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.
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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 2022. 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 2022.
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 2022, 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.
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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.