Transfer Switch Market Clear Understanding Of The Competitive Landscape And Key Product Segments By 2030
Transfer Switch Market Scope
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).
Top
Boosters and Main Barriers
Several reforms are underway that are
promoting the use of sustainable energy sources instead of conventional
generating technologies, which can mean lucrative future prospects for the transfer
switch market. The industry’s notable turnaround in the past few years has been
the result of the increasing investments in massive renewable capacity
integration along with the significant boost received from numerous renewable
energy targets set up by various countries in the UN Climate Change Conference that
took place in 2015.
The rapid surge in technological innovation
and precision has been the outcome of the increasing industrial expenditure,
stimulating the demand for a safe and reliable environment across different industries.
Supportive government initiatives striving to elevate the operational safety combined
with the escalating demand for HVAC networks across sectors can also result in
tremendous business growth in the coming years. Ongoing reforms to boost the foreign
direct investment (FDI) can emerge as attractive opportunities across several
establishments, leading to better market outlook during the review period.
Expediting use of ancillary power sources
across residential and commercial establishments cam also benefit the transfer
switch market in the following period. With products gaining higher efficiency
and the concerns with regard to the rising standby losses mounting among
industries, the demand for transfer switch is set to rise, which can boost the business
landscape.
Market
Segmentation
The transfer switch market has been
broadly analyzed in the report, keeping in mind the primary segments of type,
ampere rating, transition mode and application.
The types of transfer switch in the
market are automatic transfer switch as well as manual transfer switch. The demand
for automatic transfer switch is at an all-time high compared to the manual
ones, since these switches help administer the supply power and switch as soon
as they sense any fluctuation in power, without losing any time.
The application-wise market segments
include residential, commercial and industrial. The industrial segment controls
the global market, since the use of transfer switch is increasing in power
rental, utilities, manufacturing, telecom, automobile, construction and mining.
With respect to the transition mode,
the market segments are closed transition mode, soft load transition mode, open
transition mode and delayed transition mode. The highest growth rate will be
recorded by the soft load transition mode segment, estimates MRFR.
Read Report Details @ https://www.marketresearchfuture.com/reports/transfer-switch-market-8241
Regional
Study
The transfer switch market has been
regionally categorized as Asia Pacific or APAC, North America, the Middle East
& Africa or MEA, South America and Europe.
Transfer switch market in APAC is the
biggest out of all the regions, thanks to the swift rate of urbanization paired
with the surge in commercial establishments backed by the commendable economic
growth. The industry growth can also be favored by the rising concerns about
the security of supply and the regulatory reforms with respect to renewable integration
that are underway in the region. The skyrocketing demand for rural
electrification brought on by the rising commercialization across emerging
countries also facilitates expansion of the business scenario. The increasing
spending on modification of the small-scale industries across India and China can
further induce market growth in the region.
In North America, the United States
(U.S.) leads the transfer switch market, on account of the heightened focus on
improving the existing grid infrastructure and the rising use of customized
products. In addition to this, increasing deployment of smart control switching
technologies can lead to better industry growth in the ensuing period.
Latest
Updates
March
2020
Generac Power Systems (U.S.) recently
launched PWRview Automatic Transfer Switch (ATS) that has integrated home
energy monitoring abilities. The product has been developed keeping in mind the
rising electric utility bills and the need to protect homes from outages.
Significant
Competitors
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), are the significant contenders in the transfer switch industry across the globe.
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