Backup power ensures continuous supply of electricity during power outages by providing an alternate source of power. It consists of generators and batteries that allow essential electronic equipment, institutions, and industrial facilities to function uninterrupted during blackouts. Backup power systems offer reliable operation in challenging climatic conditions and remote locations. They provide emergency power during natural disasters and ensure business continuity.
The global Backup Power Market is estimated to be valued at US$ 2.66 Bn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Reliability in challenging conditions has been a major trend driving the growth of the backup power market. Backup power systems equipped with generators and batteries are designed to function reliably even in extreme weather, tough terrains, and remote locations. They offer stable and continuous power supply during natural calamities where grid infrastructure may fail. This makes them suitable for critical applications such as healthcare, telecom towers, data centers, and industrial operations located in difficult areas. Their ability to withstand harsh outdoor environments without disruption has increased demand from sectors with time-sensitive, continuous power requirements across diverse geographies and climates.
Segment Analysis
The global backup power market is dominated by the nonresidential segment. Within the nonresidential segment, data centers hold the major share due to the rising demand for data storage and backup power systems' critical importance in minimizing downtimes in data center operations. The proliferation of digital content and the growth of colocation and cloud services have created a steady demand for data center space globally, thereby driving the need for reliable backup power solutions in data centers.
Key Takeaways
The Global Backup Power Market Demand is expected to witness high growth over the forecast period. Rapid industrialization and infrastructural developments across regions are key factors driving the demand for backup power solutions from various end-use industries. The global Backup Power Market is estimated to be valued at US$ 2.66 Bn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030.
The market in the Asia Pacific region is expected to grow at the fastest pace during the forecast period. This can be attributed to ongoing infrastructure projects, expansion of industrial facilities, rising electrification in rural areas, and improvement in regulatory frameworks in developing Asian countries. The Asia Pacific region dominated the global backup power market in 2023 and is likely to maintain its lead through 2030. China, Japan, India, South Korea, and other developing Asian countries are witnessing significant investments in industrial parks, manufacturing plants, commercial establishments, and infrastructure projects such as railways and metro networks. This is propelling the demand for reliable backup power solutions across the region.
Key players
Key players operating in the backup power market are 3M Company, ABB Ltd., Caterpillar Inc., Cummins Inc., Exide Industries Ltd., Generac Power Systems, Inc., HBL Power Systems Ltd., Kohler Co., Schneider Electric, and Tesla, Inc. 3M Company is a technology company focused on safety, security, and sustainability. The company provides energy storage solutions through its backup power systems and products.
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