Power Backup Systems Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
The global power backup systems market is witnessing several technological innovations to meet the changing requirements of end users. The demand for cleaner energy is gaining momentum. As a result of which, players are focusing towards developing power backup systems that depend on renewable resources, do not contribute to noise pollution, and conform to government regulations. Moreover, companies are aiming at developing portable systems that are portable and fuel-efficient.
The market features a high degree of fragmentation, with the majority of players operating in niche segments. Global players in the market have a strong foothold, however, local and regional are giving stiff competition to large players in terms of price. The market is anticipated to experience surge in collaborations and partnerships between regional and international enterprises, which is likely to intensify the competition.
Among different types of power backup systems, the demand for generators is high among organizations and residential complexes. In rural areas, the demand for small generators is strong for agricultural purposes. Farmers mostly prefer smaller and cheap diesel and kerosene gensets for irrigation purpose. The adoption rate of inverters is high in smaller offices and households because of their noiseless and pollution free nature. The demand for inverters is gaining traction in both urban and rural areas. The increasing urbanization, especially in developing countries, is poised to shape the future of the global market for power backup systems.
There is a huge demand for power, however, there is always a shortage of supply, and this deficit is driving the global power backup systems market. Rising concerns on power security are a leading factor contributing to the power backup systems market growth. Demand for energy-efficient power backup systems is expected to grow owing to increasing energy prices. The power backup systems market has high potential in the countries that lag in the supply of power sufficient for fulfilling the demand, especially in the developing economies. Shortage in the supply of coal and gas, which are the key raw materials for power generation, further intensifies the scarcity of power supply. Due to the frequency of power cuts, consumers have begun to resort to using backup power systems, thus offering a tremendous growth opportunity to the market players.
Frequent power failures can lead to loss of material, time, and more importantly money. Practically, all major industries depend on power backup systems to protect their data, factories, and plants. There are numerous players in the market that are coming up with better technology and systems that comply with environmental regulations, and also help in reducing the carbon footprint of companies and users.
Apart from the increasing global power crisis, there are a couple of more factors that contribute to the growth of the global power backup systems market. The economic growth and increase in disposable income is giving a much-desired push to the market.
The industry is facing challenges as cost of raw materials is high and there is strong competition from cheap Chinese imports. In addition, the backup power generators are usually high on cost, thus limiting the use and slowing the growth of the market. Moreover, the challenge faced –especially by diesel generator sets – is the high level of noise and emission. There is a great demand for environment-friendly energy solutions, which offers opportunity of innovation in the global power backup systems market.
The power backup systems market is segmented on the basis of products, into diesel generators, inverters, uninterrupted power supply (UPS), and batteries. UPSs are widely used by individuals to protect their costly electronic equipment, which can be damaged by sudden power failure, and IT industries for backing their digital systems.
Generators are used in industries such as IT, telecom, and construction. The generator market is also on an upswing due to the adoption of cutting-edge technology and is projected to be a rewarding and competitive market in the years to come.
The inverter industry is another segment that has the potential to grow manifold. With technological improvements, inverters are not only being used for personal computers, but they have enough power for running major household electronic appliances.
The key players in the global power backup systems market include Ballard Power system Inc., Caterpillar Inc., Atlas Copco, FG Wilson, Himoinsa Power Syatems Inc., Ingersoll-Rand Inc., Kirloskar Group, and Videocon.
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Latest Trends and Cardinal Growth Prospects
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Ascensions in Technology
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The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
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This report is the key to questions such as:
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