North America Power Banks Market: Snapshot
North America is witnessing a high demand for power sources that can help maintain an uninterrupted supply in the event of power outages or blackouts. The power sector of the region is currently under high stress due to a rapidly increasing demand and the losses incurred due to catastrophic weather conditions. The improvements in power grids are being undertaken at a fast pace, but they are still unable to completely meet the growing power demand across North America. This forms the key driver for the sales of high capacity power banks.
Additional factors promoting the use of high capacity power banks include the strengthening regulations for the use of green energy as well as for increasing power efficiency. Solar powered power banks can fall perfectly into this requirement, especially after the implementation of the Recovery Act of 2009. The demand for high capacity power banks is also augmented by the growing number of consumer electronic devices owned by individuals. As the number of devices per person increase, so do their power requirements. This is a massive opportunity for the manufacturers of multi-port high capacity power banks in North America.
Owing to factors such as the ones above, the North America market revenue for high capacity power banks is expected to progress at a CAGR of 18.6% from 2015 to 2024. The revenue is expected to reach US$929.6 mn by the end of 2016 and is projected to touch US$2.59 bn by 2024.
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Portable Power Banks to Retain High Preference in Coming Years
Power banks are commonly classified as either portable or solar powered. Consumer preference has so far consistently leaned towards portable power banks in North America, but is expected to steadily move towards solar powered power banks. By the end of 2024, portable power banks are expected to hold a share of 57.9% in market’s revenue. Although this is still a majority share, it is lower than its statistical counterpart from 2015.
Portable power banks are in high demand in North America due to their utility in areas where power grids are not available or are prone to interruptions. Additionally, the number of consumer electronics owned by individuals is also increasing in this region, further driving the need for high capacity power banks.
Solar power banks, on the other hand, are gaining in popularity due to technological advancements that have significantly improved their capacities and charging speeds over the past few years. They are also highly reliable in situations where a user needs to be away from a power source for long durations, such as during trekking. Solar powered power banks are also welcomed as an eco-friendly source of power that can help reduce the load on the North America power sector and maintain an uninterrupted and green supply of power.
Industrial/B2B Use of High Capacity Power Banks to Surge in Coming Years
The demand for power banks is divided along the generalized categories of consumer electronics and the industrial/B2B sector. The latter is expected to generate the greater demand for high-capacity power banks and achieve a revenue of US$1.68 bn by the end of 2024.
The chief factor responsible for this massive boost in industrial demand for power banks is to help companies cope with the loss of power created by natural disasters or emergency situations. Industries across North America are acknowledging the need for storing backup power as the events in which it is needed are on the rise, the most common of which are weather related power outages.
The key sectors that are expected to show a very high demand for high capacity power banks in the coming years are healthcare, resource extraction, mining, fire rescue, law enforcement, disaster management, robotics, foreign aid, and photography.
The key manufacturers of high capacity power banks in North America include Goal Zero Corporation, Gridless Power Corporation, Anker, Limefuel, LLC, and iEC Technology, LLC.
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Escalating Use of Smartphones to Influence the Growth Prospects across the Power Banks Market
The high adoption of smartphones and other electronic devices will serve as game-changing factors for the growth of the global power banks market during the assessment period of 2015-2022. The constant use of smartphones by a large chunk of individuals around the world deepens the need for portable charging devices. Based on this factor, the power banks market will add extra stars of growth between 2015 and 2024.
- A mobile bank is a portable charging device. It is wireless and needs charging. The size of the power banks varies according to their capacity. It consists of a special battery with electronic circuits to efficiently manage the power flow. The charging of the power banks helps in storing electrical energy. These power banks are available in various storage capacities. The common range is between 20000 mAh-80000 mAh and above 80000 mAh. The advantages and properties attached to the power banks help in increasing the growth rate.
- The affordability factor plays a major role in boosting the growth prospects across the power banks market. The players in the power banks market strive to make the product more affordable and convenient to the consumer for increasing their revenues. The players also indulge in strategic collaborations to cement their foothold across the power banks market.
- The SARS-CoV-2 pandemic has disrupted the growth prospects of the power banks market to a considerable extent. The rising prevalence of the novel coronavirus led many countries to impose strict lockdowns.
- The lockdown period had a negative impact on the growth prospects of the power banks market. The declining demand and production due to the closure of manufacturing facilities damaged the growth prospects. Nevertheless, the introduction of relaxations in the lockdown norms has helped in improving the growth rate of the power banks market.
