Report Code: A09512 | Pages: 265 | Jan 2022 | 2997 Views | ||
Author(s) : Avinash S , Vineet K | Tables: 116 | Charts: 82 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Transfer Switch Market
Request Now !The global transfer switch market size was valued at $1.47 billion in 2020, and is expected to reach $2.70 billion by 2030, growing at a CAGR of 6.70% from 2021 to 2030. Transfer switch is a device that allow safe connection or disconnection of different sources of electricity to an electric load. Many homes and businesses are equipped with a standby generator that is used in the event of a power outage. Also, many university campuses and factories have their own on-site power plants, but occasionally switch to the local grid for power.
The Industrial segment impacted negatively, due to COVID-19 Pandemic.
Transfer switch prevent electricity travelling in the wrong direction, such as from a home generator into the power grid. This means they will not get a shock from someone’s home generator when they are working on overhead lines. This is one of the reasons why most electric codes mandate the use of transfer switch when a residential generator is connected to the home’s electrical panel.
Transfer switch provide a reliable transferring essential load connections between primary and alternate sources of electrical power. The data centers, hospitals, factories and a wide range of other facility types that require continuous or near-continuous uptime typically utilize an emergency power source such as a generator or a backup utility feed when their normal power source becomes unavailable. These switches connect facilities to backup power without human intervention.
The global transfer switch market size is anticipated to witness significant growth during the forecast period. Factors, such as surge in usage in power and transmission industries, favorable government policies, and the large-scale renewable integration reforms drive the transfer switch market growth. Transfer switch is a device which enable switching between various power sources which are mainly backup generators. It provides assurance, convenience and hassle free continuous and switching power supply to various industries. Thus, their surge is influenced and dependent on power & transmission industry. However, increase in the demand for power by many industries, has led to surge in the demand and usage of transfer switch in these industries.
However, high costs associate with the transfer switch restricts the market growth. On the contrary, high adoption of transfer switch in residential industries is expected to create lucrative opportunities for the market. Therefore, these factors are expected to definitely affect global transfer switch market during the forecast period.
The transfer switch market is segmented on the basis of type, transition mode, end use, and region. By type, the market is bifurcated into automatic transfer switch and manual transfer switch. On the basis of transition mode, it is segregated into soft load transition mode, closed transition mode, delayed transition mode, and open transition mode. Depending on end use, it is separated into industrial, commercial, and residential.
Region-wise, the transfer switch market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific is the most attracting market for transfer switch due to the rise of industrial and commercial sectors in the region, especially in countries such as China and India.
The prominent factors that impact the transfer switch market growth are surge in usage in power and transmission industries, favorable government policies, and the large-scale renewable integration reforms. However, high costs associate with transfer switch restricts the market growth. On the contrary, high adoption of transfer switch in residential industries is expected to create lucrative opportunities for the market. Therefore, these factors are expected to definitely affect global transfer switch industry during the forecast period.
Competitive analysis and profiles of the major transfer switch market players, such as ABB Ltd., Cummins Inc., Eaton Corporation, Kohler, Generac Power Systems, General Electric, Schneider Electric, Siemens, Russelectric, and Caterpillar are focusing their investment on technologically advanced, cost-effective, and more secure products and solutions for various applications. These key players have adopted various strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to increase their market penetration and strengthen their foothold in the industry.
COVID-19 is having a huge impact on both consumer and the economy. Electronics manufacturing hubs have been temporarily shut down due to the outbreak of the virus among the individuals. This has majorly affected the supply chain of the market by creating shortages of materials, components, and finished goods. Lack of business continuity has ensured significant negative impacts on revenue and shareholder returns, which are expected to create financial disruptions in the transfer switch market.
Asia-Pacific countries dominate the market in terms of number of manufacturer and in terms of consumers. In 2019, China’s reduced supply chain operations significantly impacted on companies across the globe and disrupted the electronics value chain. Moreover, the outbreak of corona virus constrained governments across the globe to force lockdown initiatives that reduced the sales and production revenue, which in turn disrupted the worldwide economy at a significant extent. Therefore, the transfer switch market size is anticipated to gain momentum by the end of 2022.
Key Benefits For Stakeholders
Transfer Switch Market Report Highlights
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According to CXO perspective, the surge in usage in power and transmission industries, favorable government policies, and the large-scale renewable integration reforms is driving transfer switch market growth. However, the high costs associate with transfer switch is hampering its adoption acts as the major barrier for early adoption. Furthermore, high adoption of transfer switch in residential industry are the factors anticipated to provide lucrative opportunities for the market during the forecast period.
Asia-Pacific is the leading region in the transfer switch market. Also, Asia-Pacific has witnessed a wide-scale adoption of these switches in the recent years, owing to their increasing demand across various residential and commercial sectors. In accordance with several interviews that were conducted with top level CXOs, the demand for transfer switch has increased in residential, commercial, and industrial sector. The penetration of switches is expected to increase in the coming years and becoming popular for residential applications.
The report focuses on the growth prospects, restraints, and trends of the transfer switch market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, in the transfer switch market.
A. The Transfer Switch Market is estimated to grow at a CAGR of 6.70% from 2021 to 2030.
A. The Transfer Switch Market is projected to reach $2.70 billion by 2030.
A. To get the latest version of sample report
A. Surge in usage in power and transmission industries, and favorable government policies etc. boost the market growth.
A. The key players profiled in the report include ABB Ltd., Cummins Inc., Eaton Corporation, and many more.
A. On the basis of top growing big corporations, we select top 10 players.
A. The Transfer Switch Market is segmented on the basis of type, transition mode, end use, and region.
A. The key growth strategies of Transfer Switch market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.
A. Asia-Pacific region would grow at a highest CAGR of 7.42% during the forecast period.
A. Closed Transition Mode segment will dominate the market during 2021 - 2030.
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