Overview and Scope
A transfer switch refers to a switch used to secure the connection or disconnection of various electricity sources toward an electric load. This switch switches an electrical load between two sources of power, such as a main power source and a backup power source. These switches are used to switch between a generator and grid service, between various generators, or various grid service entrances.
Sizing and Forecast
The transfer switch market size has grown strongly in recent years. It will grow from $1.7 billion in 2023 to $1.83 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to expansion in telecommunications and it infrastructure, focus on disaster recovery and backup systems, urbanization and commercial growth, safety and compliance standards, rising demand for uninterrupted power supply..
The transfer switch market size is expected to see strong growth in the next few years. It will grow to $2.5 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to rising demand for reliable power solutions, expansion of renewable energy integration, smart grid integration, focus on resilience and disaster preparedness, market penetration in developing regions.. Major trends in the forecast period include increased adoption of smart transfer switches, demand for seamless power transfer solutions, focus on energy efficiency, integration with renewable energy systems, reliability and safety compliance..
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Segmentation & Regional Insights
The transfer switch market covered in this report is segmented –
1) By Type: Automatic Transfer Switch, Manual Transfer Switch
2)By Transition Mode: Soft Load, Closed, Delayed, Open
3)By End Use: Industrial, Commercial, Residential
Top 5 major Players:
- ABB Ltd.,
- Siemens Aktiengesellschaft,
- Schneider Electric SE,
- General Electric Corporation,
- Cummins Inc
Asia-Pacific was the largest region in the transfer switch market in 2023. The regions covered in the transfer switch market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Growing demand for a continuous and steady power supply is expected to propel the transfer switch market forward. A power supply refers to a component that supplies power to at least one electrical load. In general, it converts one form of electrical power into another, but it may also convert a different form of energy such as solar, mechanical, or chemical into electricity. An automated transfer switch, or ATS, is a transfer switch that functions automatically. Once it senses a power outage in the primary source, this switch is utilized to switch the power supply automatically from the main source to a backup source. For instance, in October 2022, according to a report published by Exxon Mobil Corporation, a US-based natural gas company, global electricity demand will increase by 1.8% per year, reaching nearly 50% of this sector by 2050. Thus, the growing demand for a continuous and steady power supply is driving the transfer switch market forward.
Key Industry Players
Major companies operating in the transfer switch market are launching new products to sustain their position in the market. For instance, in September 2023, Natures Generator, a US-based provider of solar and wind generator products, launched a 12-circuit transfer switch kit. A 12-circuit switch kit is a pre-wired kit designed for easy integration of the electrical system of a building with clean and renewable energy sources. A 12-circuit switch kit is used for backup power for electrical appliances, devices, and lighting during a blackout. It is used for easy indoor installation, and a licensed electrician is recommended to use a 12-circuit transfer switch kit.
The transfer switch market report table of contents includes:
1. Executive Summary
2. Transfer Switch Market Characteristics
3. Transfer Switch Market Trends And Strategies
4. Transfer Switch Market – Macro Economic Scenario
5. Global Transfer Switch Market Size and Growth
….
31. Global Transfer Switch Market Competitive Benchmarking
32. Global Transfer Switch Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Transfer Switch Market
34. Transfer Switch Market Future Outlook and Potential Analysis
35. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Transfer Switch Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Transfer Switch Market, Segmentation By Transition Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Transfer Switch Market, Segmentation By End Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
….
Table 74: ABB Ltd. Financial Performance
Table 75: Siemens Aktiengesellschaft Financial Performance
Table 76: Schneider Electric SE Financial Performance
Table 77: General Electric Corporation Financial Performance
Table 78: Cummins Inc. Financial Performance
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