LOS ANGELES, July 22, 2021 (GLOBE NEWSWIRE) — The Global Portable Lithium Power Station Market is expected to grow at a CAGR of around 13.5% from 2021 to 2028 and reach the market value of over US$ 280 Mn by 2028
The portable lithium power station market is dominated by North America, particularly the United States. One of the key factors driving the growth of the portable lithium power station market in this region is the increasing utility of smart electronic devices. Apart from that, Asia Pacific is projected to have the highest CAGR for the portable lithium power station market in the coming years. The global portable lithium power station market is growing due to rising population preference for smart devices, as well as increased recreational and outdoor activities.
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Looking ahead for portable lithium power station market
The dramatic shift in the automotive industry these days has shifted automakers’ focus to lithium-ion batteries, which are making further advancements and progress in terms of cost, energy density, and cycle life. Furthermore, rising demand for portable lithium power stations in automotive sector, emergency power and off-grid along with a variety of other applications is projected to create huge opportunities for players operating in the market.
Market Restraints
According to a report released by the United States Department of Energy, electric drive vehicles are new to the US auto market, so there are only a few approaches to utilizing such portable battery power station. This constrains the scope of battery recycling infrastructure. Widespread battery recycling can keep hazardous materials out of the waste stream both at the end of a battery’s life and during its manufacture. Furthermore, separating the various types of battery materials is frequently a stumbling block in recovering high-value materials. Such factors limit the growth of the portable lithium power station market.
Market Opportunity for Portable Lithium Power Station Market
Currently, significant progress is being made in the field of lithium-ion batteries for vehicle traction as well as stationary applications. Promising results indicate that prototypes of high-capacity lithium-ion batteries are now available. With the widespread adoption of battery-powered vehicles, new business models for electric utilities that use a pool of electric vehicles plugged into the grid as a buffer for load management are emerging. As lithium battery prices continue to fall and technology advances allow batteries to store large amounts of energy-grid, grid-scale systems are experiencing record growth. Such factors significantly contribute to the growth of the global portable lithium power station market.
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Lithium batteries have gained significant profits among the end-user industries
Lithium is already popular in the EV market, absorbing the majority of research dollars and serving as the best alternative to sodium, magnesium, or aluminum. Furthermore, has attracted considerable interest in the smaller segments involving backup power systems, energy storage, or low-power transport, such as forklifts. The majority of end-user industries have shifted their focus to lithium battery production. India’s leading lead-acid cells producer, Amara Raja, is carrying out rigorous R&D ob li-ion batteries for next-gen engine and other alternatives.
Segmental Outlook
The global portable lithium-ion power station market is segmented as 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.
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Competitive Landscape
Some of the leading competitors are 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.
Some of the key observations regarding the portable lithium power station industry include:
- In April 2021, Bluetti announced a new product launching namely, “EB 70” portable power station. The newly launched service will highly support smart devices, cooking appliances, and mini-fridges. EB 70 is a smart device specialized for outdoor camping, travelling, and recreational activities, and emergencies.
- In January 2021, Duracell announced launching of a new product namely, “PowerSource 1440 W”. The newly launched product is a portable generator that is specialized in producing clean, gasless, and odorless powder. The new product is an outstanding example for critical devices during power outage as it can transit from AC to its internal battery.
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