The transfer switch global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Transfer Switch Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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Scope Of Transfer Switch Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Transfer Switch Market Overview
Market Drivers –
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.
Market Trends –
Product Innovation has emerged as a key trend gaining popularity in the transfer switch market. Major companies operating in the transfer switch market are developing new innovative switches to sustain their position in the market. For instance, in February 2022, Schneider Electric, France-based energy management, and automation company launched TransferPacT, a new generation of modular intelligent automatic transfer switches. The TransferPacT is a PC class ATSE rated for 220V-440V and available in 32A-160A, 2,3,4 poles. It has enhanced uptime with innovative technology that guarantees transfer rates of under 500 ms. ATSE data is collected and analyzed in real-time by EcoStruxureTM IoT-enabled solutions, giving operators proactive maintenance analysis rather than preventive maintenance.
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
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Regional Insights –
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
Key Companies –
Major companies operating in the transfer switch market report are ABB Ltd., Siemens Aktiengesellschaft, Schneider Electric SE, General Electric Corporation, Cummins Inc., Caterpillar Inc., Eaton Corporation plc, Kohler Co., Regal Rexnord Corporation, Cameco Corporation, Socomec Group SAS, Eltek group AS, Camsco Electric Co., DynaGen Technologies Inc., Mitsubishi Electric Corporation, Emerson Electric Co., Marathon Thomson Power System LLC, Vertiv Co., Briggs & Stratton Corporation, ASCO Power Technologies, Russelectric Inc., Blue Star Power Systems Inc., Zenith Controls Inc., Thomson Power Systems, Lovato Electric SpA, Onan Corporation, Generac Power Systems Inc., Automatic Transfer Switch Co. Ltd., Honeywell International Inc., Legrand SA .
Table of Contents
1. Executive Summary
2. Transfer Switch Market Report Structure
3. Transfer Switch Market Trends And Strategies
4. Transfer Switch Market – Macro Economic Scenario
5. Transfer Switch Market Size And Growth
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27. Transfer Switch Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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