Residential Backup Power Market by Technology and Geography - Forecast and Analysis 2020-2024

The residential backup power market size has the potential to grow by USD 1.32 billion during 2020-2024. The market’s growth momentum will accelerate throughout the forecast period because of the steady increase in year-over-year growth.

This report provides a detailed analysis of the market by technology (generators, batteries, and fuel cells) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including ABB Ltd., Caterpillar Inc., Cummins Inc., Exide Industries Ltd., Kohler Co., Panasonic Corp., Schneider Electric SE, Tesla Inc., Toshiba Corp., and Trojan Battery Co. LLC.

Market Overview

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Market Competitive Analysis

The residential backup power market is fragmented. The degree of fragmentation will remain the same over the forecast period. With the growing popularity of sustainability, vendors are focusing on offering hybrid power systems, which are reliable and cost-effective. As a result, the sales of these systems are increasing. Tesla Inc., Toshiba Corp., and Trojan Battery Co. LLC are a few of the significant market participants. Although the accelerating growth momentum will offer immense business opportunities to market vendors, the rise in distributed power generation will challenge the growth of many. To make the most of the opportunities, market vendors should focus more on growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market positions, this residential backup power market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of the companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. This residential backup power market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of their future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading Residential Backup Power companies, including:

• ABB Ltd.
• Caterpillar Inc.
• Cummins Inc.
• Exide Industries Ltd.
• Kohler Co.
• Panasonic Corp.
• Schneider Electric SE
• Tesla Inc.
• Toshiba Corp.
• Trojan Battery Co. LLC.

Residential Backup Power Market: Segmentation by Region

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APAC was the largest market for residential backup power in 2019. The region is expected to record a fast growth rate during the forecast period. The rapid economic growth, urbanization, and growing demand for consumer goods and residential units are increasing the need for electricity, which, in turn, is contributing to the residential backup power market growth in APAC.

54% of the overall market’s growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for residential backup power in the region. The market growth rate in this region will be faster than that of other geographies during the forecast period.

Residential Backup Power Market: Segmentation by Technology

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Generators are the primary sources of electricity during power interruption in the residential sector. Residential backup power generators are of two types - portable and standby. While the portable ones, which supply around 3-8 kilowatt (kW) power, are ideal for individual homes, the standby generators are usually used to provide 5-10 kW power to residential buildings. These generators are reliable sources of electricity and are robust, which are increasing their sales.

The residential backup power market growth by the generators segment is expected to be slower compared with the other market segments over the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the residential backup power market size.

Residential Backup Power Market: Key Drivers and Trends

The adoption of batteries, such as lead-acid and lithium-ion batteries, has increased as a power backup source among residential units primarily because they do not require refueling. Moreover, they offer similar functions as that of traditional generators. Lithium-ion batteries have a high energy density, high depth of discharge, high charge rate, long power-holding capacity, and long shelf life. However, they cost significantly higher than the lead-acid ones. Therefore, the sales of lead-acid batteries are expected to increase, contributing to the residential backup power market growth. Noting the lucrative market landscape, the leading vendors of lithium-ion batteries are working on technological advances and are trying to reduce the prices further to capture higher market share.

• Hybrid power systems incorporate more than one type of power generation source, including at least one renewable energy source.
• A solar-diesel hybrid power system consists of a solar PV system, a diesel generator, and an intelligent energy management system for ensuring that the amount of solar energy fed into the system matches the demand at any given time.
• Hybrid power systems can be installed in grid-connected or off-grid regions, which is one of the critical residential backup power market trends.
• Residential buildings and houses with poor-grid connection, which involve recurring or long power outages, find hybrid power systems very effective.
• The costs of solar photovoltaic systems and battery storage units have significantly declined, making them affordable energy sources for end-users in remote areas.
• The residential backup power market size will grow at a CAGR of about 3% during 2020-2024. 

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Residential Backup Power Market: Key Highlights of the Report for the Forecast Period 2020-2024

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will accelerate the growth of the residential backup power market during the next five years
• Precise estimation of the global residential backup power market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the residential backup power industry in APAC, Europe, MEA, North America, and South America
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of residential backup power vendors 

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