Residential Backup Power Market
Growth Factors of Residential Backup Power Market
The residential backup power market size was valued at USD 11.10 billion in 2023, and the market is now projected to grow from USD 11.96 billion in 2024 to USD 21.48 billion by 2032, exhibiting a CAGR of 7.64% during the forecast period of 2024-2032.
Pandemic brought about lockdowns and worldwide exchange closures, causing supply chain disruptions and decreased production potentials. This increased reliance on electronic devices and IoT, resulting in a rise in work-from-home culture, online schools, and online shopping. This led to a massive adoption of residential backup power systems, as smartphones and laptops require power for charging.
Government initiatives promoting low carbon technologies have accelerated the adoption of battery energy storage for residential backup power. These systems are increasingly integrated with renewable technologies like solar and wind power, aiming to reduce carbon footprints and boost green technologies in the primary generation mix. The European Commission, Australian, U.S., and Canadian governments supported the Supercharge Battery Storage Initiative, aiming to promote international cooperation and align goals to improve technology adoption and residential backup power market growth. The initiative aims to lessen electricity storage generation expenses and create a sustainable, obvious, diverse, and responsible delivery chain.
Technological advancements within the digital enterprise have brought about the development of advanced residential backup electricity structures, including UPS, which shield electronic devices from harm and provide emergency power. Research on fuel cells is expected to increase adoption of fuel cell-powered power backup solutions in residential spaces. Hybrid power backup systems, which can run on multiple fuels, are also gaining popularity. Manufacturers are combining advanced technology with UPS, such as IoT-based UPS, to make it easier to access and use. ZunVolt introduced the mini Wi-Fi UPS in November 2021.
Comprehensive Analysis of Residential Backup Power Market
The global market is divided into generator, battery, and fuel cell segments based on technology. The generator segment dominates due to numerous options from various companies. The battery segment is expected to grow due to increased adoption of renewable power sources in residential sectors, with the reduced cost of lithium-ion batteries driving growth. Fuel cells, currently low in adoption, are expected to grow rapidly due to technological advancements for backup power.
The Asia Pacific region lead the residential backup power market share by benefitting a market size of USD 4.02 billion in 2023 due to North America has been a significant adopter of power backup solutions, particularly fuel cell technology. The Canada h2 Early Adopters program funded a project in Toronto to demonstrate hydrogen technologies in power generation and heating. This investment enabled a consortium led with the aid of Fuel Cell Technologies Ltd. To authenticate an important step closer to a hydrogen financial system, demonstrating the location's dedication to renewable energy.
Generac is expected to dominate the residential backup power marketplace because of its widespread product portfolio and strong brand value. The company is enhancing its sales, distribution, and marketing channels through partnerships with local associates to expand its product reach globally. Generac has partnered with Pramac Group, Motortech, Selmec, Captiva Energy Solutions, Euio, Pika Energy, Meangreen Mowers, Enbala, Deep Sea Electronics, Chilicon Power, Offgrid Energy, Apricity, Tankutility, and Ecobee. Other key companies in the market include ABB, Caterpillar, Cummins, Exide Industries, Kohler, Panasonic Corpx, pRAMAC, American Honda Motor, Schneider Electric, and Tesla.
Schneider Electric introduced two new solar power solutions in June 2022, the Homaya Pro inverter, which converts DC to AC, and the Homaya Pro inverter, which can be connected to a grid or deployed standalone.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 7.64% from 2024 to 2032
Unit Value (USD Billion)
Segmentation By Technology
- Generator
- Battery
- Fuel Cells
- North America (By Technology, By Country)
- U.S.
