Albany, NY -- (SBWIRE) -- 01/04/2017 -- The majority of the leading players in the North America power banks market are developing new products through the continual focus on innovation in order to expand their foothold in the market. The leading players are Gridless Power Corporation, Goal Zero Corporation, Limefuel LLC, Anker, and IEC Technology LLC. A new study by Transparency Market Research (TMR) indicates that some of them are also concentrating on strengthening their distribution network to meet the varying needs of their customers.

Portable Power Banks to Retain Dominance

The valuation of the North America power banks market was US$785.3 mn in 2015 and is poised to rise to US$2596.9 bn by the end of 2022, progressing at a CAGR of 18.6% from 2015 to 2022. On the basis of product, portable power banks will continue to dominate the market until 2022, accounting for more than 57% of the overall market revenue. However, the solar power banks segment is estimated to outpace the portable power banks segment over the forecast horizon owing to the increasing emphasis on green energy.

Based on application, industrial/B2B will lead the market throughout the forecast period, expanding at a CAGR of 18.9% therein. The region is anticipated to witness a steep rise in the demand for high-capacity power banks from multiple industrial verticals including construction, disaster preparedness, foreign aid, fire rescue, healthcare, law enforcement, robotics, resource extraction and mining, security, and photography.

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Rising Penetration of Consumer Electronics to Fuel Demand for Power Banks

Over the past few years, the cases of power blackouts and outages due to aging power infrastructure have increased by manifolds. The burden on the power infrastructure has compounded due to the catastrophic weather events such as tornadoes, storms, and hurricanes across the region. "The heavy financial loss due to extended blackouts and frequent power outages has triggered the need for power backup solutions, which is driving the demand for high capacity power banks in the region," says TMR's lead analyst.

The proliferation of consumer electronics and high acceptance of advanced technology have ensured that a high percentage of the population in North America own multiple gadgets. This has stimulated the demand for multi-port charging devices, which in turn favoring the growth of the market. Moreover, the increasing industrial demand for power efficiency and growing focus on green energy are augmenting the North America power banks market.

Availability of Reputable Substitutes to Hamper Growth Prospects

The availability of established substitutes such as uninterrupted power supply (UPS) and diesel generators are creating a significant threat to the growth of the market. "Diesel generators are preferred to power banks in organized events such as concerts, sporting events, music festivals, and weddings," says a TMR analyst.

The low product differentiation is another factor hindering the growth of the market. Lack of product differentiation can induce price wars among players, which in turn can adversely affect the overall revenue generation of the market. However, players operating in the North America power banks market are expected to capitalize on the immense potential offered by the industrial sector in order to ensure robust growth.

The information presented in this review is based on a Transparency Market Research report, titled,"Power Banks Market - North America Industry Analysis, Size, Share, Growth, Trends and Forecast 2015–2022."