Backup Power Market Scope
Power is a vital component for the smooth working of any industry, businesses, or even household. Due to many reason such as blackouts, voltage fluctuations, electrical component malfunction, or power deficit, power is not always accessible to the end user. This hinders their operation & causes loss of time and money. Backup power are available in the form of electricity generator or bank of batteries. The accessibility of diverse backup power systems is one of the key drivers for global backup power market growth. These are available as diesel generators, gasoline generators, and others. Over the years the growing emission concerns owing to the use of traditional power generators has led to the introduction of alternate sources like hybrid power, battery energy storage systems, and fuel cells. Benefits like the reduced emissions, higher efficiency, and low operation noise rises the chances of acceptance of modern backup power systems. Additionally, governments in many countries also provide incentives to bring down the initial costs of the backup power systems, this will again, drive the acceptance these backup power system.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Aggreko (United Kingdom), Bloom Energy (United States), Caterpillar (United States), Cummins Inc.(United States), LG Chem (South Korea), GS Yuasa Corporation (Japan), Kohler Co.(United States), Schneider Electric SE (France), The Emerson Electric Company (United States) and Eaton Corporation Plc (United States) |
CAGR | % |
The backup power market is highly fragmented with a large number of players operating in the market. The market is driven by the increasing demand for uninterrupted power supply in various industries. The players offer a wide range of backup power solutions. The companies are focused to innovate and develop new solutions to meet evolving customer needs and market trends. Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Backup Power market throughout the predicted period.
Aggreko (United Kingdom), Bloom Energy (United States), Caterpillar (United States), Cummins Inc.(United States), LG Chem (South Korea), GS Yuasa Corporation (Japan), Kohler Co.(United States), Schneider Electric SE (France), The Emerson Electric Company (United States) and Eaton Corporation Plc (United States) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are SFC Energy(Germany), Doosan Fuel Cell America (United States) and Mitsubishi Heavy Industries (Japan).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Backup Power market by Type , by Application (Non-residential and Residential) and Region with country level break-up.
On the basis of geography, the market of Backup Power has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
In April 2021, Caterpillar acquired CarbonPoint Solutions, a US-based company that provides technology for capturing and concentrating carbon dioxide (CO2) for utilization or sequestration. The acquisition enabled the company to expand its offerings in carbon capture technology and support its customers in reducing their carbon footprint.
In July 2021, Aggreko launched new fleet of battery storage systems that offer large energy savings despite their small size. The systems are designed to be flexible and scalable, making them suitable for a wide range of applications, including grid stability, peak shaving, and backup power. This launch of these new battery storage systems is further aimed to deliver sustainable and efficient power solutions to its customers.
Authorities in the United States have amended emissions rules for gas & diesel generators, this is likely to have a positive result on the backup power market in the country. Generators manufactured as per the latest environmental standards confirm significant reductions in the emission of greenhouse gases. Such policies are likely to help the generator sales that is ultimately power backup power market to grow over the coming years.
Influencing Trend:
Growing Requirement for Efficient Power Sources
Market Growth Drivers:
Increasing Demand For Uninterrupted Power, Rapid Urbanization in Developing Nations and Growing Healthcare Infrastructure
Challenges:
Increasing complexity of the electrical grid
Restraints:
High Maintenance Costs and initial investment
Opportunities:
Demand From Emerging Economies
Key Target Audience
Backup Power Manufacturers Suppliers and Distributors, Venture Capitalists and Private Equity Firms, New Entrants/Investors, Strategic Business Planners, Government Regulatory, Research Organizations and End-Use Industries