The worldwide market for Backup Power is expected to grow at a CAGR of roughly 4.9% over the next five years, will reach 19900 million US$ in 2024, from 14900 million US$ in 2020, according to a new study.
Power outages can be caused due to natural calamities, overload, or equipment failures. It is a recurring problem that disrupts the operations in residential, commercial, and industrial sectors. The monetary losses incurred vary from sector to sector and can run into millions.
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Therefore, to minimize the losses and stay protected against utility power outages, backup power systems are being adopted where the momentary power outages do not disrupt the operations. For instance, installing a diesel generator for emergency backup can meet the full load that it is designed for under 10 seconds.
Report Covers Market Segment by Manufacturers:
Global Backup Power Industry is spread across 133 pages, profiling 05 top companies and supported with tables and figures.
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Market Segment by Regions, regional analysis covers
•North America (United States, Canada and Mexico)
•Europe (Germany, France, UK, Russia and Italy)
•Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
•South America (Brazil, Argentina, Colombia etc.)
•Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
Market Segment by Type, covers:
Market Segment by Applications, can be divided into:
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Backup Power 2020 Global Industry report providing information and analysis of the Backup Power market size, growth, share, segments and technologies, key trends, challenges, deployment models, opportunities and forecast to 2024.
This report focuses on the Backup Power in global market, especially in North America, Europe and Asia-Pacific, South America, Middle East and Africa. This report categorizes the market based on manufacturers, regions, type and application.
The availability of diverse backup power systems is one of the primary drivers for market growth. Traditionally, diesel power generators were used for backup power due to their relatively low price and the easy availability of diesel.
However, over the years the increasing emission concerns due to the utilization of traditional power generators has led to the rise of alternate sources such as battery energy storage systems, hybrid power, and fuel cells.
APAC is the fastest-growing segment of the backup power market, expected to showcase a CAGR of nearly 6% through the forecast period. The unreliability of grid power infrastructure in the developing countries of the region has created a strong need for backup power sources.
The EU is encouraging distributed generation by providing feed in tariffs and incentives, which is driving the installation of off-grid energy systems such as fuel cells and battery energy storage systems.
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