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Residential backup power market growing at 6.19% CAGR by 2021 according to new research report

IT Market Research

The global Residential Backup Power industry to grow at a CAGR of 6.19% during the period 2017-2021.

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The global Residential Backup Power market research report identifies the following companies are the key players: Caterpillar, Cummins, Kohler, Tesla, and Trojan Battery.

Other Prominent Vendors in the market are: Aggreko, Atlas Copco, Ballard Power Systems, Briggs & Stratton, Eaton, EnerSys, Exide Industries, FG Wilson, FuelCell Energy, Generac Power Systems, Himoinsa, HiPower, Hydrogenics, Johnson Controls, Marshall Batteries, Motolite Batteries, Panasonic, Plug Power, REDOX POWER SYSTEMS, SFC Energy, TOKYO GAS, TOSHIBA FUEL CELL POWER SYSTEMS, and Viessmann Manufacturing.

Complete report on the Residential Backup Power Market Research Report spread across 70 pages, profiling 28 companies with table of content is now available at .

Residential Backup Power Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts.

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The report covers the market landscape and its growth prospects over the coming years.

The report also includes a discussion of the key vendors operating in this market.

One trend in the market is rise in shipments of fuel cells. The increasing market for fuel cell shipments is attributed to both the stationary and transportation sectors.

In the stationary sector, the next-generation fuel cell systems are being designed to provide more power output and increase the size of the systems. There are many utilities in the US and South Korea that are installing multi-megawatt, large-scale fuel cell power parks.

According to the report, one driver in the market is rise in global economic growth. Economic growth is the foremost factor in the increasing global electricity demand.

The global gross domestic product (GDP) growth has been on the slower side for the past two decades during 1996-2016 while electricity demand continues to increase, especially in the emerging non-OECD (Organization for Economic Cooperation and Development) countries. In non-OECD Asia, which has the world's fastest-growing economies, the demand for residential backup power systems will increase as it is expected that the standard of living will increase.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

Access this Report at .

Further, the report states that one challenge in the market is improvements in grid power supply. The global economy is continuously expanding owing to the expanding demand of electricity.

According to the US EIA, the demand for electricity is expected to increase by 69% till 2040. It is expected to grow from 21.6 trillion kilowatt-hours (kWh) in 2012 to 25.8 trillion kilowatt-hours (kWh) in 2020 and finally to 36.5 trillion kilowatt-hours in 2040.

To meet this new demand, there will be a focus on the construction of new power plants and facilities as well the efficient production of electricity.

This report covers the present scenario and the growth prospects of the global residential backup power market for 2017-2021. To calculate the market size, the report considers new sales in the market.

Key questions answered in this report

What will the market size be in 2021 and what will the growth rate be?           

What are the key market trends?                       

What is driving this industry?                                  

What are the challenges to market growth?

Who are the key vendors in this industry space?

What are the market opportunities and threats faced by the key vendors?

What are the strengths and weaknesses of the key vendors?

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