Rising Adoption of Solar Power Banks to Drive Off-Grid Connectivity
Rising Adoption of Solar Power Banks to Drive Off-Grid Connectivity
Blog Article
The solar power bank market will grow at the highest pace owing to rising adoption of solar-powered portable chargers for off-grid connectivity.
A solar power bank or portable solar charger allows users to charge portable electronic devices using solar energy instead of mains power. It consists of photovoltaic solar panels to capture solar energy and convert it into electricity that can charge devices directly or batteries within the power bank. Solar power banks offer an eco-friendly and economical solution to charge portable devices anywhere without being dependent on wall sockets. They are highly portable, rechargeable, and can work efficiently even in areas without access to the electric grid. The growing trend of working and traveling off-grid has fueled demand for seamless power supply on the go, driving Solar Power Bank Market Demand adoption.
Global Solar power bank market is estimated to be valued at USD 14.67 Bn in 2024 and is expected to reach USD 25.74 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 8.4% from 2024 to 2031.
Key Takeaways
Key players operating in the solar power bank market are Anker, Goal Zero, RAVPower, Aukey, and Poweradd. These players are focusing on developing high-capacity power banks with dual input ports to charge via solar and USB simultaneously.
The demand for solar power banks has been increasing among outdoor enthusiasts, travelers, and hikers as they offer a convenient way to charge devices without being dependent on electricity. The rising popularity of camping, trekking and other outdoor activities is driving demand.
Technological advancements include the development of more efficient solar panels, portable designs, power banks with capacities upto 20,000mAh, and fast-charging capabilities. Features like wireless charging, USB-C PD ports, and intelligent power management for efficient charging are gaining traction.
Market Trends
foldable and flexible solar panels are gaining popularity. They offer ease of carrying and storage. Major players are focusing on developing innovative form factors like power banks integrated into backpacks and accessories.
Built-in LED lights are being incorporated in some power banks for emergency use. Features like Bluetooth connectivity and ability to charge via hand-cranked generators are expanding functionality.
Market Opportunities
Emerging markets in Asia Pacific and Africa offer significant growth potential due to rising outdoor recreation activities and need for off-grid energy solutions.
Partnerships with outdoor equipment brands for co-branded solar charging solutions can further catalyze adoption. Development of customized power solutions for specific industry applications like agriculture, transportation, tourism will open new opportunities.
Impact of COVID-19 on Solar Power Bank Market Growth
The COVID-19 pandemic has significantly impacted the solar power bank market. During the initial months of the pandemic, production and supply chain activities were disrupted globally. This led to a supply shortage of solar power banks in 2020. However, with lockdowns forcing people to stay indoors, the demand for portable power solutions increased tremendously. Solar power banks emerged as a convenient option to charge electronic devices without relying on access to a power outlet. Their self-charging capability through solar panels proved beneficial during the pandemic.
As countries lifted lockdowns in 2021, manufacturing and logistics functions resumed gradually. This helped address the supply issues to some extent. However, international travel restrictions are still impacting the transportation of certain components. Rising remote working and online learning trends continue to drive demand for portable chargers and boost the solar power bank market. Manufacturers are also innovating their product offerings to make them more efficient and useful for outdoors and emergencies. While short-term supply constraints slowed growth, the long-term outlook for the solar power bank market remains positive owing to increased awareness and usage post COVID-19.
The market for solar power banks in terms of value is currently concentrated in Asia Pacific region, especially China, India and Japan. This is primarily due to the large population base and rising rate of smartphone and electronic devices adoption in these countries. The region accounted for over 55% share of the global solar power bank market size in 2020. India and China have emerged as major manufacturing hubs for solar power banks as well, owing to availability of raw materials and cheap labour costs.
North America region is witnessing the fastest growth for solar power banks currently. Increased outdoor recreational activities and promotion of sustainable energy products are driving sales of solar chargers in the US and copyright significantly. Favourable government policies supporting solar energy adoption along with high purchasing power of consumers have boosted the solar power bank market in North America. Countries like the US, Germany, UK are also emerging as key marketsApart from population and economic factors, increase in awareness about benefits of clean energy is a major driver globally for the growing solar power bank market. The industry is anticipated to grow at a steady pace, especially in developing nations in the upcoming years.
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About Author:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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