SOLAR POWER BANK MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
The 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.
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The solar power bank market is experiencing significant growth due to increasing portable electronic device usage and lack of accessibility to power outlets especially in off-grid areas. Renewable energy source-based power banks are gaining popularity among consumers as they provide cleaner energy. Advancements in solar panel technology have made solar power banks efficient and capable of rapid charging which is boosting their adoption. Furthermore, increasing health awareness about radiation from electronic devices is driving consumers towards greener power solutions like solar power banks. Portability and long battery life of solar power banks make them suitable for outdoor applications which is expected to drive the market growth during the forecast period.
Growing demand for portable and off-grid power solutions
The demand for portable power solutions has been increasing rapidly in recent years. More and more people are adopting an active lifestyle and prefer to stay connected while being outdoors. Be it trekkers, campers, or general travelers, everyone needs a reliable backup power source that can keep their devices charged during power outages or in locations without access to a power outlet. Solar power banks have emerged as a convenient solution to fulfill this growing need for on-the-go power.
With the proliferation of smart devices such as smartphones, tablets, Bluetooth headphones and portable gaming consoles, our dependence on external power has increased manifold. However, the traditional power sources such as wall sockets or car chargers might not always be available, especially in remote areas. Moreover, natural calamities or technical faults can disrupt the power supply without any prior notice, making it crucial to have an alternate power source handy. Solar power banks address this issue of “being always charge-yet-always-on-the-move” lifestyle quite effectively. Ranging from compact sizes to large capacities, they can charge multiple devices simultaneously using sunlight as a clean source of energy.
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Increasing awareness about renewable energy sources
With the growing threat of climate change, more people are realizing the importance of adopting clean and renewable sources of energy. Solar power, being the most abundant renewable resource on the planet, is gaining wider prominence. Various campaigns conducted by environmental organizations as well as governments have raised awareness about the benefits of utilizing solar energy - be it for large-scale power projects or small-scale personal applications like portable chargers.
The younger generations, in particular, have embraced sustainability as a core value. They actively seek green energy solutions that allow them to reduce their carbon footprint. Portable solar chargers fit right into this paradigm shift, by offering an eco-friendly alternative to conventional power banks that run on fossil fuels. Using the free and infinite sunlight, solar power banks enable sustainable charging on the go without producing any toxic emissions. This ethical appeal resonates strongly with the socially conscious youth and environmentalist communities.
Solar power’s self-sufficiency is also an attractive quality. For both individual consumers as well as entire households, the appeal lies in producing their own clean electricity without depending on costly and unstable grid supplies. In remote locations or developing areas that lack adequate power infrastructure, small-scale solar solutions have become quite popular for their off-grid viability. Solar chargers provide a similar value proposition of energy autonomy regardless of the location.
Key Takeaways from Analyst:
Solar power bank market is poised to witness significant growth over the coming years driven by the growing market for smartphones and other portable electronic. Rising environmental consciousness among consumers and push for renewable energy solutions also works in favor of solar power banks. However, high initial costs may restrain mass adoption to some extent.
Another key opportunity lies in developing nations which are experiencing rapid growth in smartphone and internet penetration. Rural electrification remains a challenge in many developing countries, thus making solar power an attractive proposition for consumers. The North America region, especially U.S. and Canada, will dominate demand given the large population bases that are increasingly adopting portable electronic devices. Asia Pacifdic will also see healthy growth due to high disposable incomes and tech-savviness of consumers.
Product innovation focused on design, efficiency and pricing will be critical for players to succeed in this competitive environment. Those able to offer solutions catering to outdoors and adventure enthusiasts would have an edge. Efforts to create awareness about the cost-saving benefits of solar power banks over the long-run should help in penetrating price-conscious segments as well. Overall, the prospects appear bright for solar power bank manufacturers able to leverage the opportunities across both developed and developing markets.
Market Challenge - Limited battery capacity and charging speed
One of the key challenges faced by the solar power bank market is limited battery capacity and charging speed. While solar power banks offer mobility and portability by providing backup power through integrated solar panels, their battery capacities are still quite low when compared to standard portable battery packs. This low battery capacity limits the number of device charges that can be provided by a single power bank. Similarly, the charging speeds through solar panels are quite slow and it can take many hours to fully charge these power banks. The low charging speeds discourage frequent usage. Technology improvements are needed to enhance battery capacities through stronger yet lightweight battery chemistries. Faster solar charging mechanisms also need to be introduced through designs enabling capturing of maximum available solar energy. Unless these technical limitations are addressed, solar power banks may fail to achieve wider acceptance among mobile device users.
For instance, o In June 2023, Goal Zero, a prominent brand specializing in portable power solutions and solar energy products, launched an updated line of Yeti solar power banks. These new models feature faster solar charging capabilities and increased battery capacity, making them suitable for both home use and outdoor adventures.
Market Opportunity - Expansion into Emerging Markets with Growing Electricity Demand
The solar power bank market has huge growth opportunities through expansion into various emerging markets which are witnessing rising electricity demand from a growing population but lack stable grid infrastructure. Countries in Latin America, Africa, the Middle East, and Asia Pacific regions have huge rural and remote areas with unreliable or no access to electricity grids. At the same time, smartphone and other mobile device usage is increasing rapidly in these underserved markets. Solar power banks can effectively address the electricity needs of mobile gadgets in such settings. Their self-charging capability through solar energy removes the dependence on conventional fuel-based portable generators. If targeted properly through distribution and awareness campaigns, these emerging regions present a large untapped customer base for solar power banks looking to boost sales volumes.
