Residential Backup Power Market to Grow by USD 1.32 Billion During 2020-2024

Strategic Insights -

The residential backup power market size is poised to grow by USD 1.32 billion during 2020-2024, progressing at a CAGR of about 3% during the forecast period. The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. The unreliable grid power supply has been instrumental in driving the growth of the market, but the drawbacks associated with batteries might hamper the market growth. Hybrid power systems are expected to be a prime driver of market growth during the next few years.

Key Takeaways:

  • The market is expected to grow by USD 1.32 billion during 2020-2024, with a CAGR of approximately 3%.
  • The market is driven by the unreliable grid power supply, which has been instrumental in driving the growth of the market.
  • The drawbacks associated with batteries might hinder the market growth.
  • Hybrid power systems are expected to be a prime driver of market growth during the next few years.
  • The market is expected to be driven by the need for backup power solutions in residential areas due to power outages and grid failures.
  • Technavio has identified ABB Ltd., Caterpillar Inc., Cummins Inc., Exide Industries Ltd., Kohler Co., Panasonic Corp., Schneider Electric SE, Tesla Inc., Toshiba International Corp., and Trojan Battery Co. LLC as key vendors operating in the residential backup power market.
  • The market is expected to be driven by the increasing demand for backup power solutions in residential areas due to the growing demand for electricity.
  • The market is expected to be driven by the adoption of hybrid power systems, which combine multiple power sources to provide a reliable and efficient backup power solution.
  • The market is expected to be driven by the growing demand for renewable energy sources, which are being used as a backup power solution in conjunction with traditional fossil fuels.
  • The market is expected to be driven by the increasing adoption of smart grid technologies, which enable the efficient distribution and consumption of electricity.

Statistics:

  • The global residential backup power market size is expected to grow by USD 1.32 billion during 2020-2024.
  • The market is expected to grow at a CAGR of approximately 3% during the forecast period.
  • The market is driven by the unreliable grid power supply, which has been instrumental in driving the growth of the market.
  • The market is expected to be driven by the adoption of hybrid power systems, which combine multiple power sources to provide a reliable and efficient backup power solution.
  • The market is expected to be driven by the growing demand for backup power solutions in residential areas due to the growing demand for electricity.
  • The market is expected to be driven by the increasing adoption of smart grid technologies, which enable the efficient distribution and consumption of electricity.

Sources:

  • Technavio. "Global Residential Backup Power Market 2020-2024"
  • Business Wire. "Technavio Publishes New Report: Global Residential Backup Power Market 2020-2024"