It is estimated for the global battery backup market to witness growth at a CAGR of 16.7% during the forecast period of 2022 to 2030. The market was valued at USD 9.8 billion in the year 2021 and is estimated to reach USD 32.2 billion during the forecast period of 2022 to 2030.
A battery backup is a system that switches between a main power source and a battery in some power supplies.
Insights into Product Segments:
1.Diesel Generator:
The diesel generator market is expected to grow at an 8.1% CAGR. The telecommunications industry is the primary driver of diesel generators, accounting for more than 40% of the installed base. Following that are the construction and hospitality industries. In industries such as finance, where power outages can cause widespread disruptions in enterprise-wide management services, relying on uninterrupted power to run critical information systems has become a requirement.
2.UPS:
The UPS market is expected to grow at a CAGR of 11.97% to INR 99.83 Bn by 2023. Growing IT investments and the rapid development of the IT sector have contributed to the UPS market’s boom. The market benefits from increased awareness of the importance of protecting critical data. Foreign players are expected to compete fiercely with domestic manufacturers. Manufacturers in the industry are emerging as total solution providers rather than just suppliers.
3.Inverter:
At a CAGR of 9.33%, the inverter market is expected to reach INR 277.83 Bn in 2023. The demand for power backup solutions in the residential, commercial, and industrial sectors is driving growth in the inverter market. Furthermore, the government’s initiatives to increase electrification rates in India, combined with technological advancements, are expected to positively influence the Indian inverter market in the coming years.
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What is the most important information gleaned from the report?
The report contains extensive information on the factors expected to affect market growth and market share during the forecast period.
The report provides a current scenario as well as future growth prospects for the market in various geographical regions.
The market competitive landscape analysis, as well as qualitative and quantitative data, is provided.
The SWOT analysis is carried out in tandem with the Porter Five Forces analysis.
The detailed analysis provides insight into the Market, highlighting the growth rate and opportunities available in the industry.
Global Battery Backup Market – Key Trends
Renewable energy revolution to drive the growth of the market
The increasing demand for grid energy storage systems owing to ongoing grid modernization, growing penetration of lithium-ion batteries in the renewable energy sector, and rising trend of adopting low-carbon and less fossil fuel-based economies and the ongoing renewable energy revolution are the factors that are boosting the growth of the market in the recent days.
Various challenges faced by the manufacturers are creating hurdles in the market growth
Global Battery Backup Market – Segmental Assessment
By Storage System
- Front-of-the-meter
- Behind-the-meter
By Element Type
- Battery
- Others
By Battery Type
- Lithium-Ion Batteries
- Advanced Lead-Acid Batteries
- Flow Batteries
- Others
By Connection Type
- On-grid
- Off-grid
Global Battery Backup Market – Competitive Hierarchy
The major players in the market include BYD Company Limited (China), General Electric (US), Hitachi, Ltd. (Japan), Honeywell Corporation (US), LG Energy Solutions CO., Ltd. (South Korea), Panasonic Corporation (Japan), SAMSUNG SDI Co., Ltd. (South Korea), Siemens AG (Germany), Tesla, Inc. (US), Toshiba Corporation (Japan),
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Global Battery Backup Market – Geographical Landscape
The region of APAC is estimated to witness growth at the highest during the forecast period. APAC is a hub for the battery energy storage system industry and thus is expected to hold the largest share in the global battery backup market. Energy storage investments are expected to increase substantially within the APAC region as the governments in growing economies are making new policies to improve the reliability and quality of the power distribution facilities to the residential customers. The other key regions that own the presence in the market include North America, Europe and ROW. ABB (US), and Others.
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