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Insights By Product Type - Growing Demand for Convenient and Sustainable Power Solutions
In terms of product type, the portable solar power banks segment is estimated to contribute the highest market share of 52.4% in 2024 owing to consumer's increasing preference for compact and versatile power storage devices. As modern lifestyles become increasingly mobile, there is considerable demand for power sources that can charge devices anywhere and anytime. Portable solar power banks meet this need by allowing users to simply place them under sunlight to absorb and store energy for later use. Their pocket-sized designs make it easy to carry one around for emergency backup power or supplemental charging on the go. As awareness grows of issues like energy independence and environmental sustainability, consumers also appreciate that solar power banks generate clean energy from natural sunlight rather than depleting non-renewable resources. Their eco-friendly nature and ability to charge via natural solar power offers a compelling value proposition over conventional power banks. For instance, o In May 2023, OXEN, a brand focused on sustainable technology solutions, introduced a solar power bank made from recycled materials, highlighting its commitment to sustainability. This innovative product is designed to charge multiple devices and features a compact design for enhanced portability.
Insights By Battery Type - The Lithium-Ion Segment Leads Due to Superior Performance and Durability
In terms of battery type, the lithium-ion segment is estimated to contribute the highest market share of 64.3% in 2024 owing to its unmatched energy density and lifespan. Lithium-ion batteries can store substantially more power in a compact size than competing technologies like lithium polymer or NiMH. This allows device manufacturers to equip solar power banks with larger battery capacities without compromising portability. Lithium-ion also offers outstanding cycle life, retaining a high charge even after hundreds of charge-discharge cycles. Such unbeatable durability reassures consumers that their solar power bank will continue providing years of reliable backup power. Lithium-ion's low self-discharge rate is another key advantage, keeping devices fully charged for extended periods even when not in use. Together, these superior performance attributes have made Lithium-ion the dominant battery of choice in the solar power bank industry.
Insights By Application - The Ubiquitous Use of Smartphones Drives Demand
In terms of application, the smartphones segment is estimated to contribute the highest market share of 58.7% in 2024 owing to the central role they play in digital lives. In the modern world, smartphones have become indispensable companions that people rely on for work, communication, entertainment and more. With heavy daily use, smartphone batteries invariably require mid-day charging. Solar power banks fulfill this need by allowing phone owners to quickly top-up battery levels from anywhere. Areas like public transport, outdoors events and traveling especially benefit from this convenient top-up ability. Beyond their own use, smartphones have also driven demand through supplementary devices like tablets and laptops that individuals charge via their smartphones. The rise of mobile connectivity has therefore created the ideal environment for solar power banks to support heavy smartphone dependency.
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The North America region currently dominates the global solar power bank market. The region is expected to hold 36.1% of the market share in 2024. With countries like the U.S. and Canada having widespread adoption of portable electronics, the demand for on-the-go charging solutions is immense. Given the presence of leading consumer electronics and mobile device manufacturers in the region, local production of solar power banks is well-established. Major brands like Samsung SDI, Solar Monkey, SunJack, TP-Link, etc. dominate retail shelves with a wide variety of models at varying price points. Additionally, North America has seen rising popularity of outdoor recreational activities in recent years, driving the need for portable solar chargers amongst outdoor enthusiasts. With rising environmental consciousness as well, consumers appreciating the clean energy source are contributing to the region's large market share.
The Asia Pacific region, driven by fast developing economies like India and countries in Southeast Asia, is emerging as the fastest growing market for solar power banks. With rising disposable incomes in the middle class, ownership of smartphones and tablets is experiencing exponential growth year-over-year. However, reliable electricity access remains a challenge in many rural and off-grid areas. This is where solar power banks are making a huge positive impact and seeing elevated adoption. Local manufacturers are offering affordable models to meet the price-sensitive requirements of the region's massive consumer base. Besides domestic consumption, solar power banks from Asia Pacific also have a growing export market within the region and globally, enabled by competitive manufacturing and favorable trade policies. The burgeoning manufacturing industry will further drive down costs and expand solar energy product portfolios. It is anticipated that the Asia Pacific region will see continued growth momentum and eventually challenge North America's leadership position in the coming years.
Solar Power Bank Market Report Coverage
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2023 | Market Size in 2024: | US$ 14.67 Bn |
| Historical Data for: | 2019 To 2023 | Forecast Period: | 2024 To 2031 |
| Forecast Period 2024 to 2031 CAGR: | 8.4% | 2031 Value Projection: | US$ 25.74 Bn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Anker Innovations, ADATA Technology Co. Ltd., Beijing Xiaomi Technology Co. Ltd., Goal Zero, Hiluckey, Innoo Tech, Nekteck, Panasonic Corporation, RAVPower, Samsung SDI, Solar Monkey, SunJack, TP-Link, Ultimate Ears, and X-Dragon |
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| Restraints & Challenges: |
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*Definition: The solar power bank market consists of portable battery banks that have built-in solar panel technology to allow for recharging via solar energy, in addition to traditional USB charging methods. Solar power banks are useful for outdoor enthusiasts, travelers, and those seeking more sustainable charging solutions. They allow consumers to harvest free and clean solar power to charge mobile phones, tablets, and other portable devices even when an electrical outlet is unavailable.
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About Author
Sakshi Suryawanshi is a Research Consultant with 6 years of extensive experience in market research and consulting. She is proficient in market estimation, competitive analysis, and patent analysis. Sakshi excels in identifying market trends and evaluating competitive landscapes to provide actionable insights that drive strategic decision-making. Her expertise helps businesses navigate complex market dynamics and achieve their objectives effectively.
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