Dublin, Oct. 16, 2023 (GLOBE NEWSWIRE) -- 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?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 140 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $1.6 Billion |
| Forecasted Market Value (USD) by 2028 | $2.4 Billion |
| Compound Annual Growth Rate | 7.0% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/o4f8i2
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