Backup Power Market to Reach $4.33 Billion, Globally, by 2030 at 6.3% CAGR: Coherent Market Insights (CMI)
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/EIN News/ -- Burlingame, July 21, 2023 (GLOBE NEWSWIRE) -- Backup Power Market, By Type (Diesel generators, Gas generators, Solar generators, Others (such as wind turbines, battery systems, etc.)), By Application (Standby power, Prime power, Peak shaving), According to Coherent Market Insights, global backup power market is estimated to be valued at US$ 2.66 billion in 2022 and is expected to exhibit a CAGR of 6.3% during the forecast period (2023-2030).
Analysts’ Views on Global Backup Power Market
Backup power is any device or system that offers instantaneous supply of power when there is a power failure. This comprises information technology, telecommunications and computer systems, utility substations, manufacturing processes, security systems, and railway applications. In some cases, power failure can lead to disrupted business operations, loss of money, or even threat to human life. Thus, backup power systems are increasingly being used across several industries.
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Key Trends and Analysis of the Global Backup Power Market:
Adoption of clean energy backup solutions is a major trend expected to fuel growth of the global backup power market over the forecast period. The concerns regarding climate change along with environmental sustainability are increasing due to which, industries are businesses are shifting toward backup power solutions that use renewable energy sources such as wind, hydro, and solar power. This trend contributes to the global push towards clean energy and reducing carbon emissions.
Global Backup Power Market – Drivers
Increasing demand for reliable power backup in data centers to boost the market growth
Data centers are complex infrastructure requiring reliable and constant power supply for preventing loss of data and maintaining uninterrupted operations. The rise in adoption of cloud computing and digital services, data centers is increasing in numbers all over the world, further driving the demand for backup power systems for ensuring constant uptime.
Rising infrastructure development and industrialization to fuel the market growth
Emerging countries are witnessing rise in urbanization, industrialization, and infrastructure development, which is further increasing the demand for backup power solutions. Various industries such as healthcare, manufacturing, oil & gas, IT and telecom need constant power supply for smooth operations. This in turn is further driving the market growth.
Backup Power Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2023: | US$ 2.66 Bn | |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 - 2030 | |
| Forecast Period 2023 to 2030 CAGR: | 6.3% | 2030 Value Projection: | US$ 4.33 Bn | |
| Geographies covered: |
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| Companies covered: | Caterpillar Inc., Cummins Inc., Generac Power Systems Inc., Kohler Co., MTU Onsite Energy Corporation, Himoinsa S.L., Atlas Copco AB, Mitsubishi Heavy Industries Ltd., Briggs & Stratton Corporation, Schneider Electric SE, Eaton Corporation, Aggreko plc, Wärtsilä Corporation, Yanmar Co. Ltd., Doosan Corporation | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Global Backup Power Market – Restrain
High cost of investment and maintenance to limit the market growth
Gasoline and diesel-based generators require maintenance after 100-200 uses and need frequent oil changes. Moreover, these generators are considerably loud, due to which they require installation of mufflers. This further adds into the initial costs of generators. Along with this, the cleaning cost of these machines again contributes to the overall high cost. Thus, this factor is expected to hamper growth of the global backup power market over the forecast period.
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Global Backup Power Market – Opportunities
Rise in adoption of decentralized power generation and microgrids is creating multiple opportunities in the global backup power market. Microgrids and decentralized power generation systems offer reliable and localized power supply. Backup power systems play an important role in microgrids as they offer support in grid disruption. Thus, their growing adoption due to their benefits, is creating growth opportunities in the backup power market.
Global Backup Power Market - Key Developments
In 2021, Tesla Powerwall, Tesla, introduced the Powerwall, an energy storage solution for residential application, to be used as backup power source.
In 2020, Generac PWRcell, a leading backup power systems manufacturer launched the novel PWRcell energy storage system, designed for integrating with solar panels and providing backup power in case of grid failure.
In October 2021, Generac Power Systems opened a manufacturing, assembly, and distribution facility in Trenton. This is likely to cater the increased demand for generators in residential applications.
Key Market Takeaways:
Global backup power market is expected to exhibit a CAGR of 6.3% during the forecast period. The backup power market is growing rapidly in response to the growing demand for uninterrupted power supply due to rise in reliance on digital infrastructure and technology.
On the basis of Type, Diesel Generators Segment is expected to dominate the market during the forecast period and this is attributed to the widespread use of diesel generators across various industries due to its cost-effectiveness.
On the basis of Application, Standby Power Segment is expected to dominate the market during the forecast period and this is attributed to the rise in adoption of standby power backup in residential sector.
On the basis End User, Commercial Segment is expected to dominate the market during the forecast period and this is attributed to the increasing power outages, and unreliable grid electricity driving the adoption of backup power solutions for business activities in commercial sector.
On the basis of Geography, North America is expected to hold a dominant position over the forecast period, due to rise in adoption of backup power products in various industries such as manufacturing, and IT and telecom in the region.
Competitive Landscape:
Key players operating in the global backup power market include MTU Onsite Energy Corporation, Doosan Corporation, Briggs & Stratton Corporation, Yanmar Co. Ltd., Generac Power Systems Inc., Wärtsilä Corporation, Mitsubishi Heavy Industries Ltd., Aggreko plc., Caterpillar Inc., Eaton Corporation, Cummins Inc., Schneider Electric SE, Kohler Co., Atlas Copco AB, and Himoinsa S.L.
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Detailed Segmentation:
Global Backup Power Market, By Type:
- Diesel Generators
- Gas Generators
- Solar Generators
- Others (such as Wind Turbines, Battery Systems, etc.)
Global Backup Power Market, By Application:
- Standby Power
- Prime Power
- Peak Shaving
Global Backup Power Market, By End User:
- Residential
- Commercial
- Industrial
- Others (such as Healthcare, Data Centers, etc.)
Global Backup Power Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC Countries
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
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