Increasing Occurrences of Frequent Power Outages in North America drives Power Bank Market

power-bank-925569_1920A power bank/pack is a compact, portable source of charging/powering for a rechargeable battery. With the growing demand to ensure reliable and continual power supply, especially in industrial/B2B applications, the manufacturers have started producing power banks with high-capacity batteries.

North America Power Banks Market:

The market for high-capacity power bank (exceeding 20,000 mAh) in North America is nascent and has huge growth potential. With the economy now recovering from recession and regaining growth levels, the market is poised to gain momentum and expand in its application base in the industrial/B2B market.

Increasing occurrences of blackouts and frequent power outages in North America, coupled with the escalating demand for multi-port charging, is expected to drive growth of the market throughout the forecast period. In addition, the industrial demand for efficient and green energy solutions is expected to have a positive impact on the market throughout the forecast period. However, the lack of product differentiation and availability of established substitutes is a major challenge inhibiting market growth.

Power banks with capacities from 20,000 mAh to 80,000 mAh were the largest contributors to the high-capacity power banks market in North America, accounting for 73.3% of the market revenue share in 2014. Over the forecast period from 2015 to 2022, power banks with capacities from 20,000 mAh to 80,000 mAh are expected to witness comparatively higher growth than higher-capacity power banks (above 80,000 mAh) on account of low-cost and collective demand from industrial/B2B and consumer applications. Portable power banks was the largest product segment in 2014, accounting for 59.7% of the revenue of high-capacity power banks market in North America. Although portable power banks are expected to remain the largest product segment over the forecast period, their solar equivalents are expected to exhibit the fastest growth, expanding at a CAGR of 19.3%. The swift adoption of solar power banks can be credited to the growing preference for green energy in industrial applications, coupled with demand from outdoor and recreational activities including hunting, fishing, camping, and backpacking.

Professional Aspects of Power Banks:

Industrial/B2B applications acquired the majority of market’s revenue in 2014, accounting for 64.3%. Over the forecast period from 2015 to 2022, this segment is expected to remain the most attractive and dominant one, owing to increased demand from sub-verticals such as disaster preparedness, law enforcement, fire rescue, healthcare, and resource extraction for power banks. Among consumer electronics applications, the use of high-capacity power banks for personal use, such as to charge multiple electronic gadgets and to power homes in times of power outages due to natural disasters or emergencies, is expected to remain the highest throughout the forecast period. Major industry participants include Gridless Power Corporation; Goal Zero Corporation; Anker; Limefuel, LLC; Sony Corporation; and IEC Technology, LLC. among others.