Residential Backup Power Market to Grow by USD 1.92 Billion During 2020-2024

Strategic Insights -

The global residential backup power market is poised to grow at a compound annual growth rate (CAGR) of over 4% during the forecast period 2020-2024, resulting in a market size of USD 1.92 billion. The market growth is driven by the increasing use of batteries for power backup, particularly in the Asia-Pacific (APAC) region.

The residential backup power market is highly competitive, with top vendors such as 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. Vendors are focusing on expanding their product lines, enhancing their product offerings, and developing strategic partnerships to stay competitive.

Key Takeaways:

  • The market is expected to grow at a CAGR of over 4% during the forecast period 2020-2024.
  • The increasing use of batteries for power backup is a key driver of the market growth.
  • The APAC region is expected to hold the highest market share during the forecast period.
  • The market is highly competitive, with top vendors focused on expanding their product lines and developing strategic partnerships.
  • 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. are some of the major market participants.
  • The market is expected to grow as the demand for backup power systems increases in the residential sector.
  • The use of hybrid power systems is expected to drive the market growth in the coming years.
  • The market is expected to see an increase in demand for smart home systems and devices.
  • The vendors are expected to focus on developing IPv6-enabled devices and the Internet of Things (IoT) technologies for smart home applications.
  • The market is expected to see an increase in demand for solar and wind energy-based backup power systems.

Statistics:

  • The market size is expected to be USD 1.92 billion by 2024, growing at a CAGR of over 4% during the forecast period.
  • The market is expected to grow as the demand for backup power systems increases in the residential sector.
  • The market is expected to see an increase in demand for smart home systems and devices.
  • The vendors are expected to focus on developing IPv6-enabled devices and the Internet of Things (IoT) technologies for smart home applications.
  • The market is expected to see an increase in demand for solar and wind energy-based backup power systems.
  • The market is expected to grow at a CAGR of over 4% during the forecast period.

Sources:

  • Technavio
  • Businesswire