About Residential Backup Power
A backup power system is a secondary electrical system that can automatically supply power when the grid power fails by utilizing resources available at the source. A residential backup power system is primarily connected to households and grid power and has electrical components, which allow it to turn on automatically when it senses an outage.
Technavio’s analysts forecast the global residential backup power market to grow at a CAGR of 6.19% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global residential backup power market for 2017-2021. To calculate the market size, the report considers new sales in the market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Residential Backup Power Market 2017-2021
Technavio recognizes the following companies as the key players in the global residential backup power market: Caterpillar, Cummins, Kohler, Tesla, and Trojan Battery.
Other Prominent Vendors in the market are: Aggreko, Atlas Copco, Ballard Power Systems, Briggs & Stratton, Eaton, EnerSys, Exide Industries, FG Wilson, FuelCell Energy, Generac Power Systems, Himoinsa, HiPower, Hydrogenics, Johnson Controls, Marshall Batteries, Motolite Batteries, Panasonic, Plug Power, REDOX POWER SYSTEMS, SFC Energy, TOKYO GAS, TOSHIBA FUEL CELL POWER SYSTEMS, and Viessmann Manufacturing.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is rise in shipments of fuel cells. The increasing market for fuel cell shipments is attributed to both the stationary and transportation sectors. In the stationary sector, the next-generation fuel cell systems are being designed to provide more power output and increase the size of the systems. There are many utilities in the US and South Korea that are installing multi-megawatt, large-scale fuel cell power parks.”
According to the report, one driver in the market is rise in global economic growth. Economic growth is the foremost factor in the increasing global electricity demand. The global gross domestic product (GDP) growth has been on the slower side for the past two decades during 1996-2016 while electricity demand continues to increase, especially in the emerging non-OECD (Organization for Economic Cooperation and Development) countries. In non-OECD Asia, which has the world's fastest-growing economies, the demand for residential backup power systems will increase as it is expected that the standard of living will increase.
Further, the report states that one challenge in the market is improvements in grid power supply. The global economy is continuously expanding owing to the expanding demand of electricity. According to the US EIA, the demand for electricity is expected to increase by 69% till 2040. It is expected to grow from 21.6 trillion kilowatt-hours (kWh) in 2012 to 25.8 trillion kilowatt-hours (kWh) in 2020 and finally to 36.5 trillion kilowatt-hours in 2040. To meet this new demand, there will be a focus on the construction of new power plants and facilities as well the efficient production of electricity.
Caterpillar, Cummins, Kohler, Tesla, and Trojan Battery.Aggreko, Atlas Copco, Ballard Power Systems, Briggs & Stratton, Eaton, EnerSys, Exide Industries, FG Wilson, FuelCell Energy, Generac Power Systems, Himoinsa, HiPower, Hydrogenics, Johnson Controls, Marshall Batteries, Motolite Batteries, Panasonic, Plug Power, REDOX POWER SYSTEMS, SFC Energy, TOKYO GAS, TOSHIBA FUEL CELL POWER SYSTEMS, and Viessmann Manufacturing.