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The report titled Power Backup Market which was recently added by Kenneth Research, aims at providing the clients with the business growth and investment opportunities present in the market globally. Further, the market is evaluated on various parameters that is covered in the report and further includes market size, market volume and the growth rate over the forecast period, i.e., 2022-2031 . The market is further anticipated to grow with a robust CAGR throughout the forecast period.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Power Backup Market Products.
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In Canada, the ICT sector consists of around 41,500 companies. Out of these, over 37,000 companies fall under software and computer services industry, resulting in around 89.8% of key players in the ICT industry to be involved in software and computer services. On the other hand, in the year 2018, as per the statistics of the Canadian ICT Sector Profile, released by the Government of Canada, ICT wholesaling, communications services and ICT manufacturing contributes to 4.5%, 3.4% and 2.2% share respectively in the country.
The power backup market in India is expected to grow to INR 504.66 billion by 2023, expanding at a compound annual growth rate (CAGR) of 11.28% during 2018–2023. The market in India is characterized by the dominant presence of the unorganized sector, even though there's hardly enough difference between the price point at which products from the organized and unorganized sectors sell. This is due to the fact that customers are becoming increasingly conscious about what they are buying, the quality, reliability and the impact of the product on its immediate surroundings.
Product Segment Insights:
1. Diesel Generator: The diesel generator market is anticipated to expand at a CAGR of 8.1%. The telecom industry is the key driver for diesel generators, occupying more than 40% of the installed base. The construction and hospitality industries come next in line. For businesses such as financial services where power outages can lead to wide-scale disruptions in the enterprise-wide management services, relying on uninterrupted power to run critical information systems has become mandatory.
2. UPS: The UPS market is expected to expand to INR 99.83 Bn in 2023, at a CAGR of 11.97%. Growing investments in IT and the rapid development of the IT sector have contributed to the boom in the UPS market. Increasing consciousness about the need to protect important data is benefiting the market. Domestic manufacturers are expected to witness stiff competition from foreign players. Manufacturers operating in the industry are emerging as a complete solution provider rather than mere suppliers.
3. Inverter: The inverter market is expected to expand to INR 277.83 Bn in 2023, at a CAGR of 9.33%. Growth in the inverter market can be attributed to the demand for power backup solutions across residential, commercial as well as industrial sectors. Moreover, the government's initiatives to expand electrification rate in India coupled with technological developments is further expected to influence Indian inverter market in the coming years positively.
1. Cummins India Limited
2. Su-Kam Power System Limited
3. Exide Industries Limited
4. Honda Siel Power Products Limited
5. Mahindra & Mahindra Limited
6. Kirloskar Oil Engines Limited
7. Amara Raja Batteries Limited
8. Microtek International Pvt. Ltd.
9. Luminous Power Technologies
10. Ashok Leyland
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The Market report answers the following questions:
What is the aim of the report?
- The Power Backup Market report presents the estimated market size of Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Players
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter's Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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About Kenneth Research:
Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
Name : Kenneth research
Phone: +1 313 462 0609
Eli is a freelance writer and possess double graduation degree in physics and chemistry. She is an intense writer covering everything for Science and Tech to Business, Entertainment, Sports and Lifestyle.
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