The U.S. high capacity power banks market is expected to grow significantly over the forecast period, growing at a CAGR of over 20% from 2015 to 2022. This growth can be attributed to high demand from consumer electronics appliances. Power banks above 20,000 mAh typically fall under this category,
Increased consumer purchasing power, better living standards, and rapid economic developments, have positively affected the commercial as well as consumer electronic market. However, these devices come with low battery capacity thereby driving external batteries’ demand. Growing demand across robotics, security, construction, general business and resource extraction sector is also anticipated to fuel demand.
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Proliferation of smartphones has fuelled market growth globally. Increased demand and usage of tablets, mobile phones, phablets and other such digital gadgets has spurred market growth. Additionally, organizations have adopted the trend of Bring Your Own Devices (BYOD) which has given rise to the concept of mobile workforce. This growing need to keep portable consumer electronics charged owing to the nature and complexity of work in corporate and commercial sector is anticipated to have fuelled the demand significantly.
An increase in the number of electricity outage incidences, owing to rise in both weather-related and non-weather-related disasters in the region is expected to have triggered the demand for high-capacity backup solutions.
The market incorporates significant opportunities over the forecast period for manufacturers in the area of product enhancement in order to meet multi-application needs. Growing preference for high power efficiency and green energy adoption in industrial applications is anticipated to offer considerable opportunities for the future growth.
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Key industry participants are poised to invest heavily in R&D activities for developing innovative techniques in order to manufacture cost-efficient and light-weight products. Vendors are increasingly developing external batteries that run on renewable sources of energy such as solar, in order to maintain environmental stability and produce fuel-efficient products.
However relatively unknown brands and several Chinese manufacturers resort to incorporating recycled batteries for the reduction of manufacturing cost which compromises safety. Furthermore, lower grade external batteries with no quality certifications are being introduced to a larger extent offering lesser stability and safety with higher chances of explosion.
Chances of explosions can further be attributed to factors which include insufficient circuit design and improper usage. Hence such risks associated with the product are presumed to challenge industry growth.
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