Transfer Switch Market to Reach $2.70 Billion, Globally, By 2030 at 6.7% CAGR: Allied Market Research

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Feb 14, 2022, 09:22 ET

PORTLAND, Ore., Feb. 14, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Transfer Switch Market By Type (Automatic Transfer Switch and Manual Transfer Switch), Transition Mode (Soft Load Transition Mode, Closed Transition Mode, Delayed Transition Mode, and Open Transition Mode), and End Use (Industrial, Commercial, and Residential): Global Opportunity Analysis and Industry Forecast, 2021–2030". According to the report, the global transfer switch industry was estimated at $1.47 billion in 2020, and is anticipated to hit $2.70 billion by 2030, registering a CAGR of 6.7% from 2021 to 2030.

Drivers, Restraints, and Opportunities

Increase in usage of transfer switches in the power & transmission industries, favorable government policies, and the large-scale renewable integration reforms drive the growth of the global transfer switch market. On the other hand, high costs associated with transfer switches restrain the growth to some extent. However, growing adoption of transfer switches in the residential sector is expected to create lucrative opportunities in the industry.

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COVID-19 Scenario:

The outbreak of the pandemic gave way to temporary closure of the majority of electronics manufacturing hubs across the world, especially during the initial period, thus impacting the global transfer switch market negatively.
Shortages of materials, components, and finished goods also led to disrupted supply chain, which hampered the market growth. However, the market is anticipated to recoup soon.

The Manual Transfer Switch Segment to Maintain the Lion's Share

By type, the manual transfer switch segment accounted for the highest market share in 2020, generating more than three-fifths of the global transfer switch market. This is because manual transfer switches are widely used to transfer load between power sources. With break-before-make switching sequences, these switches transfer loads between utility and backup power sources in a cost-effective manner. They enable homes, commercial businesses, and industrial facilities to make the most of their resources and connect to temporary or supplemental generators. The automatic transfer switch segment, however, is anticipated to cite the fastest CAGR of 7.37% from 2021 to 2030. This is because automatic transfer switches provide a reliable transferring essential load connections between primary and alternate sources of electrical power.

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The Residential Segment to Lead the Trail

By end use, the residential segment generated the highest share in 2020, holding nearly half of the global transfer switch market. This is attributed to the fact that developments in transfer switches for residential use incorporate multiple sophisticated intelligent and user-friendly features. The commercial segment, on the other hand, is expected to cite the fastest CAGR of 7.99% from 2021 to 2030. Advancing product efficiencies coupled with increasing concern toward the cost of energy have driven the segment growth.

Asia-Pacific, Followed By North America, to Dominate By 2030

By region, Asia-Pacific, followed by North America, contributed to the major market share in terms of revenue 2020, holding nearly two-fifths of the global transfer switch market. The same region is also projected to cite the fastest CAGR of 7.42% from 2021 to 2030. Technological developments in the emerging economies in the region boosts the market growth.

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Prominent Market Players

Cummins Inc.
Kohler
Generac Power Systems
Caterpillar
General Electric
Schneider Electric
Siemens
Eaton Corporation
Russelectric
ABB Ltd.

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