- Canada
- Europe (By Technology, By Country)
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific (By Technology, By Country)
- China
- India
- Japan
- Australia
- Southeast Asia
- Rest of Asia Pacific
- Latin America (By Technology, By Country)
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa (By Technology, By Country)
- GCC
- South Africa
- Egypt
- Rest of Middle East & Africa
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Emerging Trends
- 4. Key Insights
- 4.1. Overview of the Parent/Related Markets
- 4.2. Industry SWOT Analysis
- 4.3. Supply Chain and Regulatory Analysis
- 4.4. Porter’s Five Forces Analysis
- 4.5. Recent Technological Advancements
- 5. Global Hair Extension Market Analysis, Insights, and Forecast, 2019-2032
- 5.1. Key Findings / Summary
- 5.2. Market Size Estimates and Forecast
- 5.2.1. By Type (Value)
- 5.2.1.1. Synthetic Hair Extension
- 5.2.1.2. Human Hair Extension
- 5.2.1.3. Animal Hair Extension
- 5.2.2. By End-User (Value)
- 5.2.2.1. Male
- 5.2.2.2. Female
- 5.2.3. By Region (Value)
- 5.2.3.1. North America
- 5.2.3.2. Europe
- 5.2.3.3. Asia Pacific
- 5.2.3.4. South America
- 5.2.3.5. Middle East & Africa
- 6. North America Hair Extension Market Analysis, Insights and Forecast, 2019-2032
- 6.1. Key Findings / Summary
- 6.2. Market Size Estimates and Forecast
- 6.2.1. By Type (Value)
- 6.2.1.1. Synthetic Hair Extension
- 6.2.1.2. Human Hair Extension
- 6.2.1.3. Animal Hair Extension
- 6.2.2. By End-User (Value)
- 6.2.2.1. Male
- 6.2.2.2. Female
- 6.2.3. By Country (Value)
- 6.2.3.1. U.S.
- 6.2.3.1.1. By Type (Value)
- 6.2.3.1.1.1. Synthetic Hair Extension
- 6.2.3.1.1.2. Human Hair Extension
- 6.2.3.1.1.3. Animal Hair Extension
- 6.2.3.2. Canada
- 6.2.3.2.1. By Type (Value)
- 6.2.3.2.1.1. Synthetic Hair Extension
- 6.2.3.2.1.2. Human Hair Extension
- 6.2.3.2.1.3. Animal Hair Extension
- 6.2.3.3. Mexico
- 6.2.3.3.1. By Type (Value)
- 6.2.3.3.1.1. Synthetic Hair Extension
- 6.2.3.3.1.2. Human Hair Extension
- 6.2.3.3.1.3. Animal Hair Extension
- 7. Europe Hair Extension Market Analysis, Insights and Forecast, 2019-2032
- 7.1. Key Findings / Summary
- 7.2. Market Size Estimates and Forecast
- 7.2.1. By Type (Value)
- 7.2.1.1. Synthetic Hair Extension
- 7.2.1.2. Human Hair Extension
- 7.2.1.3. Animal Hair Extension
- 7.2.2. By End-User (Value)
- 7.2.2.1. Male
- 7.2.2.2. Female
- 7.2.3. By Country (Value)
- 7.2.3.1. U.K.
