Residential Backup Power Market Projected to Grow to $1.92 Billion by 2024
Palm Beach, FL – September 29, 2020 – Market research firm Technavio predicts the global residential backup power market will grow to $1.92 billion by 2024. Interest in generators and other residential backup power solutions has never been higher. One trend behind this is the severe weather driving widespread power outages in the United States with scores of wildfires raging on the West Coast. Meanwhile, the Covid-19 pandemic is keeping millions of American workers and students at home and dependent on power.
As a recent Bloomberg article reported, many Bay Area tech firms are purchasing generators for their remote employees’ homes in an effort to avoid costly downtime during outages. With the residential backup power market positioned for dramatic growth, four of the most active companies are: NeoVolta Inc. (OTCQB: NEOV), Tesla, Inc. (NASDAQ: TSLA), Generac Holdings Inc. (NYSE: GNRC) and Caterpillar Inc. (NYSE: CAT).
NeoVolta (OTCQB: NEOV) – San Diego based NeoVolta, which recently began trading and is around $4 per share, is the only pure-play energy storage company on this list. The company recently launched universal generator integration. Its high-capacity battery systems can now accommodate a generator to power a home’s sub-panel critical loads, reducing battery usage. That keeps enough energy stored in the battery to power the sub-panel through the night until the solar system (AC or DC) starts producing the next day. This provides energy security in the event of a natural disaster or sustained cloud cover.
While some other energy storage systems can work with generators, what makes the NeoVolta generator integration unique is their ability to accept DC solar, which allows for an AC generator to be connected to the NV14. The generator can power the sub-panel while simultaneously charging the battery. NeoVolta can also allow a generator to power the critical load sub-panel, thereby reducing reliance on the battery and extending storage life.
NeoVolta’s NV14 energy storage system, with a capacity of 14.4 kilowatt-hours (kWh), was named one of Solar Power World’s Top Solar Storage Products of 2019. This capacity can be expanded to 24.0 kWh with the optional NV24 add-on. NeoVolta’s lithium iron phosphate batteries are safer, cleaner and longer-lasting than ordinary lithium ion batteries. Read more about NEOV and recent news developments by visiting: https://www.neovolta.com/news/
Tesla (NASDAQ: TSLA) – Tesla, whose stock is trading about $420 per share, is a major player in global energy storage on a utility, commercial and residential scale. The company recently began construction of the world’s largest battery storage facility. In home energy storage, the Powerwall has been Tesla’s flagship product since 2015. The Powerwall can be added to a system with a backup generator connected through an external automatic transfer switch (ATS) or manual transfer switch (MTS). Because the Powerwall and generator are not directly integrated, the Powerwall cannot be charged by the generator.
Generac (NYSE: GNRC) – This Wisconsin-based company, which trades at around $190 per share, has been in the backup power business since 1959. Its residential generators range from portable units up to 150 kW standby generators providing full power protection for large homes. In 2019, residential applications accounted for 51% of Generac’s $2.2 billion in net sales worldwide. The company has installed more than two million residential power systems.
Caterpillar (NYSE: CAT) – This Fortune 100 company, whose stock trades at around $147 per share, is the world’s largest manufacturer of construction equipment. Its wide range of products includes portable generators for residential use. Like Generac, Caterpillar is a trusted name in power equipment. Caterpillar manufactures more than 20 portable home generators in the 3–10 kW range, offering versatility and fuel efficiency.
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