Global Transfer Switch Market is Anticipated to Reach USD 2.31 Billion at a Robust CAGR of 6.56% Between 2021 to 2027 | Infinium Global Research

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The global transfer switch market is projected to grow at a CAGR of 6.56% over the forecast period of 2021-2027. The global transfer switch market was valued at USD 1.58 billion in 2021 and is expected to reach USD 2.31 billion in 2027.

Infinium Global Research's recent report on the "Transfer Switch Market (by operation type (automatic transfer switch, contactor based transfer switch, circuit-based transfer switch, static transfer switch, and manual transfer switch), by transition mode (soft load transition mode, closed transition mode, delayed transition mode, and open transition mode) by installation type (emergency systems, legally required systems, critical operation power systems, and optional standby systems)) Global Industry Analysis, Trends, Market Size & Forecasts to 2027" provides a comprehensive outline of the factors responsible for the growth of the market. The global transfer switch market is projected to grow at a CAGR of 6.56% over the forecast period of 2021-2027. The global transfer switch market was valued at USD 1.58 billion in 2021 and is expected to reach USD 2.31 billion in 2027.

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Rising Demand for Electricity in the High Population Countries Such as China, and India will Boost the Market Globally

The transfer switch market is expected to reach $1,470.9 Million by 2020 and will grow at a higher rate during the forecast period. There rising demand for electricity in the high population countries such as China, and India will boost the market globally. Transfer switches are used for providing backup power solutions for various critical industries such as healthcare, telecommunication, IT, data centres, and others. Factors including fluctuating weather conditions, industry applications, infrastructural developments, need for uninterrupted and reliable power are expected to drive the global transfer switch market. However, the surge in the demand for power by several sectors, such as the Residential, commercial, and industrial sectors will increase the utilization of transfer switches and propel the growth during the forecast period.

COVID 19 has long-term and short-term effects which negatively impacted the market in the forecast period. The valuation and the brand value of the market have decreased during the coronavirus pandemic. The major restraint for the transfer switch market was the irregular maintenance of the device has hindered the market growth. The covid-19 pandemic affected the suppliers and manufacturers of the transfer switch at a global level. Several small-scale industries and large-scale industries got affected due to the lockdown situation in several countries during this time. Furthermore, the rising cost of raw materials increased manufacturing cost will hamper the growth of the transfer switch market in the forecast period.

By Operation type, Manual Switch Segment is Expected to Dominate the Market

The transfer switch market is segmented by operation type, switching mechanism type, transition type, and installation type. Based on the operation type, the market is segmented as automatic transfer switch, contactor-based transfer switch, circuit-based transfer switch, static transfer switch, and manual transfer switch. The manual switch market is projected to lead because of the rapid industrialization and residential establishments among the developing countries along with the rising need relating to energy safekeeping. In addition, the current disposition of critical operation power systems is likely to further stimulate product demand during the forecast period. Furthermore, regular voltage fluctuations accompanied by unstable phase-change processes in residential as well as small-scale industrial institutions are expected to boost market growth during the forecast period.

The Asia Pacific Region to be Expected as Fastest Growing Region in Transfer Switch Market

Based on the region the transfer switch market is diversified into North America, Europe, Asia Pacific, Middle East, and Africa. Furthermore, the Asia Pacific region is expected to grow at the fastest rate in the transfer switch market over the forecast period. The rising use of electric generators for continuous electric supply in developing countries such as India and China will support the fast growth rate in the Asia Pacific. Asia-Pacific is the most emerging market for transfer switch because of the rise of industrial and commercial sectors in the region, specially in developing countries such as China and India. The global market is projected to witness high growth in the forecast period, due to large investments in the power sector.

Key Players Focusing to Increase the Production Capacity by Collaborating with other Companies

The Transfer Switch Market is intensely competitive with the presence of several multinational and local players. The major ABB Ltd, General Electric, Cummins Inc., Eaton Corporation, Emerson Electric Siemens, SOCOMEC Group, Russelectric, Schneider Electric, Generac Power Systems, and several others are constantly focusing on developing advanced switches to gain a competitive edge in the market. These manufacturers are adopting numerous market strategies including new product launches, and mergers & acquisitions with various switch producing companies at the country level. For instance, in May 2021, Cummins announces the introduction of a new line of ul1008 transfer switches with industry-leading withstand and closing ratings. Infinium Global Research's recent report on the global Transfer Switch Market is an encompassment of such recent developments in the global marketplace. The report delivers insights into the recent developments by leading players that have contributed to the growth of the Transfer Switch Market and also estimates the impact of recent developments in the global market.

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Table of Content

Chapter 1. Preface

1.1. Report Description

1.2. Research Methods

1.3. Research Approaches

Chapter 2. Executive Summary

2.1. Transfer Switch Market Highlights

2.2. Transfer Switch Market Projection

2.3. Transfer Switch Market Regional Highlights

Chapter 3. Global Transfer Switch Market Overview

3.1. Introduction

3.2. Market Dynamics

3.2.1. Drivers

3.2.2. Restraints

3.2.3. Opportunities

3.3. Analysis of COVID-19 impact on the Transfer Switch Market

3.4. Porter’s Five Forces Analysis

3.5. IGR-Growth Matrix Analysis

3.6. Value Chain Analysis of Transfer Switch Market

Chapter 4. Transfer Switch Market Macro Indicator Analysis

  1. Global Transfer Switch Market by Operation Type

5.1. Automatic Transfer Switch

5.2. Contactor Based Transfer Switch

5.3. Circuit Based Transfer Switch

5.4. Static Transfer Switch

5.5. Manual Transfer Switch

Chapter 6. Global Transfer Switch Market by Transition Mode

6.1. Soft Load Transition Mode

6.2. Closed Transition Mode

6.3. Delayed Transition Mode

6.4. Open Transition Mode

Chapter 7. Global Transfer Switch Market by Installation Type

7.1. Emergency Systems

7.2. Legally Required Systems

7.3. Critical Operation Power Systems

7.4. Optional Standby Systems

Chapter 8. Global Transfer Switch Market by Region 2021-2027

8.1. North America

8.2. Europe

8.3. Asia-Pacific

8.4. RoW

Chapter 9. Company Profiles and Competitive Landscape

9.1. Competitive Landscape in the Global Transfer Switch Market

9.2. Companies Profiles

9.2.1. ABB Ltd

9.2.2. General Electric

9.2.3. Cummins Inc.

9.2.4. Eaton Corporation

9.2.5. Emerson Electric

9.2.6. Siemens

9.2.7. SOCOMEC Group

9.2.8. Russelectric

9.2.9. Schneider Electric

9.2.10. Generac Power Systems

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Reasons to Buy this Report:

=> Comprehensive analysis of global as well as regional markets of the transfer switch.

=> Complete coverage of all the product types and application segments to analyze the trends, developments, and forecast of market size up to 2027.

=> Comprehensive analysis of the companies operating in this market. The company profile includes an analysis of the product portfolio, revenue, SWOT analysis, and the latest developments of the company.

=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus on to invest, consolidate, expand and/or diversify.

The post Global Transfer Switch Market is Anticipated to Reach USD 2.31 Billion at a Robust CAGR of 6.56% Between 2021 to 2027 | Infinium Global Research appeared first on Herald Keeper.

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