The power bank market may be worth nearly US$30 billion in 2024

Power banks are useful accessories for those times when your phone just can't get through a full day online. A new report from ResearchAndMarkets indicates that these devices, as well as the rise of high-speed mobile internet standards such as 4G, may drive the power-bank market. It was estimated to be worth US$9.8 billion last year. However, this value is now projected to grow to $29.5 billion by 2024.

The products involved are mostly those that contain lithium-ion batteries not dissimilar from those found in phones themselves. Some power banks support modern-day charging standards such as Qualcomm Quick Charge or USB Power Delivery, depending on their manufacturer. They are also often used by consumers with devices such as tablets or laptops, according to the new report.

This publication also indicates that the power banks may move away from traditional battery-based charging and storage methods in the future. They include the integration of solar panels, or potential next-generation energy sources such as hydrogen cells.