Power Backup Market in India to be Worth INR 504.66 Bn by 2023
According to a new Netscribes report published by Research on Global Markets, the power backup market in India is expected to have a significant compound annual growth rate (CAGR) of 11.28% and reach a market size of INR 504.66 Bn by 2023.
Robust growth of the Indian economy is fuelling the demand for power across sectors. However, inadequate power supply has been a challenge and has resulted in delayed projects in different sectors. Limited natural resources like coal and gas, which are essential for power generation, aggravates the shortage in the latter’s supply. The demand-supply gap prevailing across the different regions in the country provides a significant opportunity for the growth of the power backup market in India. Also, a change in the attitude of rural consumers is palpable when it comes to adopting power backup solutions. The ease of operating these products even under low-voltage conditions is driving the market demand.
The power backup market in India is dominated by the unorganized sector, even though there is hardly enough difference in price from that of the organized players. A price-sensitive consumer base also compels organized players to reduce their prices to compete against the unorganized manufacturers, which in turn hampers the growth prospects of the market.
Key highlights of this report:
- Trends in the power backup market in India
- Qualitative analysis of the drivers and challenges affecting the market and its segments
- Analysis of the competitive landscape and profiles of major players operating in the market
- Historical, current and forecasted regional market size data for the power backup industry
- Value chain analysis of the market
Check out the Research on Global Markets report featured in this article:
This report has been formulated and designed with the purpose of giving businesses a concise understanding of the demand for power backup solutions to determine the viability of the market, develop strategies based on the drivers, and help brands identify competition and respond accordingly.
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