Special report analysis of portable power station industry

Special report analysis of portable power station industry

Portable power station, also known as large power bank, outdoor power supply, is a small energy storage device with built-in lithium battery and can be used with solar panels.
 
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The origin of portable power station

Portable power station: Flexible energy replenishment equipment, superior in convenience

The battery capacity of portable power station medium and small power products is in the range of 300-1000wh, with rich interfaces, which can support 99% of digital products charging, and can be used outdoors for about 1-2 days. High-power products or power packs connected in series, with a charge in the range of 1000-3000wh, can supply power for electric cooking pots, induction cookers, etc.

In addition to charging in advance, portable power station can also be used with solar panels. The output power of a single solar panel is between 60w and 200w, so that when the battery power is exhausted, the energy storage can be charged outdoors using photovoltaics to form a small solar power generation system, to achieve continuous off-grid power generation and extend the battery life. Portable power station is mainly used in outdoor activities and emergency disaster preparedness due to its convenience in carrying and its capacity is much larger than that of ordinary power banks. Specifically,

● Outdoor scenes: such as self-driving travel, outdoor camping, power supply for digital products, small appliances, etc., including speakers, mobile phones, computers, projectors, photography, fans, car refrigerators, drones and other equipment, can also be used in outdoor operations, exploration and testing . At present, due to the high enthusiasm for outdoor activities and the upgrading of digital home appliances, the outdoor application of portable energy storage has the greatest demand, such as the US market, which will account for 47.3% of the global total in 2020.

● Emergency scenarios: such as indoor power outage emergency, indoor party power supply, small emergency rescue, etc. Japan is prone to disasters, and the public has a strong awareness of emergency preparedness. Its total demand in 2020 will account for 29.6% of the world’s total. The Chinese consumer market will start rapidly around 2021, mainly due to the growing popularity of outdoor activity culture and the use of backup electricity in some households.

Electrochemical energy storage rises rapidly, portable power station ushered in the spring

Portable power station is a sub-branch of electrochemical energy storage, and the products are rapidly maturing. In electrochemical energy storage technology, lithium batteries are widely used in large, medium and small energy storage equipment systems due to their small size, high density, large capacity, high specific energy, fast and stable charge and discharge, and long cycle life.

Portable power station is another innovative measure of lithium batteries in the field of energy storage. It is safe, convenient, clean and low-carbon, precisely matching the consumption pain points of the power demand market, and is suitable for almost all commonly used electrical and electronic equipment. According to the forecast, the YOY of the global portable power station market in 2020 is 217.9%, and the market size is expected to reach 11.13 billion RMB in 2021. The epidemic catalyzed the increase in product volume, benefiting both outdoor and emergency scenarios.

Global Portable Energy Storage Market Size and year-on-year growth rate, 2016-2021E

On the one hand, under the normalization of epidemic prevention and control, the enthusiasm for outdoor sports around the world is rising, and outdoor consumption such as family self-driving tours, small picnics, camping, photography, fishing, etc. has been upgraded, and portable power station for camping supply has become the mainstream of short-distance electricity consumption. On the other hand, uncertain factors such as the epidemic and power outages have pushed up the demand for backup in emergency scenarios, and the use of portable power station at home has increased.

Extension: Extending to home energy storage, the product has certain alternatives

Global demand for home energy storage is high. Home energy storage refers to large household energy storage devices with more than 3 degrees of electricity. Home storage evolved from the initial scenario of diesel generator solving household emergency electricity consumption, and now it has gradually developed into an energy storage system dominated by lithium batteries and supported by solar panels to realize spontaneous self-storage and self-use, which is applied to off-grid household spontaneous electricity generation, electricity storage reserve and peak-valley price arbitrage.

Due to China’s stable power grid and high unit price of home energy storage, overseas is the main consumer market at present. The product consists of lithium battery energy storage system + household energy storage solution integration. At present, portable power station companies are extending to large-capacity and high-power home storage based on existing products, such as EcoFlow, Hello Tech, etc., all starting from the US market. The home storage industry has more space than portable power station, and there are still opportunities for new entrants in the early stage of the industry.

