Global Residential Backup Power Market 2024-2028
The residential backup power market is forecasted to grow by USD 4114.4 mn during 2023-2028, accelerating at a CAGR of 6.66% during the forecast period. The report on the residential backup power market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by increasing demand for backup power from emerging economies, growing use of batteries for backup power source, and rising number of blackouts and unreliable grid power supply.
Technavio's residential backup power market is segmented as below:
ByTechnology
- Generators
- Batteries
- Fuel cells
ByGeography
- APAC
- North America
- Europe
- Middle East and Africa
- South America
This study identifies the rising adoption of fuel cells for power backup as one of the prime reasons driving the residential backup power market growth during the next few years. Also, increasing adoption of hybrid power systems and development of smart cities will lead to sizable demand in the market.
The report on the residential backup power market covers the following areas:
- Residential backup power market sizing
- Residential backup power market forecast
- Residential backup power market industry analysis
The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading residential backup power market vendors that include ABB Ltd., Briggs and Stratton LLC, C and D Technologies Inc., Caterpillar Inc., Champion Power Equipment Inc., Cummins Inc., Eaton Corp. Plc, Emerson Electric Co., EnerSys, Exide Industries Ltd., Generac Holdings Inc., Honda Motor Co. Ltd., Huawei Technologies Co. Ltd., Kohler Co., NeoVolta Inc., Panasonic Holdings Corp., Schneider Electric SE, SMA Solar Technology AG, Tesla Inc., and Toshiba Corp.. Also, the residential backup power market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
The publisher presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast the accurate market growth.