What is portable energy storage? Portable energy storage is a large-scale charging treasure widely used in outdoor travel, emergency disaster preparedness and other scenarios. The charging capacity is usually 0.2-2kwh, and the output power is 1 Yunnan Yuntou Ecology And Environment Technology Co.Ltd(002200) w. It has a variety of data interfaces to support the charging of mobile phones, laptops, UAVs, refrigerators and other products in mobile power consumption scenarios. Matching the use of photovoltaic panels can realize the charging of energy storage devices. Portable energy storage is mainly used in: (1) outdoor activities. The main market is the United States, and China has great development potential; (2) The main market for emergency preparedness is Japan. The mobile power consumption scene is diverse, the penetration rate of consumers participating in outdoor activities is increased, and the awareness of safety and disaster preparedness is enhanced, opening up the market of portable energy storage; At the same time, the electrification rate of residents' lives has increased, the number of electric equipment such as mobile phones, UAVs and small household appliances has increased, and the demand for electricity in mobile scenarios is large; Secondly, lithium battery has outstanding advantages in energy storage, longer service life, low failure rate, light weight, small volume, high energy density and fast charging. It has become the best choice for consumers to replace diesel generators and lead-acid batteries.
Portable energy storage is divided into: (1) charging capacity of single machine is 0.5-1kwh: high penetration rate, relatively simple product structure and system, and is developing in the direction of miniaturization, portability and fashion; (2) Charging capacity of more than 1.5kwh: it makes up for the blank market between diesel generator and charging bank. With the increase of charging capacity, the difficulty of system integration increases. Products with charging capacity of more than 2kwh have a certain technical threshold in PCs, cell and power module, and have higher safety requirements. With the increase of electrical equipment, the charging capacity of portable energy storage equipment required for outdoor activities and emergency power backup is gradually increased.
Why did the portable energy storage market explode? The market resorted to the popularity of outdoor activities and the growth of power demand in the post epidemic era. We believe that the core lies in the fact that portable energy storage devices have the attributes of consumer goods. The emergence of an emerging product requires a period of market education. In the case of the epidemic, consumers have found the value of portable energy storage in outdoor power consumption. The epidemic has helped manufacturers complete the process of consumer education and quickly won the favor of the market.
How big is the portable energy storage market? The profits of portable energy storage are rising at the same time. It is estimated that 24.7 million units will be shipped in the portable energy storage market in 2025, with an average annual compound growth rate of 50% from 21 to 25; The market space reached 56.3 billion yuan, with an average compound annual growth rate of about 50%.
What are the core barriers of end products? China is the main producer of portable energy storage in the world, accounting for 90% of the world's output and shipments. In 2020, in terms of shipment volume, Huabao Xinneng has the largest market share (market share 16.6%), followed by Zhenghao Technology (market share 6.3%). The core barrier of portable energy storage lies in products, channels and brands.
(1) at the product end, the product has a wide range of charged capacity, comprehensive matrix and exquisite design; The leading technological advantages bring pricing power. The price of low-power products is in the middle and upper reaches of the industry, and the price of high-power products is in the lead in the industry. (2) On the channel side, strengthen the layout of all channels, Wuxi Online Offline Communication Information Technology Co.Ltd(300959) linkage, and fully roll out direct sales and distribution. Establish a three-dimensional marketing system, live broadcast with goods and KOL promotion. (3) Brand side: products and channels bring brand influence and form a brand image in the outer circle of households. At the same time, it brings industry pricing power. Leading brands are in the middle and upper reaches of pricing in low-power products; High power products can have a certain price premium.
How many new cells are needed? In the cost of portable energy storage, cells and inverters account for 50% +. Portable energy storage cells are mainly cylindrical batteries, emphasizing the number of cycles, and the lightweight products drive the demand for large cells. According to the above calculation, the battery installed capacity required for global portable energy storage will be 2.4gwh in 21 years, and the cell demand will be 17.3gwh in 25 years, with a corresponding CAGR of 58%. Portable energy storage is expected to become the next important downstream application of cylindrical battery.
Portable energy storage has a broad market space, has the attribute of consumer goods and considerable industry profits. It is recommended to pay attention to Guangzhou Great Power Energy&Technology Co.Ltd(300438) ( Guangzhou Great Power Energy&Technology Co.Ltd(300438) , buy), Guangdong Greenway Technology Co.Ltd(688345) ( Guangdong Greenway Technology Co.Ltd(688345) , not rated).
Risk tips
Market penetration is less than expected; Market expansion is less than expected; Risk of rising raw material prices; Changes in assumptions affect the calculation results.
