Residential Backup Power Market Size Worth USD 17.28 Billion, Globally, by 2029 at 7.6% CAGR
Fortune Business Insights
6 min read
Fortune Business Insights
According to Fortune Business Insights, the global Residential Backup Power market size is projected to grow from USD 9.51 billion in 2021 to USD 17.28 billion in 2029, at CAGR of 7.6% during forecast period;
Pune, India, Nov. 07, 2022 (GLOBE NEWSWIRE) -- The global Residential Backup Power Market was USD 9.51 billion in 2021. The global market size to be grow from USD 10.32 billion in 2022 and is projected to reach USD 17.28 billion by 2029, exhibiting a CAGR of 7.6% during the forecast period from 2021-2029. This information is provided by Fortune Business Insights, in its report, titled, “Residential Backup Power Market, 2021-2029.”
According to our analysts, rise can be attributed to the soaring adoption of renewable energy for usage in fuel cells and battery energy storage solutions.
Product Demand to Rise on Account of Frequent Power Outages
Favorable Government Initiatives on Battery Energy Storage and Fuel Cells to Propel the Market Growth
COVID-19 Impact:
Surge in Industry Value Due to Widespread Disruption of Supply Chains
The coronavirus pandemic has resulted in the closure of international trade borders and the imposition of lockdown restrictions in various countries. The reliance on IoT and electronic devices has escalated due to the reduction of manufacturing potential and the widespread disruption of supply chain. Further, along with online colleges and schools, a spike was recorded in the adoption of work-from-home culture. This elevated the power requirement during the pandemic period.
Market Value to Rise Driven by Unexpected Power Cuts in Urban Areas
The product demand is set to be impelled by power issues in a range of under-development and rural areas. Additional factors favoring residential backup power market growth comprise unexpected power cuts in urban areas owing to uncertain weather and grid problems. Besides, several companies have rolled out a series of backup solutions and products.
However, the industry growth is slated to be hindered by the high maintenance and initial costs of various power backup solutions. Besides, the generators are noisy, which necessitates the installation of mufflers and adds to initial costs.
Key Industry Development:
April 2021 – Atlas Copco announced the launch of ZBC. The product can be used as a standalone source for making a hybrid power solution and enabling the creation of microgrids.
Generator Segment to Register Substantial Growth Owing to Availability of Various Options
Based on technology, the market for residential backup power can be subdivided into generator, fuel cells, and battery. Of these, the generator segment is expected to record lucrative expansion driven by a diverse range of options offered by various companies.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Key Benefits for Residential Backup Power Market Report:
The Residential Backup Power market analysis covers in-depth information of major industry participants.
Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
Major countries have been mapped according to their individual revenue contribution to the regional market.
The report provides an in-depth analysis of the Residential Backup Power market during the forecast period.
The report outlines the current market trends and future scenario of the global Residential Backup Power market to understand the prevailing opportunities and potential investment pockets.
The key drivers, restraints, and opportunities and their detailed impact analysis is elucidated in the study.
Report Coverage:
The report provides a comprehensive coverage of the significant trends that are expected to propel the industry expansion over the forecast period. It further gives an insight into the major steps taken by key market players for strengthening their industry presence. These insights have been provided after extensive data collation and research.
Regional Insights:
Asia Pacific to Emerge as Prominent Region Driven by Rising Product Demand
The Asia Pacific residential backup power market share is anticipated to register appreciable growth over the estimated period. The expansion is set to be driven by the surging product demand in homes.
North America is set to register substantial expansion over the analysis period considering the high adoption of power backup solutions in homes. The region has recorded growing investment in research projects and this has elevated the adoption of early fuel cell technology.
Competitive Landscape:
Market Players Enter Partnership Agreements to Strengthen Industry Presence
Prominent residential backup power companies are focusing on the adoption of a series of strategic steps for the consolidation of their market presence. These include mergers, acquisitions, collaborative agreements, partnerships, and others. Some of the additional steps comprise growing participation in trade conferences and an increase in research activities.
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