Product ID: UCMIG55F2023
Residential Backup Power Market Size, Share, Growth Analysis, By Technology(Generator, Battery), By Region(North America, Europe) - Industry Forecast 2024-2031
Report ID:
UCMIG55F2023 |
Region:
Global |
Published Date: Upcoming |
Pages:
165
| Tables: 55 | Figures: 60
Residential Backup Power Market Insights
Market Overview:
In 2021, the worldwide market size for backup power systems in residential buildings was valued at USD 9.51 billion. According to projections, the market will expand from USD 10.32 billion in 2022 to USD 17.28 billion by 2029, indicating a Compound Annual Growth Rate (CAGR) of 7.6% during the estimated period. The COVID-19 pandemic had an unparalleled impact, resulting in a surge in demand for residential backup power systems worldwide, surpassing pre-pandemic levels. Our research indicates that the market grew by 19.6% in 2020 compared to 2019.
Residential Backup Power Market, Forecast & Y-O-Y Growth Rate, 2020 - 2028
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This report is being written to illustrate the market opportunity by region and by segments, indicating opportunity areas for the vendors to tap upon. To estimate the opportunity, it was very important to understand the current market scenario and the way it will grow in future.
Production and consumption patterns are being carefully compared to forecast the market. Other factors considered to forecast the market are the growth of the adjacent market, revenue growth of the key market vendors, scenario-based analysis, and market segment growth.
The market size was determined by estimating the market through a top-down and bottom-up approach, which was further validated with industry interviews. Considering the nature of the market we derived the Renewable Electricity by segment aggregation, the contribution of the Renewable Electricity in Diversified Utilities Services and vendor share.
To determine the growth of the market factors such as drivers, trends, restraints, and opportunities were identified, and the impact of these factors was analyzed to determine the market growth. To understand the market growth in detail, we have analyzed the year-on-year growth of the market. Also, historic growth rates were compared to determine growth patterns.
Residential Backup Power Market Report Snapshots
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