Solar Power Bank Market Technological Growth Map Over Time To Understand The Industry Growth Rate 2023

Solar Power Bank Market: Overview

Solar energy has evolved as a major alternative source of energy. Solar energy is increasingly being utilized as source of energy for street lighting, automobiles, house appliances and others. In recent times, solar power banks are gaining popularity in the consumer market, with the rise in use of electronic gadgets. Solar power banks serve as an energy storage device, which can be utilized when required to charge any of the USB-charged devices such as cameras, portable speakers, GoPros, MP3 players GPS systems.

Solar power banks require sunlight to charge, making it reliable in circumstances where electrical supply or charger is not available. Most of the solar power banks available today can be charged alternatively via computer using USB. Considering solar as an environmental friendly technology, demand for solar power banks is expected to escalate in the coming years.

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Solar Power Bank Market: Drivers and Restraints

Solar power banks find wide range of applications such as charging of smartphones, laptop, tablets and other devices. The growth of smartphones, laptops and tablets market has generated the need for external energy storage devices for charging. The escalated use of internet with the availability of 3G and 4G services on smartphones and tablets has increased the consumption of battery at a faster rate, thus, driving the solar power bank market. Further, tourists or trekkers preferring to travel at distant places can rely on the solar power banks over the conventional power banks, as at times of emergencies solar power banks can be charged via sunlight. The rural areas in emerging markets such as Africa, Asia and Latin America pose good opportunities for solar power banks due to constraint of electricity supply in these regions.

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However, the challenges such as low efficiency at night or cloudy days, may affect the trust of end consumers in the market. Since the launch of solar technology, the availability of sunlight in cloudy areas or at night times has been the major constraint for solar devices.

Compatibility with all the device brands is another challenge affecting the market of solar power banks. Moreover, solar power banks also face competition from existing electrically charged power banks. Manufacturers need to focus on overcoming these major challenges to gain competitive advantage over the existing and new manufacturers entering the market in coming years to explore the untapped opportunities in solar power bank market.

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