Overview of the global backup power market
Technavio’s market research report predicts that the global backup power market will grow at a CAGR of nearly 5% during the forecast period. The availability of diverse backup power systems is one of the primary drivers for market growth. Traditionally, diesel power generators were used for backup power due to their relatively low price and the easy availability of diesel. However, over the years the increasing emission concerns due to the utilization of traditional power generators has led to the rise of alternate sources such as battery energy storage systems, hybrid power, and fuel cells. Advantages such as the reduction in emissions, higher efficiency, and low operation noise increases the chances of adoption of modern backup power systems. Moreover, governments in several countries also provide incentives to bring down the initial costs of the backup power systems, which will again, drive the adoption these backup power systems.
The Americas accounted for the majority of the market share in the global backup power market during 2016. However, due to the growing industrial base and urbanization and increasing investments in backup power systems by industrial and commercial establishments, APAC will dominate the market by the end of the forecast period.
Competitive analysis and key vendors
The backup power market is highly fragmented with the presence of numerous vendors across the world who offer a variety of products for backup needs. The market competitive environment will intensify further with the introduction of new technologies and increased investments. Moreover, this market research report predicts that the market is expected to grow with the rise in the need for continuous power and vendors are likely to focus on innovations to improve their technologies to meet the demand, which will again intensify the level of competition among the market players.
Key vendors in the market are:
- Aggreko
- Bloom Energy
- Caterpillar
- Cummins
- LG Chem
Other prominent vendors include AISIN SEIKI, Alpine Power Systems, APR Energy, Atlas Copco, Ballard Power Systems, Briggs & Stratton, Doosan Fuel Cell America, East Penn Manufacturing, Eaton, Emerson, EnerSys, Enocell, Enphase Energy, Exide Technologies, Exide Industries, Generac Power Systems, GS Yuasa, HIMOINSA, Kohler, MITSUBISHI HEAVY INDUSTRIES, Nuvera Fuel Cells, Schneider Electric, SFC Energy, Su-Kam Power Systems, and Tesla.
Segmentation by technology and analysis of the backup power market
Diesel generators are one of the most common and easy to install backup power sources and are the most commonly preferred generator systems for backup power in industries and commercial buildings. Mission critical facilities, such as health care, telecommunication towers, and safety and security, use diesel generators as backup power systems due to its ability to store the fuel on-site. Diesel generators provide improved thermal efficiency that helps in reducing the cost per kWh and is largely beneficial in large-scale applications.
Segmentation by end-user and analysis of the backup power market
- Non-residential
- Residential
As per this market research report, the non-residential end-user segment dominated the backup power market during 2016 and is likely to continue its market dominance over the next four years as well. The need for uninterrupted power supply in data centers, hospitals, fueling stations, water and wastewater treatment plants and communication and transportation systems will drive the growth of the segment in the market. Moreover, the rapid development of the commercial avenues such as restaurants, malls, theaters, and shopping plazas will also boost the market’s growth.
Key questions answered in the report include
- What will the market size and the growth rate be in 2021?
- What are the key factors driving the global backup power market?
- What are the key market trends impacting the growth of
- What are the challenges to market growth?
- Who are the key vendors in the global backup power market?
- What are the market opportunities and threats faced by the vendors in the global backup power market?
- Trending factors influencing the market shares of the Americas, APAC, and EMEA.
- What are the key outcomes of the five forces analysis of the global backup power market?
Technavio also offers customization on reports based on specific client requirement.
For the smooth functioning of any businesses, industry or even household, power is an essential component. But due to various reason like voltage fluctuations, blackouts, power deficit, or electrical component malfunction, power is not always available to the end user. This hampers their operation and causes loss of time and money. Backup power comes in the form of electricity generator or bank of batteries. Since there are so many technologies existing in the market for backup power, Technavio is working on its upcoming report on global backup power market for the forecast period of 2017 to 2021 to help clients understand emerging technologies, market size, and growth rate of this market space. Additionally, to help clients in the energy industry have a competitive advantage, Technavio provides a comprehensive collection of industry reports on various sectors such as oil and gas and water and waste management sectors.
The upcoming report on backup power market is an integral part of the power industry and offers data and insights on factors like market landscape, key vendors, market growth rate, and consumer behavior. The upcoming report on global backup power market for the forecast period of 2017 to 2021, gathers data and information using extensive primary and secondary research to provide the client with vital market information.
The upcoming report on global backup power market also considers the growth of the related markets such as global lead-acid battery aftermarket and global liquid air energy storage systems market, which are expected to grow at a CAGR of 14% and 178%, respectively, during the forecast period of 2017 to 2021. People, industries, and government are focusing their effort on sustainable renewable energy generation like solar and wind. These systems can make off-grid living possible, so that power unavailability from the main lines doesn’t make a difference. This trend is driving vendors and manufacturers to consider sustainable technologies. Alongside sustainable energy, they are also looking at ways to increase the battery’s energy density and break the shackles of lead-acid batteries. Apart from the syndicated market research reports, Technavio also customizes research report as per the need of client to know specific geographical market, technology-wise product potential, or other available alternatives.
The upcoming market research report also identifies key market drivers, emerging trends, technological advancements, competitive landscape, and opportunities and challenges faced by the industry. The report also gathers data and covers related technological advancements in power and smart grid markets.