this, portable lithium power stations are easily available to end users on the e-commerce platforms regardless of the location of the end users. This is also expected to contribute to the increase in the sales of portable lithium power stations via e-commerce platforms over the forecast period.
Application Insights
The emergency power segment dominated the market with a share of over 58.0% in 2020. The segment comprises emergency charging of devices, such as smartphones, tablets, and laptops, during grid blackouts and power outages. Increased power outages resulting from extreme conditions such as earthquakes, storms, and lightning drive the demand for portable lithium power stations for emergency power applications. Meanwhile, other factors such as aging power grid infrastructure and high-power demand during heat waves that overburden transformers, electric cables, and other electrical distribution equipment are also supporting the growth of the emergency power segment.
The off-grid application segment is mainly driven by increased outdoor recreational and camping activities. The off-grid application segment addresses the power requirements of recreational vehicles and campsite equipment such as refrigerators, microwave ovens, campsites, and electrical cooking equipment. Portable lithium power stations provide power to equipment and devices without creating noise, pollution, and fumes. In off-grid applications, these power stations are widely used to power modern electronic devices such as smartphones, laptops, and LED lights. These factors are significantly driving the off-grid application segment.
End-use Insights
The commercial segment dominated the market and held a share of over 30.0% in 2020. The residential segment accounted for the second-largest share in 2020. A portable lithium power station finds a wide range of applications in residential end uses. It is a rechargeable battery-powered generator that is widely used for charging laptops, smartphones, tablets, small appliances, mini coolers such as fans, electric blankets, and mini-fridges in the residential sector. The growing penetration of smart electronic devices, coupled with a rising focus on uninterrupted power supply across residential applications such as off-grid power and emergency power, is the major factor driving the market in the residential end-use segment.
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The industrial uses of the portable lithium power station are different from residential and commercial applications. Industrial portable lithium power station needs to be more robust, rugged, and capable of performing in harsh conditions. In the industrial power station category, portable lithium power stations find uses in various applications where large power stations cannot be installed. They also provide power to industrial equipment without creating noise, pollution, and fumes. Moreover, they are used for powering smaller power tools at construction sites.
Regional Insights
North America dominated the market with a share of over 44.0% in 2020 and is further anticipated to maintain its dominance throughout the forecast period. This can be largely attributed to the presence of market leaders in the region, thereby facilitating the availability of advanced and improved technology. As a consequence, the region has a technological edge over other regions. Moreover, the higher adoption of smart electronic devices and equipment is also the key factor propelling the demand for portable lithium power stations in the region. Moreover, rising incidences of power outages in countries, such as the U.S. and Canada, are supporting the growth of the regional market.
Asia Pacific is anticipated to register the highest growth rate over the forecast period. This can be attributed to the rising investments and advancements in the renewable energy sector of the region. Furthermore, portable lithium power stations that can be recharged using solar energy are in high demand in the Asia Pacific. This is also expected to contribute to the regional market growth over the forecast period.
https://www.grandviewresearch.com/industry-analysis/portable-lithium-power-station-market