North America Power Banks Market to Reach a Valuation of US$2.59 bn by 2022

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.

Read Report @ https://www.transparencymarketresearch.com/north-america-power-banks-market.html

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.

“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.

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.

Request Sample Report @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=7102

About Us

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

Contact

Mr.Sudip S
90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com

This release was published on openPR.