Under the carbon neutral policy, the increase in installed wind and solar capacity will increase the power supply volatility and electricity price of the grid, and household photovoltaics and energy storage will achieve self-generation and self-use, which has functional and economic significance, and the follow-up industry space is larger than that of portable energy storage. Moreover, the home storage industry is still in the early stage, and the pattern is uncertain, and there are still opportunities for new entrants.

Industrial chain: Made in China, global market

According to the composition of the industrial chain, portable power station is composed of upstream battery, inverter, electronic components, solar panels and other suppliers, midstream manufacturers such as portable power station equipment production, assembly and operation and maintenance, downstream channels, brand owners, etc. The upstream of the industry chain is the component manufacturers, and the battery cells and inverters account for more than 50% of the cost of portable power station.

Upstream components include cells, inverters, electronic components, structural parts, packaging materials and other raw materials and finished solar panels. Combined with cells, control systems and thermal management modules, excellent integration capabilities are required to deal with circuit overcharge, overdischarge, and overload problems. The core technology is cylindrical cell and inverter technology. Our website has compiled the top 5 energy storage battery companies, and the main suppliers of inverters are Topband, etc.

Midstream provides product manufacturers such as design and production of portable power station systems, self-built production lines and OEM processing. Some leading manufacturers have achieved independent technology and self-built production lines, and have strong cost control capabilities, such as EcoFlow and Poweroak. In addition, many small enterprises in the industry mainly produce and export products for OEM, such as Chinese companies Highpower and Greenway, which produce lithium battery energy storage products for Goal Zero.

The downstream is the channel and brand operators, and the first-mover advantage of the leading brands is obvious. Portable power station brands cover high-quality leading companies such as EcoFlow and Hello Tech, and have high brand pricing power, which is a high-margin part of the industry chain.

Regional distribution of global portable energy storage shipments in 2020

In terms of regional distribution, according to relevant data, in 2020, China accounted for 91.9% of the main production countries and regions of the world’s portable power station products, making it the most important producer of portable power station products. This is mainly due to the complete range of industries in China, the dominant cost of raw materials and labor, and the completeness of all links in the industrial chain.

Portable power station industry space

Portable power station: A market of tens of billions

Portable power station is a niche market explosion that started in 2018. After a few short years of development, portable power station has precisely matched the pain points of the power supply market with many advantages such as safety and portability, large capacity and power, and wide adaptability. The market penetration rate of portable power station is low, and the future growth will be considerable.

Relevant data show that in 2021, the global shipments of portable power station devices will reach 4.838 million units. It is expected that the global shipments of portable energy storage devices will reach 31.1 million units by 2026, with a 5-year CAGR of +45%. In 2021, the global shipment of portable energy storage batteries is 1.3GWh, and it is expected to reach 8.4GWh by 2026, with a 5-year CAGR of +45%. In 2021, the annual scale will reach 11.13 billion yuan. It is estimated that by 2026, the global portable energy storage market will exceed 80 billion yuan, with a 5-year CAGR+48%.

Portable Energy Storage Shipment Measurement

Driver: Downward cost of energy storage systems

● Demand side: Outdoor travel and backup power drive demand for flexible power consumption

The popularity of outdoor activities in developed countries in Europe and the United States is relatively high, which promotes the rapid increase in the demand for portable power station. Taking the American outdoor market as an example, the proportion of the population participating in outdoor activities is 48%, which is conducive to the rapid penetration of portable power station products and a broad market space. The development of China’s outdoor market is still in its infancy, and the participation rate of leisure activities is only 9.5%.

Although the increase in the number of private cars has driven demand, the overall scale is currently small. With the continuous popularity of outdoor sports in China, it will further stimulate the broad demand for portable power station in China’s outdoor activity scenarios. The frequent occurrence of natural disasters has significantly increased the awareness of emergency preparedness among the global residents, and stimulated the emergency preparedness needs of local residents.

