Deerfield Beach, FL -- (SBWIRE) -- 11/09/2017 -- The power bank is a portable or compact source of charging for digital gadgets including smartphones, Mp3 player laptops, and tablets. A power bank is commonly known as a battery charger. Power banks are useful devices that can be used as traveling when the batteries on mobile devices are empty. Power banks consent to the storage of electrical energy for after use and can also be used to charge cameras, GPS systems, and other USB-charged devices.It is used as an external battery, plug-in charger for charging a rechargeable battery or secondary cell. Power banks can be used to charge GPS systems, portable speakers, cameras, or other USB-charged devices. Lithium-ion or Lithium-Polymer is the two battery type of power bank. Up to 3,000 mAh, 3,001 mAh – 8,000 mAh, 8,001 – 20,000 mAh and above 20,000 mAh is the power rate of the power tank.

According to the report, global demand for power bank market was valued at USD 15.09 billion in 2014, is expected to reach USD 17.2 billion in at a CAGR of above 20% between 2015 and 2020. Zion Market Research has published a new report titled "Power Banks (Portable Power Banks, Phone Charging Cases, Solar Power Banks) Market For Smartphone, Tablets, Portable Media Devices, and Others Application – Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 – 2020."

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The major driving factor for power bank market is growing demand from smartphone and tablet across the globe. Increasing demand from a decline in the prices of power banks and growing power consumption due to large-scale digitization is expected to propel market growth over the forecast period. Additionally, expansion of technology and use of portable devices has driven the growth of this market. However, increase in terms of battery capacity and poor quality of power tank is major restraints for the growth of the market.

Some of the key application segment in power bank market includes smartphones, tablets, portable media devices, and others. Smartphones and tablets were dominant segment of power bank market and expected to witness the fastest growth in the near future. Additionally, increased demand and usage of mobile devices and growing wireless services (3G, 4G) saturation is driving the demand for power banks.

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Based on battery type, the global power bank market is segmented into Lithium-ion and Lithium-polymer. Lithium-ion was the leading battery type segment in power bank market and accounted over 80% of the overall share of the market.

The Portable power banks, phone charging cases (battery cases), and solar power banks are the key product segments of the power bank market. In terms of revenue, the portable power bank was the leading product segment in 2014. Phone charging cases (battery cases), and solar power banks is also expected to grow at a moderate rate.

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Geographically, the global power bank market was dominated by Asia Pacific region and accounted for over the 45% share of the power bank market. Less awareness on the safety standards connected with the power banks is predictable to grow at a moderate rate in the emerging region such as India, China, and Brazil. Europe is expected to grow at a CAGR 23.0% during the forecast period. North America dominates the global power banks market in terms of revenue.

some of the key players in the global power bank market include Limefuel LLC, EassyAcc.com, Inc., GP Batteries International Ltd, Anker, Samsung Electronics Co. Ltd., itachi Maxell, Ltd., Xtorm BV, Panasonic Corporation, Sony Corporation, Xiaomi Technology Co., Ltd, Apacer Technologies, Inc., and others.