Batteries are adopted as backup power due to the similar functionality as that of traditional generators and do not require refueling. Backup batteries such as Lead-acid batteries and lithium-ion batteries are mainly used for backup. Lead acid batteries are less costly and have a long durability as well as lower maintenance requirement, where Lithium-ion batteries have high energy density, high depth of discharge, high charge rate, long power-holding capacity and long life cycle. The increase in disposable income and increasing use of batteries as backup power as well as increasing emission concerns due to the utilization of traditional power generators are the few factors responsible for growth of the market over the forecast period. Furthermore, the introducing new products and services as well as other strategic alliances by market key player will create a lucrative demand for this market. For instance: as per Company’s news release in February 2019, Tesla Inc. launched backup power through Powerwall 2 in Europe with its new Gateway 2 hardware. Moreover, supportive governments incentives to bring down the initial costs of the backup power systems, will create lucrative demand of global Backup Power market during the forecast period.
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The regional analysis of global Backup Power market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world due to the growing industrial base and urbanization and increasing investments in backup power systems in this region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2022-2026.
Major market player included in this report are:
LG Chem Ltd.
GS Yuasa Corporation
Schneider Electric SE
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Rest of the World
Furthermore, years considered for the study are as follows::
Historical year – 2016, 2017, 2018
Base year – 2019
Forecast period – 2022 to 2026
Target Audience of the Global Backup Power Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
For more information about this report visit: >>Backup Power Market”
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