India Portable Power Station Market to Grow at a CAGR of 13.5%, during Forecast Period
Published | 26 August 2022
India Portable Power Station Market is flourishing owing to the rising motorization rate in the country along with the increased demand for safety at high speeds and the requirement for effective braking systems.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the India Portable Power Station Market is projected to grow at a CAGR of 13.5% during 2022 - 2028. The India Portable Power Station Market is booming because the developing regions must provide dependable energy access in rural areas. Traditional centralized grids are unable to deliver basic electricity at a fair cost promptly to neglected communities. The potential for remote and distributed power systems to provide electricity in the country is expected to drive the market for portable power stations in developing regions nationwide during the duration of the projection. Furthermore, India Portable Power Station Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and others. However, one major obstacle to the nationwide market is developing regions' ignorance of the benefits of portable power stations for lowering energy costs and CO2 emissions.
Increasing Usage of Smart Electronics
The national electronics industry includes businesses that assemble, produce, design, and develop electronic equipment and components. In this dynamic and swiftly growing industry, there is fierce competition, and companies are continuously fighting to be the first to market with the newest developments. The four primary sectors of the electronics manufacturing sector are consumer goods, industrial goods, government goods, and electronic components. However, consumer products have garnered the majority of attention in recent years, including alarm systems, home intercom systems, electronic ovens, laptops, game consoles, radios, smartphones, DVD players, cell phones, and televisions. As a result of growing investments in applications like smart homes, smart cars, and smart cities, consumer electronics products have considerable growth potential. Regardless of the platform, these applications demand users maintain connectivity, necessitating the most recent smart devices. This is expected to raise the need for portable power units.
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Cost Savings on Lithium-ion Batteries
The price of lithium-ion batteries has reduced, according to research. Lithium-ion batteries are widely used in smart devices and require efficient rechargeable power, which may hasten the development of power plants. These factors are expected to fuel the growth of the portable power station market. Furthermore, the power station's portability and dependability are advantages that will likely enhance demand for the gadget. Furthermore, although power outages have become more common, customers now have a consistent supply of electricity thanks to the use of renewable energy sources such as power plants. Manufacturers focus on producing powerful power solutions with quick charging capabilities to improve user experience.
Challenge: Costly Battery-Powered Portable Power Units
Portable power units are made up of high-efficiency solar panels, pulse width modulation (PWM) charge controllers, inverters, sealed lead acid, and lithium-ion NMC (nickel, manganese, and cobalt), both of which contain silica. The size of the battery and the size of the solar panels increase in price in tandem with the capacity requirement. A good example is the sale of solar panels as separate accessories by well-known companies like Goal Zero and Jackery, which drives up the cost of battery-powered portable power units even further. Alternately, natural gas or fossil fuel generators are extremely affordable due to a wide selection of fuel types, including diesel, gasoline, and natural gas, as well as generally cheaper fuel prices. Since they are ubiquitous and easily accessible everywhere, battery-powered portable power stations are typically preferred over fossil fuel, diesel-based generators, or tiny engines. Portable generators are less expensive than battery-powered portable power stations because of their simpler design and more sophisticated technological capabilities. Therefore, the affordability of generators may restrict the growth of the market for portable power plants.
Segmental Coverage
India Portable Power Station Market - By Capacity
Based on capacity, the India Portable Power Station Market is segmented into Less than 500 WH, 500-999 WH, 1000-1499 WH, and 1500-Above WH. According to capacity, less than 500 WH segment is anticipated to experience the largest CAGR. They are widely used as a power backup for residential appliances and communication equipment in addition to charging laptops, tablets, and other business-related communication devices. The market for portable power stations with a capacity of less than 500 WH is anticipated to grow quickly as a result of the tremendous demand for these devices.
Impact of COVID-19 on India Portable Power Station Market
Electronics and electrical industries are in decline, stifling market expansion This sector is expected to suffer during the COVID-19 outbreak as a result of the closure of numerous electronics and electrical facilities. The implementation of strict lockdown rules as a result of the unsettling rise in COVID-19 infections may have an impact on numerous enterprises worldwide. Raw material shortages and supply chain disruptions may harm product sales. Limitations on manufacturing activity could cause a product shortage, which would reduce sales. On the other hand, implementing technologically advanced production equipment and improved sanitization procedures may help businesses boost sales and improve their competitiveness. This component might encourage industrial growth throughout the outbreak.
Competitive Landscape
The leading market players in the India Portable Power Station Market are Goal Zero, Maxoak Technology, Jackery Inc, Duracell Inc, Milwaukee Tool, Technology Ltd, EcoFlow, Indiegogo Inc, Lion Energy, Flash Fish, and other prominent players.
The India Portable Power Station Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India Portable Power Station Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India Portable Power Station Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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