Residential Backup Power Market Will Accelerate at a CAGR of About 3% Through 2020-2024 | Growing Use of Batteries for Power Back Up to Upheave Growth | Technavio
Set to grow by USD 1.32 bn during 2020-2024, Technavio's latest market research report estimates the residential backup power market to register a CAGR of about 3%. With a focus on identifying dominant industry influencers, Technavio's reports present a detailed study by the way of synthesis, and summation of data from multiple sources. This report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.
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Technavio has announced its latest market research report titled Global Residential Backup Power Market 2020-2024 (Graphic: Business Wire)
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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. ABB Ltd., Caterpillar Inc., Cummins Inc., Exide Industries Ltd., Kohler Co., Panasonic Corp., Schneider Electric (News - Alert) SE, Tesla Inc., Toshiba Corp., and Trojan Battery Co. LLC. are some of the major market participants. The growing use of batteries for power back up will offer immense growth opportunities. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Residential Backup Power Market 2020-2024: Segmentation
Residential Backup Power Market is segmented as below:
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Residential Backup Power Market 2020-2024: Vendor Analysis and Scope
To help businesses improve their market position, the residential backup power market provides a detailed analysis of around 25 vendors operating in the market. Some of these vendors include ABB Ltd., Caterpillar Inc., Cummins Inc., Exide Industries Ltd., Kohler Co., Panasonic Corp., Schneider Electric SE, Tesla Inc., Toshiba (News - Alert) Corp., and Trojan Battery Co. LLC.
The report also covers the following areas:
Market trends such as the increase in hybrid power systems are likely to emerge as the primary drivers of the market. However, factors such as the rise in distributed power generation may threaten the growth of the market.
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Backed with competitive intelligence and benchmarking, our research reports on the residential backup power market are designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support.
Residential Backup Power Market 2020-2024: Key Highlights
Table of Contents:
Five Forces Analysis
Market Segmentation by Technology
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