Market Research Future (MRFR) believes that the transfer switch market 2020 can expand to reach USD 1,667.1 Million by the 2025-end. It is also estimated to procure a growth rate of 6.34% between 2017 and 2025 (which is the assessment period).
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.
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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.
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.
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.
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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.
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.