Shenzhen energy storage leader Huabao New Energy and Wu Xiaobo Channel released 2023 global portable energy storage industry insight report shows that the portable energy storage market continues to grow at a high rate, with a compound annual growth rate of 210.3% from 2017 to 2021. It will grow nearly 20 times by 2026 compared to 2020. The report shows that four of the top five global companies in terms of shipments and revenue in 2021 are from Shenzhen.
Portable energy storage, or portable energy storage power, refers to the built-in lithium-ion batteries of small energy storage devices, often used to replace traditional small fuel generators, can also be called "outdoor power".
Portable energy storage market size from 2017 to 2021, the global portable energy storage power market size is rising, from 120 million yuan to 11.13 billion yuan, a compound annual growth rate of 210.3%.
And according to the data measured by China Chemical and Physical Power Industry Association, the market size of portable energy storage power in China will grow rapidly from 370 million yuan in 2018 to 73.67 billion yuan in 2026. The global portable energy storage market is expected to reach RMB 88.2 billion in 2026, an increase of nearly 20 times compared to 2020.
The main application scenarios include outdoor activities such as camping, RVing, self-driving trips, emergency disaster preparedness, outdoor smart retail, unmanned delivery, flash stores and other types of outdoor off-grid electricity use, etc.
The report says that in 2020, 91.9% of the world's portable energy storage power supplies will be produced in China. Such products are manufactured goods, more sensitive to upstream electronic components and labor costs. China's consumer electronics manufacturing industry chain is complete, infrastructure is complete, is a global manufacturing power, so naturally have the ability to undertake the portable energy storage power industry chain.
China has become a bigger producer of global portable energy storage equipment at the same time, Chinese companies have also become the market leader. 2021 statistics show that the operating revenue of Huabao New Energy occupies 21% of the global market share, becoming a global brand in the field of portable energy storage market share. A 2021 global portable energy storage business landscape shows that the top five companies in terms of shipments and revenue, Huabao Xinergy, Zhenghao Technology, Delan Minghai, and Encore Innovation are from Shenzhen.
Although China is a large producer of portable energy storage power, but not a major consumer. 2020, 47.3% and 29.6% of the global production of portable energy storage power were sold to the United States and Japan, only 4.9% of the products sold in China.
The greater impetus for the development of portable energy storage devices comes from technological innovation. The share of the cost of electric cells is much higher, reaching 34.8% (2021). However, with the improvement of lithium battery performance and cost reduction, the cost performance of portable energy storage devices is improving. The combination of favorable factors, lithium batteries began large-scale commercial application, promoting the reduction of the price of portable energy storage devices and the rise in production.