Backup Power Market 2017-2021

Overview of the global backup power market

Technavio’s market research report predicts that the global backup power market will grow at a CAGR of nearly 5% during the forecast period. 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. Advantages such as the reduction in emissions, higher efficiency, and low operation noise increases the chances of adoption of modern backup power systems. Moreover, governments in several countries also provide incentives to bring down the initial costs of the backup power systems, which will again, drive the adoption these backup power systems.

The Americas accounted for the majority of the market share in the global backup power market during 2016. However, due to the growing industrial base and urbanization and increasing investments in backup power systems by industrial and commercial establishments, APAC will dominate the market by the end of the forecast period.

Competitive analysis and key vendors