- 7.2.3.1.1. By Type (Value)
- 7.2.3.1.1.1. Synthetic Hair Extension
- 7.2.3.1.1.2. Human Hair Extension
- 7.2.3.1.1.3. Animal Hair Extension
- 7.2.3.2. France
- 7.2.3.2.1. By Type (Value)
- 7.2.3.2.1.1. Synthetic Hair Extension
- 7.2.3.2.1.2. Human Hair Extension
- 7.2.3.2.1.3. Animal Hair Extension
- 7.2.3.3. Italy
- 7.2.3.3.1. By Type (Value)
- 7.2.3.3.1.1. Synthetic Hair Extension
- 7.2.3.3.1.2. Human Hair Extension
- 7.2.3.3.1.3. Animal Hair Extension
- 7.2.3.4. Spain
- 7.2.3.4.1. By Type (Value)
- 7.2.3.4.1.1. Synthetic Hair Extension
- 7.2.3.4.1.2. Human Hair Extension
- 7.2.3.4.1.3. Animal Hair Extension
- 7.2.3.5. Germany
- 7.2.3.5.1. By Type (Value)
- 7.2.3.5.1.1. Synthetic Hair Extension
- 7.2.3.5.1.2. Human Hair Extension
- 7.2.3.5.1.3. Animal Hair Extension
- 7.2.3.6. Rest of Europe
- 7.2.3.6.1. By Type (Value)
- 7.2.3.6.1.1. Synthetic Hair Extension
- 7.2.3.6.1.2. Human Hair Extension
- 7.2.3.6.1.3. Animal Hair Extension
- 8. Asia-Pacific Hair Extension Market Analysis, Insights and Forecast, 2019-2032
- 8.1. Key Findings / Summary
- 8.2. Market Size Estimates and Forecast
- 8.2.1. By Type (Value)
- 8.2.1.1. Synthetic Hair Extension
- 8.2.1.2. Human Hair Extension
- 8.2.1.3. Animal Hair Extension
- 8.2.2. By End-User (Value)
- 8.2.2.1. Male
- 8.2.2.2. Female
- 8.2.3. By Country (Value)
- 8.2.3.1. China
- 8.2.3.1.1. By Type (Value)
- 8.2.3.1.1.1. Synthetic Hair Extension
- 8.2.3.1.1.2. Human Hair Extension
- 8.2.3.1.1.3. Animal Hair Extension
- 8.2.3.2. India
- 8.2.3.2.1. By Type (Value)
- 8.2.3.2.1.1. Synthetic Hair Extension
- 8.2.3.2.1.2. Human Hair Extension
- 8.2.3.2.1.3. Animal Hair Extension
- 8.2.3.3. Japan
- 8.2.3.3.1. By Type (Value)
- 8.2.3.3.1.1. Synthetic Hair Extension
- 8.2.3.3.1.2. Human Hair Extension
- 8.2.3.3.1.3. Animal Hair Extension
- 8.2.3.4. Australia
- 8.2.3.4.1. By Type (Value)
- 8.2.3.4.1.1. Synthetic Hair Extension
- 8.2.3.4.1.2. Human Hair Extension
- 8.2.3.4.1.3. Animal Hair Extension
- 8.2.3.5. Rest of Asia-Pacific
- 8.2.3.5.1. By Type (Value)
- 8.2.3.5.1.1. Synthetic Hair Extension
- 8.2.3.5.1.2. Human Hair Extension
- 8.2.3.5.1.3. Animal Hair Extension
- 9. South America Hair Extension Market Analysis, Insights and Forecast, 2019-2032
- 9.1. Key Findings / Summary
- 9.2. Market Size Estimates and Forecast
- 9.2.1. By Type (Value)
- 9.2.1.1. Synthetic Hair Extension
- 9.2.1.2. Human Hair Extension
- 9.2.1.3. Animal Hair Extension
- 9.2.2. By End-User (Value)
- 9.2.2.1. Male
- 9.2.2.2. Female
- 9.2.3. By Country (Value)
- 9.2.3.1. Brazil
- 9.2.3.1.1. By Type (Value)
- 9.2.3.1.1.1. Synthetic Hair Extension
- 9.2.3.1.1.2. Human Hair Extension
- 9.2.3.1.1.3. Animal Hair Extension
- 9.2.3.2. Argentina
- 9.2.3.2.1. By Type (Value)
- 9.2.3.2.1.1. Synthetic Hair Extension
- 9.2.3.2.1.2. Human Hair Extension
- 9.2.3.2.1.3. Animal Hair Extension
- 9.2.3.3. Rest of South America
- 9.2.3.3.1. By Type (Value)
- 9.2.3.3.1.1. Synthetic Hair Extension
- 9.2.3.3.1.2. Human Hair Extension
- 9.2.3.3.1.3. Animal Hair Extension
- 10. Middle East & Africa Hair Extension Market Analysis, Insights and Forecast, 2019-2032
- 10.1. Key Findings / Summary
- 10.2. Market Size Estimates and Forecast
- 10.2.1. By Type (Value)
- 10.2.1.1. Synthetic Hair Extension
