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Transfer Switch Market Trends

Report ID: GMI2037
Published Date: May 2023
Report Format: PDF

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Transfer Switch Market Trends

The electricity industry has experienced significant growth in recent years, particularly in Asia Pacific and Africa, due to factors such as urbanization and the establishment of commercial buildings. However, the complexity of the power grid infrastructure and frequent failures necessitate the need for auxiliary power sources. This has led to a substantial increase in the adoption of transfer switches in commercial and residential applications, driving the growth of the transfer switch market. Manufacturers are focusing on developing more efficient products to reduce standby losses and overall energy costs, further contributing to market expansion.

The demand for transfer switches is also being driven by evolving technologies and increased industrial investments. Industries are prioritizing the implementation of reliable and safe operating environments, leading to a higher demand for transfer switches. Additionally, government initiatives aimed at enhancing operational safety and the growing need for HVAC systems in industries are expected to stimulate market demand. Regulatory reforms that encourage foreign direct investment (FDI) in industrial establishments will also have a positive impact on the market. FDI plays a crucial role in the sustainable growth of the global manufacturing industry, and its influence will contribute to the overall market outlook.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of transfer switch was reached USD 2.4 billion in 2023 and is estimated to reach over USD 4.2 billion by 2032, attributed to ongoing reforms aimed at replacing conventional power generation technologies with sustainable energy sources, particularly in developed economies.

The automatic operation segment held over 65% market share in 2022 and is expected to grow at a CAGR of over 5% through 2032, owing to product benefits such as operational flexibility and frequency sensing capabilities, which provide reliable power transfer.

Asia Pacific market is anticipated to record a CAGR of over 5.5% during 2023 and 2032, backed by soaring population growth and rapid urbanization, resulting in fast infrastructure development and growing demand for reliable electricity.

General Electric, Vertiv Group Corp., Generac Power Systems, Inc., Kohler Co., Cummins Inc., Caterpillar, Briggs & Stratton, Eaton, Schneider Electric, ABB, Siemens, AEG Power Solutions, Midwest Electric Products, and One Two Three Electric Co. Ltd.