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The growth of the Global transfer switch market is attributed to the increasing investments in infrastructure development and to the establishment of smart grid networks in the developing countries such as China and India. Moreover, the burgeoning requirement for uninterrupted power supply from the industrial sector and government inclination toward development of sustainable energy resources are anticipated to positively impact the demand for transfer switches in the forecast period.
According to MarkNtel Advisors’ research report titled “Global Transfer Switch Market Analysis, 2020”, the transfer switch market is projected to grow at a CAGR of around 6% during 2020-25. The growing requirement for back-up power in various industries along with the surging infrastructure development in the developed and developing countries are anticipated to positively impact the demand for transfer switches in the forthcoming period. The burgeoning demand for electricity from developing economies such as China, India, Brazil, etc., would boost the requirement for transfer switches as these switches are utilized for providing back-up power to the industrial, commercial, and residential sectors.
Global Transfer Switch Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the market potential, regional opportunities, key factors impacting sales and purchase decision, hotspots and growth opportunities available for transfer switch firms across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the competition assessment, formulation of Go to Market Strategies and identifying the blue ocean for their offerings.
Based on transmission mode, the open transition segment held a considerable market share in the Global transfer switch market in 2019. Open Transition is the most common type of transfer switch and is used in applications. This type of transfer switch is adopted across all small-scale businesses, hotels, and small-sized manufacturing and commercial buildings, which can withstand brief power interruptions. Moreover, open transition transfer switch is highly reliable due to its simplicity of the overall process.
Based on type, the automatic transfer switch acquired a significant market share in the Global transfer switch market in 2019. The growth of the segment is attributed to factors such as an aging grid infrastructure in emerging economies, inadequate power infrastructure, rising degree of necessity for alternative power sources, and automatic electric power generation to back-up supply from utilities. Moreover, most automatic transfer switches also include provisions for manual operations for transfer, which would mean that the ATS equipment can also be operated manually if required. Therefore, the ability of automatic transfer switches to provide both the automatic and manual choice of facilities is projected to strongly contribute to the demand for automatic transfer switches.
As per MarkNtel Advisors’ study, the major players who acquired a considerable market share in the Global transfer switch market include Schneider Electric, ABB, Russelectric, Eaton, Cummins, Caterpillar, Generac, etc.
Industry Segmentation:
Key questions answered in the study