ID: MRFR/E&P/6769-HCR | February 2021 | Region: Global | 111 pages
Transfer Switch Market is projected to be worth USD 2.02 billion by 2027, registering a CAGR of 6.40% during the forecast period (2021 - 2027), The market was valued at USD 1.52 billion in 2020.
The only major factor is uninterrupted power supply which has increased the demand for the transfer switch in the market. Abu Dhabi Investment Authority (ADIA) has invested $495 in Greenko Energy Holdings (India) to set a power storage project which will have a power capacity of 2.4GW and it has provided the power to many households and various industries. This has given a ray of hope to many other countries as well that can project and provide uninterrupted power with this technology and can increase the back-up. Chinese companies invested for the same cause with the pipeline worth $78.1 billion and have seen significant growth of the Transfer Switch Market.
COVID-19 Analysis for Transfer Switch Market:
The pandemic has hit the electronic industries so intensely. The Transfer Switch Market was gaining a lot of momentum in the global market. After the first lockdown wave, there was an unevenness in the market that led to the severe downfall. The outbreak of the COVID 19 global pandemic is also negatively influenced the global inflows overall. The most vulnerable areas of service owing to the adverse effects of coronavirus are chemicals, aircraft, automobiles, and the field of electronics as well.
The COVID 19 has both short long-term impacts that lead to the crisis on the industry chain, especially on the market channels. The volume value and the prices of the market have dipped during the pandemic. The main restraint was that the regular maintenance of the device has been hampered and that too made it a severity at a global level and impacted the Transfer suit for distributors and manufacturers. Several small-scale industries have landed during this time and have given a boost to the demands as well and now it is developing more amongst the local regions as well.
The abundant claims in different end-use sectors have increased the demand for the Transfer Switches. The growth of the Global Transfer Switch Market is dependent on the rise of power utilities and generator backup power supplies. The organic and inorganic growth strategies have been launched in the Transfer Switch market and this has been seen so fiercely in this forecast. The organic strategies to grow the Transfer Switch Market are new product launches, product approvals, and others such as patents and organizing events to make the product expansion in the market. On the other hand, the inorganic growth strategic activities are witnessed in the market by the acquisitions, and partnerships & collaborations. The strategies like this paved the way for the Transfer Switch Market for the expansion of business and the end-users are also paying more interest that is giving the market players significant competition.
Companies who are engaged in providing the latest technology with the best quality of products will rise with their appreciable performance and constant growth. Below are the Key Players of the complete competitive landscape of the Transfer Switch Worldwide Market:
Transfer Switch Market Dynamics:
The demand for Transfer Switches has been growing rapidly due to ample usage in the different sectors that are industrial, commercial, and residential facilities. The most usage is in the industrial sector and is still for developing with the increase in the demand for uninterrupted power.
The Transfer Switch is required or the end-user and is needed for the continuous power supply. The generator needs to be purchased along with the Transfer Switch. The transfer switch may cost less when purchased with the generator. Also, now with the upgraded technique, it is preferred that the ATS should stay connected until utility power drops out.
The industries that are trusted for the power solutions have given the best products and for that matter, the Transfer Switch Market and the ATS have given the maximum benefits to the stalk holders.
Most of the top brands offer a wide selection of automatic transfer switches (ATS) and the Transfer Switches ranging from 160 to 1600 Amperes. Due to its great features and better functionality, it has been a suitable device for various applications like industrial plants, docks, airports, data centers, hospitals, factories, and a wide range of other facility types. Thus, it requires continuous power sources such as a generator or a backup utility feed when their normal power source becomes unavailable. So, the Transfer Switch is a setup for all diverse industries.
This report has classified the market into different segments based on type, ampere, transition mode, and application. The below segments have made the study and the analysis of the market more understandable in the terms of growth and viable opportunities for the market. The market forecast will always depend more upon the topography of the region.
By Transition Mode:
In this report, an overview of qualitative and quantitative information has been provided for the market and usage in the industries. At a global level, the market size and the forecast estimates have been changed since 2017 till now. The major regions to develop and provide market higher values of shares are North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (EMEA), and South America. Global Transfer Switch Market by each region is later sub-segmented by respective countries and segments.
The rise in the market is attained by the adoption of the GRID TECHNOLOGY and increasing investments in the technology, due to which the global market for Transfer Switches have sustainably grown, Especially countries like the US, India, and China have contributed the most in the market to make this technology work and has provided it to several other countries as well. It has given a positive and a very fruitful result to the Global Transfer Switches Market.
In industries, commercial sectors, and the residential sectors we have a rapid increase, and dependence on electric generators and uninterrupted power supply has made supplementary benefit to the market across various regions. Also, the government policies to pertain to the operationality of the device safety with heating ventilation and air conditioning has further stimulated the market growth. The enhanced product variants and more efficient devices will propel the market as the market growth has been increased with other factors that resulted in the focus on the research and development (R&D) activities to develop enhanced product variants.
The Transfer Switch is an electromechanical device that is used to interchange load between two powers mechanically or electronically. It provides uninterrupted power between the multiple power sources. Also, it helps in rapid transition between the sources and maintains stability as well. However, Automatic Transfer Switches (ATS) can immediately turn over to the generator power and will not require any external input.
Global Transfer Switch Market Analysis study and research show a focus of the global market trend analysis. The report aims to provide an optimum overview of Transfer Switch with detailed market segmentation by type, transition mode, ampere rating, and application. It also analyzed the factors affecting the Transfer Switch Market from both ends be it demand or the supply side and further evaluated the market dynamics affecting the market during the forecast period i.edrivers, restraints, opportunities, and recent developments.
|Market Size||2027: USD 2.02 billion|
|CAGR||6.40% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, ampere, transition mode, and application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Camsco Electric Co. (Taiwan), Siemens (Germany), Regal Beloit (US), Socomec (France), Eaton (Ireland), General Electric (US), Kohler Co. (US), Eltek Power Systems (South Korea), Russelectric (US), Generac Power System (US), Emerson Electric Co. (US), ABB (Switzerland), Caterpillar Inc. (US), Schneider Electric (France), Cummins (US), Eltek Power Systems (South Korea)|
|Key Market Opportunities||Ample usage of Transfer switches in different sectors|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The market is expected to achieve a growth rate of 6.12% in the years ahead.
The global market for transfer switch can attain significant growth during the appraisal timeline because of the rising adoption of smart grid technology and increasing investments in the technology, especially in countries like the US, India and China.
The noteworthy companies in the global market are Generac Power System (US), Siemens (Germany), Eltek Power Systems (South Korea), Caterpillar Inc. (US), General Electric (US), Eaton (Ireland), Schneider Electric (France), Regal Beloit (US), Cummins (US), Eltek Power Systems (South Korea), Socomec (France), Emerson Electric Co. (US), Kohler Co. (US), Camsco Electric Co. (Taiwan), ABB (Switzerland), Russelectric (US), and more.
India and China are continuously making sizeable investments in the development of their power sector, which boosts the sales of generators as well as electrical equipment. This factor has elevated the position of the transfer switch market in both these countries.
Closed transition mode, soft load transition mode, open transition mode and delayed transition mode are the primary segments based on the transition mode.