- 10.2.1.2. Human Hair Extension
- 10.2.1.3. Animal Hair Extension
- 10.2.2. By End-User (Value)
- 10.2.2.1. Male
- 10.2.2.2. Female
- 10.2.3. By Country (Value)
- 10.2.3.1. South Africa
- 10.2.3.1.1. By Type (Value)
- 10.2.3.1.1.1. Synthetic Hair Extension
- 10.2.3.1.1.2. Human Hair Extension
- 10.2.3.1.1.3. Animal Hair Extension
- 10.2.3.2. UAE
- 10.2.3.2.1. By Type (Value)
- 10.2.3.2.1.1. Synthetic Hair Extension
- 10.2.3.2.1.2. Human Hair Extension
- 10.2.3.2.1.3. Animal Hair Extension
- 10.2.3.3. Rest of Middle East & Africa
- 10.2.3.3.1. By Type (Value)
- 10.2.3.3.1.1. Synthetic Hair Extension
- 10.2.3.3.1.2. Human Hair Extension
- 10.2.3.3.1.3. Animal Hair Extension
- 11. Competitive Matrix
- 11.1. Business Strategies Adopted by Leading Players
- 11.2. Global Hair Extension Market Revenue Share/Ranking Analysis, By Key Manufacturer, 2023
- 12. Company Profiles
- 12.1. Great Lengths Universal Hair Extensions Srl (Roma, Lazio, Italy)
- 12.1.1. Overview
- 12.1.2. Description
- 12.1.3. Product Portfolio
- 12.1.4. Financials (Data as available in public domain and/or on paid databases)
- 12.1.5. Recent Developments
- 12.2. Balmain Hair Group B.V. (Netherlands)
- 12.2.1. Overview
- 12.2.2. Description
- 12.2.3. Product Portfolio
- 12.2.4. Financials (Data as available in public domain and/or on paid databases)
- 12.2.5. Recent Developments
- 12.3. Hair Visions International (Florida, USA)
- 12.3.1. Overview
- 12.3.2. Description
- 12.3.3. Product Portfolio
- 12.3.4. Financials (Data as available in public domain and/or on paid databases)
- 12.3.5. Recent Developments
- 12.4. Esqido (Toronto, Canada)
- 12.4.1. Overview
- 12.4.2. Description
- 12.4.3. Product Portfolio
- 12.4.4. Financials (Data as available in public domain and/or on paid databases)
- 12.4.5. Recent Developments
- 12.5. SO.CAP. Original USA (Florida, USA)
- 12.5.1. Overview
- 12.5.2. Description
- 12.5.3. Product Portfolio
- 12.5.4. Financials (Data as available in public domain and/or on paid databases)
- 12.5.5. Recent Developments
- 12.6. Cinderella Hair (London, UK)
- 12.6.1. Overview
- 12.6.2. Description
- 12.6.3. Product Portfolio
- 12.6.4. Financials (Data as available in public domain and/or on paid databases)
- 12.6.5. Recent Developments
- 12.7. Racoon International (United Kingdom)
- 12.7.1. Overview
- 12.7.2. Description
- 12.7.3. Product Portfolio
- 12.7.4. Financials (Data as available in public domain and/or on paid databases)
- 12.7.5. Recent Developments
- 12.8. Evergreen Products Group Limited (Hong Kong)
- 12.8.1. Overview
- 12.8.2. Description
- 12.8.3. Product Portfolio
- 12.8.4. Financials (Data as available in public domain and/or on paid databases)
- 12.8.5. Recent Developments
- 12.9. Easihair Pro USA (United States)
- 12.9.1. Overview
- 12.9.2. Description
- 12.9.3. Product Portfolio
- 12.9.4. Financials (Data as available in public domain and/or on paid databases)
- 12.9.5. Recent Developments
- 12.10. Hairlocs (California, USA)
- 12.10.1. Overview
- 12.10.2. Description
- 12.10.3. Product Portfolio
- 12.10.4. Financials (Data as available in public domain and/or on paid databases)
- 12.10.5. Recent Developments
- 13. Strategic Recommendations
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