Global Backup Power Market 2017-2021
About Backup Power
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. It is regarded as a highly reliable source and can run for about 3.5 years without any major overhauls. However, they need to be regularly serviced and maintained.
Technavio’s analysts forecast the global backup power market to grow at a CAGR of 4.59% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global backup power market for 2017-2021. To calculate the market size, the report considers the revenue generated from the new installations and exclude aftermarket/services market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Backup Power Market 2017-2021
Technavio recognizes the following companies as the key players in the global backup power market: Aggreko, Bloom Energy, Caterpillar, Cummins, and LG Chem.
Other Prominent Vendors in the market are: AISIN SEIKI, Alpine Power Systems, APR Energy, Atlas Copco, Ballard Power Systems, Briggs & Stratton, Doosan Fuel Cell America, East Penn Manufacturing, Eaton, Emerson, EnerSys, Enocell, Enphase Energy, Exide Technologies, Exide Industries, Generac Power Systems, GS Yuasa, HIMOINSA, Kohler, MITSUBISHI HEAVY INDUSTRIES, Nuvera Fuel Cells, Schneider Electric, SFC Energy, Su-Kam Power Systems, and Tesla.
Commenting on the report, an analyst from Technavio’s team said: “One trend in market is aging grid infrastructure. The power grid has remained the same since its development a century ago, with several pieces of equipment reaching the end of their service life. Climate change policies and improvements in technology have resulted in electricity generation from carbon-free renewable sources, such as solar, wind, and hydro.”
According to the report, one driver in market is increasing need for backup power due to grid outages. The aging infrastructure, rise in population, and additional power sources have increased the strain on the infrastructure causing power outages. Below is the year-over-year number of outages in the US caused by the weather, equipment failure, maintenance shutdown, load shedding, vandalism, and cyber-attacks. Between the year 2010 and 2014, the number of power outages increased by more than 50% compared with the year 2010. Power outages not only cause inconvenience to the end-users, but also a monetary loss to utilities, impede emergency services, and are a threat to national security, as they compromise the communication systems.
Further, the report states that one challenges in market is increasing distributed generation and off-grid power systems. Common problems faced by the power industry are the rising energy costs, aging infrastructure, mass electrification, and climate changes. To overcome these challenges there is rising interest in distributed generation. This is expected to have a major impact on backup power systems as they are used as a secondary source if the grid fails. Distributed generation is transforming the way power is generated and consumed, and considered as a method to improve the reliability of the grid. This is because distributed generation units can maintain continuous supply in the event of a wide power outage and function independent of the grid. They can also be used to mitigate the voltage regulation problems. The benefits they provide has also resulted in widening the range of technologies that are used for distribution generation.
Aggreko, Bloom Energy, Caterpillar, Cummins, LG Chem, AISIN SEIKI, Alpine Power Systems, APR Energy, Atlas Copco, Ballard Power Systems, Briggs & Stratton, Doosan Fuel Cell America, East Penn Manufacturing, Eaton, Emerson, EnerSys, Enocell, Enphase Energy, Exide Technologies, Exide Industries, Generac Power Systems, GS Yuasa, HIMOINSA, Kohler, MITSUBISHI HEAVY INDUSTRIES, Nuvera Fuel Cells, Schneider Electric, SFC Energy, Su-Kam Power Systems, and Tesla.
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