● Energy side: energy storage to reduce costs and upgrade to enhance product competitiveness

In 2021, the Chinese government issued a series of documents to clearly encourage the development of energy storage technology and the formulation of related norms and standards. It provides a strong guarantee and support for the development of energy storage technology, and creates a good policy environment and market environment for the development of the portable power station industry. Portable power station uses clean and low-carbon energy and is a good alternative to small diesel generators.

Portable power station products are light and clean, easy to use, and have an output power of 1-3KW, while the output power of a fuel-fired generator is 2-8KW. Therefore, there is a substitute for the small power part, and the replacement ratio is expected to increase from 5.0% in 2021 to 18.6% in 2026. In 2020, the size of the global portable power station market is 25 billion yuan, dominated by portable fuel engines, and the market is expected to shrink in 2026.

Household energy storage: Economical and promising

● Economics of household energy storage: Residents in Europe and other regions are faced with high electricity prices. The addition of Feed-in tariff (FiT) will bring down electricity prices. China’s power system is well developed, electricity prices are affordable, and household energy storage is still in the early stages of development. In the future, with the rapid reduction of the cost of energy storage systems and the gradual realization of the parity of solar energy storage on the home side, the home energy storage market is expected to explode.

Household electricity price in major countries and regions in the world

● Portable power station and household energy storage have the same origin in many aspects: household energy storage and portable power station have the same origin in technology, products, and channels, and the growth space of household energy storage is even greater. Household energy storage and portable power station have synergistic effects in technology and industrial chain distribution, and the technical span of high-power household storage products is not large. Both belong to consumer electronics products, and both belong to the power supply category. To C application-side brand recognition and channels are synergistic. Household energy storage is currently in the early stage of industry development and has huge development potential.

● Industry scale: The proportion of newly installed energy storage for overseas households is higher than that of China. From the perspective of application scenarios, according to relevant data, new electrochemical energy storage projects globally in 2022 are mainly applied to renewable energy grid connection, accounting for about 48%, followed by household energy storage, accounting for 21%. In contrast, among the newly added electrochemical energy storage projects in China in 2020, the proportion for renewable energy grid-connected is 40%, the proportion for peak frequency modulation and auxiliary services is 23/21%, and the proportion for household energy storage is only 14%, which is lower than overseas.

In 2020, the global newly installed household energy storage capacity was about 2.5GWh, with a year-on-year growth rate of +47.1% and a CAGR of about 44.3% from 2015 to 2020. According to the statistics, the global newly installed household energy storage capacity from 2018 to 2020 is about 1.1/1.7/2.5gwh, with a year-on-year growth of 37.5%/54.5%/47.1% respectively. The annual compound growth rate from 2015 to 2020 is about 44.3%, indicating rapid growth of the industry.

Portable power station industry landscape

Current pattern

The portable power station market is in the early stage of industry development, and the industry pattern has not yet been concentrated, among which:

Portable power station industry landscape

● Some companies with a first-mover advantage are slightly ahead in share, such as EcoFlow, Hello Tech, etc.;

● The market is globally distributed, and most of the channels are online cross-border e-commerce. A single company, especially a company in the industry, has not been established for a long time, and does not yet have the ability to increase its global share;

● Product functions have not yet been fully finalized. For example, the development from low power to high power will lead to fluctuations in the shares of companies with different products and brand positioning.

With the rapid growth of the market, new companies continue to pour in. Portable power station products integrate cells, control systems and thermal management modules, and are relatively simple in composition. The core technology mainly involves two aspects, the use of inverters to achieve DC power storage and AC power supply and higher battery cooling requirements. There may be problems such as heat dissipation, substandard power or overload during the research and development process, but there are not too many technical barriers to entry, especially for low-capacity products.

Power banks and other mobile power companies have switched to portable power station. Among them, EcoFlow, Hello Tech and other companies have occupied part of the market and expanded their market share by continuously expanding production capacity. At the same time, the top players with stronger brand power have stronger product pricing power.

