North America Power Banks Market: Demand from Manufacturing and other Industries to Minimize Machine Downtime Stokes Growth
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.
At present, the power sector in the region is under tremendous pressure to meet the increasing demand and offset the losses incurred due to severe weather conditions. Despite the improvements in power grids that are being undertaken at a fast pace, the gap between demand and supply is driving sales of high capacity power banks in the region.
As per records of the North American Electric Reliability Corporation and U.S. DoE, since 2000 the number of power outages in the U.S. are more than any other developed economy. As a result, both industrial and residential consumers have upped the use of power banks.
Another key factor stoking growth of North America power banks market includes strengthening regulations for the use of green energy as well as improved power efficiency. This has upped sales of solar powered banks, especially after the Recovery Act of 2009 came into effect. The increasing number of electronics owned by individuals is also pushing sales of power banks in North America. This presents tremendous opportunities for manufacturers of multi-port high capacity power banks in the region.
Availability of Substitutes Hinders Demand
On the other hand, the prominence of older and established substitutes is a key restraint faced by manufacturers of high capacity power banks. UPS and diesel generator systems are the two commonly used power bank substitutes in North America.
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The North America power banks market is segmented as follows:
North America Power Banks Market, By Power Rating
- 20,000 mAh
- 80,000 mAh
North America Power Banks Market, By Product Type
- Portable Power Banks
- Solar Powered Power Banks
North America Power Banks Market, By Application
- Consumer Electronics