Global Residential Backup Power Market 2020-2024 | Evolving Opportunities With ABB Ltd. and Caterpillar Inc. | Technavio
LONDON--(BUSINESS WIRE)--Jan 13, 2020--
The global residential backup power market is poised to grow by USD 1.92 billion during 2020-2024, progressing at a CAGR of over 4% during the forecast period. Request free sample pages
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Technavio has announced its latest market research report titled global residential backup power market 2020-2024. (Graphic: Business Wire)
Read the 153-page report with TOC on “Residential backup power Market Analysis Report by Geography (APAC, Europe, MEA, North America, and South America), Technology (Generators, Batteries, and Fuel cells), and the Segment Forecasts, 2020-2024”.
The market is driven by the growing use of batteries for power back up. In addition, the increase in hybrid power systems is anticipated to boost the growth of the residential backup power market.
Batteries are increasingly being adopted as a backup power source, as they have similar functions as that of traditional generators and do not require refueling. Lead-acid batteries and lithium-ion batteries are the most widely used backup power sources among batteries. Lead-acid batteries are economical and have a long lifecycle and lower maintenance requirement. Similarly, Lithium-ion batteries have high energy density, high depth of discharge, high charge rate, long power-holding capacity and long shelf life. Such properties of these batteries render them suitable as backup power sources. Thus, the increasing use of batteries as backup power will have a positive impact on the growth of residential backup power market during the forecast period.
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Major Five Residential Backup Power Companies:
ABB Ltd. has business operations under various segments, which include electrification products, industrial automation, and robotics and motion. The company offers residential backup generators that run on gas or diesel. In January 2019, the company launched a single-phase UPS for industrial applications.
Caterpillar Inc. operates its business through various segments, which include construction industries, resource industries, energy & transportation, and financial products. The company offers easy-to-use portable generators for home backup power application.
Cummins Inc. has business operations under various segments, which include engine, distribution, components, power systems, and electrified power. The company offers both standby and portable generators for residential backup power application. The offerings include QuietConnect standby generators and Onan portable generators.
Exide Industries Ltd.
Exide Industries Ltd. manufactures lead-acid storage batteries and allied products for home UPS systems and other industrial applications. In November 2019, the company launched a new range online UPS named Power NXT for small office home office customers.
Kohler Co. has business operations under four segments, which include kitchen & bath, decorative products, power, and golf and resort destinations. The company offers standby home generators for backup power application. The generators run on natural gas or propane.
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Technavio has segmented the residential backup power market based on the technology and region.
Residential Backup Power Technology Outlook (Revenue, USD Billion, 2020-2024)
Residential Backup Power Regional Outlook (Revenue, USD Billion, 2020-2024)
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PUB: 01/13/2020 09:00 AM/DISC: 01/13/2020 09:00 AM