Competitive elements: Focus on brand, operation, technology leading companies

● Brand: accurate access to online traffic, brand awareness enhances bargaining power
Brand barriers have been established, and the first-mover advantage has improved pricing power. The safe, convenient and stable product features of portable power station have consumer brand attributes, and brand building is particularly critical. Most of the leading enterprises build their own brands, starting from design style, safety and quality control, focusing on the competition between product power and brand power, and their image is deeply rooted in the hearts of the people. Online operations accurately reach consumers and drive sales with traffic.

● Channels: global operation layout capabilities, online and offline integration
Brand operation in the portable energy storage industry is king. More than 90% of portable energy storage products are shipped by Chinese brands or manufactured by ODM/OEM manufacturers. The main consumer markets are the United States, Japan and Europe, and the purchasers are relatively scattered.

Portable power station vs small charging treasure

Therefore, the sales model focuses on major e-commerce platforms, competing for traffic, appearance and customer loyalty. The marketing channel is mainly online, and a small number of large supermarkets are stationed in offline. Due to the underdeveloped e-commerce operation and logistics and distribution in some areas, manufacturers are using distribution, agency and other expansion channels to enter large supermarkets and stores according to local conditions, and make efforts both online and offline.

● Technology: Low barriers to entry
The core technology of portable energy storage mainly involves two aspects: DC storage and AC power supply with the help of inverters, and high heat dissipation requirements to ensure product safety. Although portable energy storage products are relatively small in size, they integrate battery cells, control systems and thermal management modules, so the products need excellent integration capabilities to deal with problems such as short circuits caused by overcharge, overdischarge, and overload. The technical barriers to entry are not high, and the supply chain is relatively mature.

The supply of ternary cells, inverters, battery casings, battery modules and other components in the upstream of the industry chain is relatively stable, and small enterprises can also enter the industry. However, it is difficult to form product competitiveness simply by component assembly. Some companies are considering self-research and production, mastering core component technology, in order to grasp the advantages of the supply chain, control costs and enhance profitability. Due to the zero tolerance of the safety boundary of energy storage products, lithium battery energy storage is still in the early stage of development, and the technology needs to be improved.

Portable power station focus companies

● Hello Tech: Brand marketing is making great efforts, and the leading position is prominent. First-mover advantage creates brand premium, global dual-brand positioning, and dual online and offline channels. In 2015, the company’s leading business changed from the international ODM OEM business of power bank to portable power station.

● EcoFlow: Leading technology and product quality. In 2021, EcoFlow’s revenue will be about 1.5 billion yuan, and the global market share of the portable power station industry will be the second.

● Anker: A leading cross-border e-commerce company, starting from a high starting point. According to statistics in November 2021, Anker is the No. 1 third-party digital charging brand in global retail sales. Take advantage of its own advantages in the field of mobile power. Omni-channel construction provides unique advantages for cross-border e-commerce sales of portable power station and entry into offline supermarkets.

Analysis of key companies in portable power station

● TYCORUN ENERGY: TYCORUN ENERGY has 15 years of experience in producing lithium ion batteries. The company’s main products including lithium ion energy storage battery like portable power station, powerwall,etc. and swapping battery for motorcycles.With a professional production base, strong product customization, and a complete industrial chain, TYCORUN ENERGY has years of experience in the portable power station industry and has worked with many B-terminal customers around the world. The latest offering of portable power station also includes Harman audio equipment and wireless charging function,it can be applied to more application scenarios.

● Poweroak: 12 years of energy storage technology precipitation, global energy storage power technology pioneer, focus on creating outdoor power supply. Poweroak focuses on the research and innovation of distributed energy storage products and microgrid technology, and provides customers with integrated service of design, development, production, sales and after-sales of residential or commercial photovoltaic energy storage systems, portable power station and DC power energy storage.

Poweroak master the international advanced new energy energy storage technology and complete energy storage battery application scheme, in the integration of photovoltaic energy storage, off-grid two-way inverter, energy Internet management system and other aspects, in the world’s leading position. We’ve also compiled a list of the top 100 portable power station companies, and you can read this article for more information on how these companies are developing portable power station.

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