Global Transfer Switch Market Surges to $1.6 Billion in 2022, Fueled by Growing Need for Stable Power Supply

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Oct 17, 2023, 13:00 ET

DUBLIN, Oct. 17, 2023 /PRNewswire/ -- The "Transfer Switch Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The global transfer switch market, which reached a size of US$ 1.6 billion in 2022, is set to experience significant growth in the coming years. Analysts project the market to reach US$ 2.4 billion by 2028, with a steady compound annual growth rate (CAGR) of 6.5% during the period from 2023 to 2028.

A transfer switch is an electromechanical device used to shift the load between two power sources, either electronically or mechanically. It ensures uninterrupted power supply by swiftly transitioning between multiple power sources. There are two main types of transfer switches: manual and automatic.

Manual transfer switches require human intervention to switch to an alternate power source, such as a generator, in case of a power outage. In contrast, automatic transfer switches (ATS) can detect power interruptions and switch to an alternate source automatically, offering enhanced reliability and safety.

Key Market Trends Driving Growth

Stable Power Supply: The increasing need for stable power sources, driven by rapid industrialization worldwide, is a primary factor propelling market growth.
Resilience Against Power Outages: Frequent occurrences of power outages, blackouts, voltage fluctuations, and unexpected burnouts are contributing to the rising demand for transfer switches.
Industrial and Commercial Dependence: The industrial, commercial, and residential sectors are increasingly reliant on electric generators to ensure uninterrupted power supply, further boosting demand for these devices.
Government Regulations: Favorable government policies related to operational safety and growing demand for Heating, Ventilation, and Air Conditioning (HVAC) networks are stimulating market growth.
Research and Development: Increased focus on research and development (R&D) activities to develop enhanced product variants is another driver of market expansion.

Market Segmentation

The global transfer switch market is segmented based on type, transition mode, rating, end-use sector, and region:

Type:

Automatic Transfer Switch
Contactor Based Transfer Switch
Circuit Based Transfer Switch
Static Transfer Switch
Manual Transfer Switch

Transition Mode:

Soft Load Transition Mode
Closed Transition Mode
Delayed Transition Mode
Open Transition Mode

Rating:

0-300A
301-1600A
1601A-4000A

End-Use Sector:

Industrial
Commercial
Residential

Regions:

Asia Pacific
North America
Europe
Middle East and Africa
Latin America

Competitive Landscape

The report offers a comprehensive analysis of the competitive landscape, featuring key market players such as ABB, General Electric, Cummins, Eaton Corporation, Emerson Electric, Siemens, SOCOMEC Group, Russelectric, Caterpillar, Schneider Electric, Generac Power Systems, Eltek, Camsco Electric Company, Marathon Thomson Power System, DynaGen Technologies, Mitsubishi Electric, and others.

Key Questions Addressed in the Report

What was the size of the global transfer switch market in 2022?
What is the expected growth rate of the global transfer switch market during 2023-2028?
What are the key factors driving the global transfer switch market?
What has been the impact of COVID-19 on the global transfer switch market?
What is the market share based on type, transition mode, rating, end-use sector, and region?
What factors are driving and challenging the industry's growth?
Who are the major players in the global transfer switch market, and what is their competitive positioning?
How intense is the competition in the industry?

For more information about this report visit https://www.researchandmarkets.com/r/5kh127

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SOURCE Research and Markets