According to the new research report titled "Portable Power Station Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 295.91 million by 2028, registering a CAGR of 4.9% from 2021 to 2028.
In recent years, European countries have become pioneers in the adoption of renewable technologies and are continuously striving to enhance the sustainability of their energy systems. The European Union (EU) has set a target of increasing its renewable energy consumption to 20% by 2020 and 32% by 2030, contributing to the growth of the market in the region, as renewable energy sources power these devices.
The use of portable power stations is essential in ensuring the continuous operation of vital gadgets, such as medical equipment, radios, appliances, and smartphones, during power outages and emergencies. These power stations often include both AC outlets and USB ports, enabling multiple devices to be charged simultaneously. Compared to standard generators, portable power stations offer several benefits such as eliminating the need for fuel, kerosene, or propane, resulting in cost savings and safer indoor use. These advantages are driving the expansion of the portable power station market in Europe.
The global portable power station market is categorized based on type, capacity, application, battery, and geography. Based on type, the market is segmented into direct power and solar power. Based on capacity, the market is segmented into below 500 Wh, 500-1500 Wh, and above 1500 Wh. By application, the global portable power station market is segmented into emergency power, off-grid power, and others. Based on battery type, the market is bifurcated into sealed lead-acid and lithium-ion.
Key Findings of Study:
The utilization of wireless protocols, such as Bluetooth, Zigbee, NFC, Wi-Fi, LiFi, and 5G, enables smart electronic devices to communicate with other devices or networks. These smart home gadgets are connected and can be managed from a central device, such as a smartphone, tablet, desktop computer, or gaming console. The growth of the smart home industry is attributed to an increase in internet users, higher adoption of smart gadgets, rising disposable incomes in developed economies, and growing concerns about energy conservation and reducing carbon emissions. The global electronics industry comprises organizations involved in the assembly, production, design, and research of electronic components and equipment. This industry is one of the most innovative, fast-evolving, and highly competitive. The consumer products, industrial products, government products, and electronic components are the four main segments of the electronics manufacturing industry. Recent years have seen a surge in the development of alarm systems, home intercommunication systems, electronic ovens, personal computers, video game systems, radios, smartphones, DVD players, cell phones, and televisions. The consumer electronics industry holds significant growth potential for the future, especially with the increased spending on applications such as smart homes, smart cars, and smart cities. These applications require users to stay connected, irrespective of the platform, and necessitate the use of the latest smart gadgets. The rising use of smart devices is expected to fuel the demand for portable power stations, leading to new trends in the market in the upcoming years.
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