Global Residential Backup Power Market 2020-2024
Technavio has been monitoring the global residential backup power market and it is poised to grow by USD 1.92 mn during 2020-2024, progressing at a CAGR of 4% during the forecast period. Our reports on global 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 global market scenario, latest trends and drivers, and the overall market environment. The market is driven by growing use of batteries for power back up.In addition, increase in hybrid power systems is anticipated to boost the growth of the global residential backup power market as well.
Technavio's global residential backup power market is segmented as below:
- Fuel Cells
- North America
- South America
Key Trends for global residential backup power market growth
This study identifies increase in hybrid power systems as the prime reasons driving the global residential backup power market growth during the next few years.
Prominent vendors in global residential backup power market
We provide a detailed analysis of around 25 vendors operating in the global residential backup power market , including some of the vendors such as ABB Ltd., Caterpillar Inc., Cummins Inc., Exide Industries Ltd., Kohler Co., Panasonic Corp., Schneider Electric SE, Tesla Inc., Toshiba Corp. and Trojan Battery Co. LLC. .
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.
Technavio 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. Technavio's market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast an accurate market growth.