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Technavio, an international market research institution, recently released a report that from 2020 to 2024, the global residential standby power market is expected to grow by $1.
92 billion
.
The growth momentum of the market will accelerate
throughout the forecast period.
In 2019, Asia Pacific was the largest regional market
for residential backup power.
The region is expected to witness rapid growth during the forecast period, mainly driven by rapid economic growth, urbanization, and growing demand for consumer goods and residential units, as well as increasing demand for electricity
.
Over 58% of the overall market growth during the forecast period will come from the Asia-Pacific region
.
China, India and Japan are the major markets
for residential backup power in the region.
During the forecast period, the market growth rate in these three countries will be higher than that of other regions
.
Generators are the main source of
electricity during power outages in the residential sector.
There are two types of residential backup generators: portable and standby
.
Portable generators can provide about 3-8 kilowatts (kW) of power and are ideal for individual homes, while backup generators are typically used to provide 5-10 kW of power
to residential buildings.
These generators are a reliable source of electricity and are robust and durable
.
The residential backup power market growth in the generator segment is expected to slow down during the forecast period compared to
other segments.
In addition, the use of batteries such as lead-acid and lithium-ion batteries has become a backup power source in residential units
.
Lithium-ion batteries have high energy density, high depth of discharge, high charge rate, long power retention capacity and long shelf life
.
However, their cost is significantly higher than that of lead-acid batteries
.
Therefore, the sales volume of lead-acid batteries is expected to increase, thereby contributing
to the growth of the residential backup power supply market.
Leading suppliers of lithium-ion batteries have noticed the lucrative market landscape and are working on technological advancements and trying to further reduce prices to capture a higher market share
.
Overall, the residential backup power market size will grow
at a CAGR of over 4% during 2020-2024.
Technavio, an international market research institution, recently released a report that from 2020 to 2024, the global residential standby power market is expected to grow by $1.
92 billion
.
The growth momentum of the market will accelerate
throughout the forecast period.
In 2019, Asia Pacific was the largest regional market
for residential backup power.
The region is expected to witness rapid growth during the forecast period, mainly driven by rapid economic growth, urbanization, and growing demand for consumer goods and residential units, as well as increasing demand for electricity
.
Over 58% of the overall market growth during the forecast period will come from the Asia-Pacific region
.
China, India and Japan are the major markets
for residential backup power in the region.
During the forecast period, the market growth rate in these three countries will be higher than that of other regions
.
Generators are the main source of
electricity during power outages in the residential sector.
There are two types of residential backup generators: portable and standby
.
Portable generators can provide about 3-8 kilowatts (kW) of power and are ideal for individual homes, while backup generators are typically used to provide 5-10 kW of power
to residential buildings.
These generators are a reliable source of electricity and are robust and durable
.
The residential backup power market growth in the generator segment is expected to slow down during the forecast period compared to
other segments.
In addition, the use of batteries such as lead-acid and lithium-ion batteries has become a backup power source in residential units
.
Lithium-ion batteries have high energy density, high depth of discharge, high charge rate, long power retention capacity and long shelf life
.
However, their cost is significantly higher than that of lead-acid batteries
.
Therefore, the sales volume of lead-acid batteries is expected to increase, thereby contributing
to the growth of the residential backup power supply market.
Leading suppliers of lithium-ion batteries have noticed the lucrative market landscape and are working on technological advancements and trying to further reduce prices to capture a higher market share
.
Overall, the residential backup power market size will grow
at a CAGR of over 4% during 2020-2024.
