Global Backup Power Market Growth 2023-2029

Global Backup Power Market Growth 2023-2029

Power outages can be caused due to natural calamities, overload, or equipment failures. It is a recurring problem that disrupts the operations in residential, commercial, and industrial sectors. The monetary losses incurred vary from sector to sector and can run into millions. Therefore, to minimize the losses and stay protected against utility power outages, backup power systems are being adopted where the momentary power outages do not disrupt the operations. For instance, installing a diesel generator for emergency backup can meet the full load that it is designed for under 10 seconds.

LPI (LP Information)' newest research report, the “Backup Power Industry Forecast” looks at past sales and reviews total world Backup Power sales in 2022, providing a comprehensive analysis by region and market sector of projected Backup Power sales for 2023 through 2029. With Backup Power sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Backup Power industry.

This Insight Report provides a comprehensive analysis of the global Backup Power landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Backup Power portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms' unique position in an accelerating global Backup Power market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Backup Power and breaks down the forecast by type, by application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Backup Power.

The global Backup Power market size is projected to grow from US$ 13800 million in 2022 to US$ 19670 million in 2029; it is expected to grow at a CAGR of 19670 from 2023 to 2029.

The availability of diverse backup power systems is one of the primary drivers for market growth. Traditionally, diesel power generators were used for backup power due to their relatively low price and the easy availability of diesel. However, over the years the increasing emission concerns due to the utilization of traditional power generators has led to the rise of alternate sources such as battery energy storage systems, hybrid power, and fuel cells. APAC is the fastest-growing segment of the backup power market, expected to showcase a CAGR of nearly 6% through the forecast period. The unreliability of grid power infrastructure in the developing countries of the region has created a strong need for backup power sources. The EU is encouraging distributed generation by providing feed in tariffs and incentives, which is driving the installation of off-grid energy systems such as fuel cells and battery energy storage systems.

This report presents a comprehensive overview, market shares, and growth opportunities of Backup Power market by product type, application, key manufacturers and key regions and countries.

Market Segmentation:

Segmentation by type
Diesel Generator
Others

Segmentation by application
Residential
Non-Residential

This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
Aggreko
Bloom Energy
Caterpillar
Cummins
LG Chem

Key Questions Addressed in this Report

What is the 10-year outlook for the global Backup Power market?

What factors are driving Backup Power market growth, globally and by region?

Which technologies are poised for the fastest growth by market and region?

How do Backup Power market opportunities vary by end market size?

How does Backup Power break out type, application?

What are the influences of COVID-19 and Russia-Ukraine war?

Please note: The report will take approximately 2 business days to prepare and deliver.