Power Banks Market to Retain High Preference in Coming Years

A new market intelligence report by Transparency Market Research observes the North America power banks market to be largely consolidated with a handful of players holding leading share of the market. Keen players are hard focused on product development and innovation to maintain their position in the market.

Prominent participants in the market include Goal Zero Corporation, Anker, Gridless Power Corporation, Limeful LLC, and iEC Technology LLC.

As per estimations by Transparency Market Research, the North America market for power banks is expected to expand at an impressive CAGR of 18.6% between 2015 and 2022 vis-à-vis revenue. At this rate, the valuation of the market is expected to touch US$2.59 bn by 2022 from US$929.6 mn in 2016.

Product-wise, the North America power banks market is split into portable and solar powered. Consumer preference for portable power banks accounts for their leading market share. The segment of portable power banks is expected to hold 57.9% share of the market by the end of 2022.

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On the basis of application, the industrial/B2B sector is dominant with the segment expected to reach a valuation of US$1.68 bn by the end of 2022. The chief factor responsible for the growth of this segment is that industries are increasingly recognizing the need for power backup to minimize machine downtime, most of which is because of weather related outages.

Measures to Offset Weather Aberrations for Industrial and Residential Power Needs Fuels Growth

“The number of power outages in North America has been considerably high over the recent years,” states a TMR analyst. These are because of reasons of depleted fuel supply for uninterrupted power generation, natural disasters, and rapidly increasing power demand from consumers. This has pushed the demand for power banks from industrial as well as residential consumers for high capacity power banks.