The Commercial Segment is expected to dominate the Global Backup Power Systems Market in the forecast period
The
rapid adoption of renewable power sources and distributed technologies into the
grid is expected to hamper the market growth of backup power systems during the
forecast period.
According
to TechSci Research report, “The Global Backup Power Systems Market - By
Region, Competition, Forecast & Opportunities, 2028”. The Global Backup Power Systems Market is
anticipated to register a CAGR of 3.74%. In several rural and under-development
areas such as small towns and villages, regular power issues increase the
demand for residential backup power. Furthermore, unexpected power cuts in
urban areas due to uncertain weather glitches in transmission and distribution,
grid problems, and the power supply continuously raised the product demand. In
May 2022, in Ontario and Quebec, a derecho with high winds of around 190 km/h
caused approximately 1.1 million residents to lose their power; many were still
without power after the storm for a week. The total repair cost of all damage
caused by thunderstorms was roughly CAD 70 million.
The
high initial and maintenance costs of various power backup solutions for homes
inhibit the residential backup power market growth. This is due to the fact
that diesel and gasoline-based generators must be serviced after 100-200 uses
and require oil changes frequently. Moreover, these generators are extremely
noisy, so installation of mufflers is necessary, which adds to the initial cost
of generators. Additionally, the cleaning cost is significantly high for
gasoline-based generators as gasoline develops a gum-like structure inside the
fuel supply line and blocks the generator's flow line, making it difficult for
generators to start during winter. The volatile prices of fuels may also affect
the cost of generator operation. Even though lithium-ion batteries are reducing
quickly, the initial cost is high for smaller batteries used for energy storage
in homes compared to larger-capacity batteries.
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Based
on region, North America has recorded a high adoption of power backup solutions
in homes. The region has been an early adopter of fuel cell technology for
residential power backup by investing in many research projects in the field.
The technology partnerships Canada h2 Early Adopters (h2EA) program funded a
project to demonstrate hydrogen technologies in power generation and heating in
households in Toronto as early as 2010. This investment enabled a confederation
led by Fuel Cell Technologies Ltd. (FCT) with Ontario Power Generation Inc. and
Toronto at Mississauga (UTM) to authenticate an important step in the
transformation toward a hydrogen economy.
The
Middle East & Africa region has high reserves of conventional fuels,
especially in the GCC countries. The high temperatures and a significant number
of power cuts in the region have resulted in the extensive demand for
diesel-powered generators. Moreover, Africa has heavily invested in renewable
energy to combat power losses in remote areas. This is anticipated to enhance
the demand for battery power solutions in homes.
Key
market players in the Global Backup Power Systems Market include:
- BASF SE.
- Indium
Corporation.
- Intel Corporation.
- Hitachi Chemical
Co. Ltd.
- KYOCERA
Corporation
- Henkel AG &
Company KGAA.
- Nichia
Corporation
- Intel
Corporation and UTAC Holdings Ltd
- International
Quantum Epitaxy PLC
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“Many
companies have launched various power backup products and solutions. For
instance, in January 2022, Vertiv launched a compact double-conversion UPS with
an inbuilt battery for power backup at home. Furthermore, several companies
faced a drastic fall during the COVID-19 pandemic, and to cut-down losses, they
provided work from home to their employees. This factor further boosted the
market as people required electricity to work from home.
Encouraging
government initiatives introduced by the different authorities to promote low
carbon technologies have positively propelled the battery energy storage
adoption for residential backup power. Battery Energy Storage systems are
increasingly integrated with renewable technologies such as solar & wind
power. Consequently, the substantial targets to cut the carbon footprint
coupled with aims to boost the green technologies in the primary generation mix
will likely add to the industry size.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.
“Backup Power Systems Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast Segmented By Type (Diesel generators, Gas generators, Solar
generators, Others (such as wind turbines, battery systems), By Application
(Standby power, Prime power, Peak shaving), By End user (Residential,
Commercial, Industrial, Others ), By Region, Competition 2018-2028”, has evaluated the future growth
potential of Global Backup Power Systems Market and provides statistics and
information on market structure, size, share, and future growth. The report is
intended to provide cutting-edge market intelligence and help decision-makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities present in the Global Backup Power Systems Market.
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