LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global residential backup power market to grow at a CAGR of over 6% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global residential backup power market for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The growth of the global residential backup generators market is attributed to the increase in the incidence of blackouts, rise in global population, growth in economic activities, and insufficient power infrastructure. There is a growing incidence of large-scale power blackouts in regions like North America and Europe owing to the aging of the power distribution infrastructure and the increase in the number of natural calamities like hurricanes in the US.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global residential backup power market:
- Increasing incidence of power blackouts
- Rise in global economic growth
- Demand-supply disparities in power generation
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Increasing incidence of power blackouts
Europe is witnessing on an average one major blackout every year since 2001, which has affected a number of countries in the region. Cross-border grid interconnections have also led to complexities in other parts of the globe. For example, in Pakistan, electricity was shut down in four-fifth of the country area following a rebel attack on a transmission line in 2015.
Thanikachalam Chandrasekaran, a lead energy storage research analyst at Technavio, says, “Repeated power outages caused by catastrophic natural events or faults in electricity networks increase the need for supplementary power sources. Emergency facilities require an uninterrupted power supply to provide efficient and seamless services during critical situations. Power outages have become more recurrent worldwide because of earthquakes, storms, and floods.”
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. Due to this, the demand for lighting, heating, and cooling, and electric appliances will also increase,” adds Thanikachalam.
Demand-supply disparities in power generation
The lack of T&D infrastructure is a major issue in the bridging the demand and supply gap when it comes to power generation and distribution. In the developing economies of Asia and Africa, there is a huge disparity in the demand for and supply of power. According to the US International Energy Agency, more than half a billion people, increasingly concentrated in the rural areas of sub-Saharan Africa, still will not have access to electricity in 2040, a reduction from the 1.2 billion people without electricity in 2016.
Electricity consumption is proportional to the economic development of a country; although it is a complex relationship, electricity is a pre-requisite for economic growth, as it drives infrastructure and social development. However, a majority of people in developing countries, especially in rural areas, lack access to grid power, which indirectly affects economic growth.
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