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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