Global Backup Power Systems Market: Snapshot
The global backup power systems market is witnessing many technological innovations to meet the changing demands of end users. The demand for cleaner energy is gaining momentum. As a result, players focus on developing energy backup systems that rely on renewable resources, do not contribute to noise pollution, and comply with government regulations. Furthermore, the companies aim to develop portable and fuel-efficient systems.
The market is characterized by a high degree of segmentation, with the majority of players operating in niche segments. Global players in the market have a strong foothold, however, fierce competition at the local and regional levels for the big players in terms of price. The market is expected to witness a boom in cooperation and partnerships between regional and international companies, which is likely to intensify competition.
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Among the different types of standby power systems, generators are in high demand among organizations and apartment complexes. In rural areas, the demand for small generators is strong for agricultural purposes. Smaller and cheaper diesel and kerosene generator sets are mostly preferred by farmers for irrigation purposes. The adoption rate of inverters is high in small offices and households due to their noise and pollution free nature. The demand for transformers is gaining traction in both urban and rural areas. Growing urbanization, especially in developing countries, is poised to shape the future of the global market for backup power systems.
Global Energy Backup Systems Market: Overview
There is great demand for energy, however, there is always a shortage of supply, and this shortfall drives the global standby power systems market. Growing concerns about energy security is a major factor contributing to the growth of the backup power system market. The demand for energy-efficient backup power systems is expected to grow due to the increase in energy prices. The market for standby power systems has high potential in countries that are lagging behind in supplying sufficient power to meet demand, particularly in developing economies. Shortages in the supply of coal and gas, the two main raw materials for power generation, are increasing the scarcity of energy supplies. Due to frequent power outages, consumers have begun to resort to the use of standby power systems, which presents a huge growth opportunity for market players.
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Global Backup Power Systems Market: Trends and Prospects
Frequent power outages can result in the loss of materials, time and most importantly money. Practically all major industries rely on backup power systems to protect their data, plants, and factories. There are many players in the market who are creating better technologies and systems that comply with environmental regulations, and also help reduce the carbon footprint of businesses and users.
Apart from the growing global energy crisis, there are two other factors that contribute to the growth of the global standby power systems market. Economic growth and increase in disposable income is giving a much needed boost to the market.
The industry faces challenges as the cost of raw materials is high and there is strong competition from cheap Chinese imports. In addition, standby power generators are usually expensive, which limits use and slows market growth. Moreover, the challenge – especially diesel generator sets – is the high level of noise and emissions. Environmentally friendly power solutions, which provide an opportunity for innovation in the global standby power systems market, are in great demand.
Global Backup Power Systems Market: Key Segments
The backup power systems market is segmented on the basis of products into diesel generators, transformers, UPS and batteries. UPS is widely used by individuals to protect their expensive electronic devices, which can be damaged due to sudden power outages, and by IT industries to support their digital systems.
Generators are used in industries such as information and communications technology and construction. The generator market is also witnessing a recovery due to the adoption of advanced technology and is expected to be a remunerative and competitive market in the coming years.
The inverter industry is another segment that has the potential for multi-faceted growth. With technological improvements, inverters are not only used for personal computers, but have enough power to power major home electronics.
Global Energy Backup Systems Market: Major Players
The major players in the global backup power system market include Ballard Power system Inc. and Caterpillar Inc. and Atlas Copco, F.G. Wilson, and Himoinsa Power Syatems Inc. and Ingersoll-Rand Inc. and Kirloskar Group and Videocon.
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