The global backup power marketis projected to grow to USD 19.39 billion by 2021, at a CAGR of nearly 5% over the forecast period, according to Technavio's latest report.
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Technavio has published a new report on the global backup power market from 2017-2021. (Graphic: Business Wire)
In this report, Technavio covers the market outlook and growth prospects of the global backup power market for 2017-2021. Based on the end-users, the market is divided into residential and non-residential segments.
A backup power system is a secondary electrical system that can automatically supply power during failure by utilizing resources available at the source. Technological advances have made it essential for industrial and residential networks to have a continuous supply of power for effective functioning.
Technavio's research study segments the global backup power market into the following regions:
Backup power market in the Americas
"The Americas currently leads the backup power market and is expected to continue its market dominance through the forecast period, driven by the need for reliable and continuous power for business activities," says Thanikachalam Chandrasekaran, a lead analyst at Technavio for energy storage research.
The backup power systems in the US have witnessed a robust growth during the last five years, driven by the aging grid infrastructure and natural calamities interrupting the power flow. Backup power systems are highly effective in the residential sector where the need for backup power is only for a brief period.
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Backup power market in APAC
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. Various industrial and commercial establishments in APAC invest in backup power systems to ensure a smooth flow of their business operations. Another factor impacting the rising adoption of backup power systems is the great number of natural calamities in the region, which disrupt grid infrastructure.
Backup power market in EMEA
"The backup power market in EMEA is expected to reach USD 4.22 billion by 2021. The aging grid infrastructure in the developed countries of the region has created the need for reliable backup power systems," says Thanikachalam.
Also, 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. Also, the demand for reliable power supply in developing African countries has driven the rising adoption of backup off-grid power supply facilities.
The top vendors in the global backup power market highlighted in the report are:
- Bloom Energy
- LG Chem
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