The industry is facing challenges as cost of raw materials is high and there is strong competition from cheap Chinese imports.
Albany, NY -- (SBWIRE) -- 02/20/2017 -- Global Power Backup Systems Market: Overview
There is a huge demand for power, however, there is always a shortage of supply, and this deficit is driving the global power backup systems market. Rising concerns on power security are a leading factor contributing to the power backup systems market growth. Demand for energy-efficient power backup systems is expected to grow owing to increasing energy prices. The power backup systems market has high potential in the countries that lag in the supply of power sufficient for fulfilling the demand, especially in the developing economies. Shortage in the supply of coal and gas, which are the key raw materials for power generation, further intensifies the scarcity of power supply. Due to the frequency of power cuts, consumers have begun to resort to using backup power systems, thus offering a tremendous growth opportunity to the market players.
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Global Power Backup Systems Market: Trends and Prospects
Frequent power failures can lead to loss of material, time, and more importantly money. Practically, all major industries depend on power backup systems to protect their data, factories, and plants. There are numerous players in the market that are coming up with better technology and systems that comply with environmental regulations, and also help in reducing the carbon footprint of companies and users.
Apart from the increasing global power crisis, there are a couple of more factors that contribute to the growth of the global power backup systems market. The economic growth and increase in disposable income is giving a much-desired push to the market.
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The industry is facing challenges as cost of raw materials is high and there is strong competition from cheap Chinese imports. In addition, the backup power generators are usually high on cost, thus limiting the use and slowing the growth of the market. Moreover, the challenge faced –especially by diesel generator sets – is the high level of noise and emission. There is a great demand for environment-friendly energy solutions, which offers opportunity of innovation in the global power backup systems market.
Global Power Backup Systems Market: Key Segments
The power backup systems market is segmented on the basis of products, into diesel generators, inverters, uninterrupted power supply (UPS), and batteries. UPSs are widely used by individuals to protect their costly electronic equipment, which can be damaged by sudden power failure, and IT industries for backing their digital systems.
Generators are used in industries such as IT, telecom, and construction. The generator market is also on an upswing due to the adoption of cutting-edge technology and is projected to be a rewarding and competitive market in the years to come.
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The inverter industry is another segment that has the potential to grow manifold. With technological improvements, inverters are not only being used for personal computers, but they have enough power for running major household electronic appliances.
Global Power Backup Systems Market: Key Players
The key players in the global power backup systems market include Ballard Power system Inc., Caterpillar Inc., Atlas Copco, FG Wilson, Himoinsa Power Syatems Inc., Ingersoll-Rand Inc., Kirloskar Group, and Videocon.
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