Market Research Future (MRFR) has published a cooked research report on the "Global Backup Power Market" that contains information from 2018 to 2032. The Backup Power market is estimated to register a CAGR of 6.50% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global Backup Power market— Caterpillar Inc., Cummins Inc., Generac Power Systems Inc., MTU Onsite Energy Corporation, Himoinsa S.L., Atlas Copco AB, Mitsubishi Heavy Industries Ltd., Briggs & Stratton Corporation, Schneider Electric SE, Eaton Corporation, Aggreko Plc, Wärtsilä Corporation, Yanmar Co. Ltd., Doosan Corporation.
The global Backup Power market is accounted to register a CAGR of 6.50% during the forecast period. It is estimated to reach USD 29.08 billion by 2032.
The rising demand for uninterrupted power supply, increase in power outages, and natural disasters lead to rising society's reliance on technology, driving the market expansion. The high investment costs, routine maintenance, and operational challenges restart market growth. Additionally, the rising demand for sustainable backup power solutions and expansion of data center infrastructure is anticipated to promote the growth of the global Backup Power market.
The global Backup Power market has been segmented based on type, application, and end user.
On the basis of type, the market is segmented into diesel generators, gas generators, solar generators, and others (such as wind turbines, battery systems, etc.). The diesel generator segment was attributed to holding the largest market share in 2022 due to its popularity and ease of installation.
Browse In-depth Detailed Research Report [Table of Content, List of Figures, List of Tables] of Backup Power market System Trends
Based on application, the global Backup Power market has been segmented into standby power, prime power, and peak shaving. The standby power segment was expected to hold the largest market share in 2022 due to the rising demand for consumer electronics.
Based on End Users, the global Power Backup market has been segmented into residential, commercial, industrial, and others (such as healthcare, data centers, etc.). The commercial segment was expected to hold the largest market share in 2022 due to worldwide electricity consumption.
The global Backup Power market, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America consists of the US and Canada. The European Backup Power market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Backup Power market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The rest of the World's Backup Power market comprises the Middle East, Africa, and Latin America.
The largest market share for Backup Power was maintained by the North American regional sector. This increase is attributed to residents' high adoption of power backup solutions. Additional market growth factors include increased investor investments, government support, and the technology's viability. Implementing stringent rules, the growing trend of using reliable power backup in data centers, and the considerable presence of significant technology providers and major production companies all impact the US market.
Moreover, the European market has been persistently growing over the forecast period. The demand for Backup Power is driven by rising industrial development. The market expansion is supported by an increase in the deployment of data centers due to a rise in consumer preference for using uninterrupted power supply.
Additionally, due to the increasing urbanization, rapid industrialization, and government investments, Asia Pacific is anticipated to experience the quickest growth over the forecast period. The Asia Pacific market will benefit from growing power outages.
Furthermore, the rest of the world's Backup Power market is divided into the Middle East, Africa, and Latin America. This growth is attributed to the region's rising industrialization and infrastructure. Government support, a rise in investor interest, and the viability of the technology in the sector contribute to market expansion.
Key Findings of the Study