by The solar power bank market has seen significant growth in recent years owing to the growing demand for portable and sustainable power sources. A solar power bank uses integrated solar panels to recharge its lithium-ion battery, providing users with a convenient way to charge mobile devices using renewable energy. Many solar power banks feature high capacity batteries ranging from 5,000mAh to 30,000mAh that can charge smartphones, tablets, and other electronics multiple times on a single charge. They provide an eco-friendly alternative to traditional power banks and help reduce electronic waste.
The Global Solar Power Bank Market is estimated to be valued at US$ 14.67 Bn in 2024 and is expected to exhibit a CAGR of 8.4% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the solar power bank market are Anker Innovations, ADATA Technology Co. Ltd., Beijing Xiaomi Technology Co. Ltd., Goal Zero, Hiluckey, Innoo Tech, Nekteck, Panasonic Corporation, RAVPower, and Samsung SDI. These companies primarily focus on improving solar charging capabilities and battery capacity to provide customers with efficient portable power solutions.
The Solar Power Bank Market Demand has been significantly owing to increasing mobile phone and electronics usage. Their eco-friendly nature and ability to charge devices without needing power outlets have made them popular among outdoor enthusiasts, travelers, and campers. The compact designs allow users to carry extra battery power wherever they go.
The global solar power bank market is witnessing robust expansion with companies aggressively looking to strengthen their distribution networks across key regions. Manufacturers are focusing on the Asia Pacific, Middle East, and Latin America markets where solar energy adoption is rising rapidly driven by supportive government incentives and policies. The growing focus on renewable energy adoption in these developing economies will continue to drive the demand for solar power banks over the forecast period.
Market Key Trends
One of the key trends observed in the solar power bank market is the increasing popularity of portable solar chargers with large battery capacities ranging between 20,000-30,000mAh. These high-capacity power banks can charge laptops and other devices multiple times and are ideal for outdoor adventurers. Manufacturers are also focusing on lightweight and compact designs to improve portability. Ongoing innovations to integrate fast-charging technologies, additional USB ports, and new materials are enhancing user experience and expanding the solar power bank market opportunities.
Porter’s Analysis
Threat of new entrants: New entrants find it difficult to establish due to high initial investments and established brand loyalty of existing players.
Bargaining power of buyers: Buyers have high bargaining power due to the availability of substitutes and undifferentiated products from various manufacturers.
Bargaining power of suppliers: Suppliers have low bargaining power due to the availability of alternate suppliers and commoditized components.
Threat of new substitutes: Threat from substitutes like portable chargers and power banks is moderate as they provide similar functionality at competitive prices.
Competitive rivalry: Intense competition exists among existing players due to their focus on pricing, brand, and technological innovations.
Geographical Regions
North America accounts for the largest share in the Solar Power Bank Market Regional in terms of value due to high consumer awareness, developed infrastructure, and government initiatives for renewable energy adoption.
Asia Pacific is expected to grow at the fastest CAGR during the forecast period due to the growing middle-class population, increasing disposable incomes, and massive investments in renewable energy sector by countries like China, India, Japan, and South Korea.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
