Yahoo Finance Transfer Switch Market worth USD 2.57 billion by 2027, registering a CAGR of 6.12% - Report by Market Research Future (MRFR)
New York, Aug. 04, 2021 (GLOBE NEWSWIRE) -- Transfer Switch Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Transfer Switch Market Research Report, Type, ampere, transition mode, application and Region - Forecast till 2027” the market size is projected to be worth USD 2.57 billion by 2027, registering a CAGR of 6.12% during the forecast period (2021 - 2027), The market was valued at USD 1.52 billion in 2020.
COVID-19 Analysis
The electronics industry has been severely hit by the COVID-19 pandemic. The transfer switch market has been gaining immense momentum in the market. After the first lockdown wave the market faced an unevenness that resulted in severe downfall. The most vulnerable areas of service due to the adverse effects of the novel coronavirus include automobiles, aircraft, chemicals, and electronics as well. The pandemic has both long-term and short-term affects that resulted in the crisis on the industry chain particularly on market channels. The prices and volume value of the market have dipped at the time of the outbreak. The main restraint was that the regular maintenance of the device has been hampered and this too made it a severity at the global level and affected the transfer suit for distributors and manufacturers. Various small-scale industries have landed during the time and have given a boost to the demand and now it is developing more amongst the local regions too.
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Key Players
Eminent players profiled in the global transfer switch market report include –
ABB (Switzerland)
Siemens (Germany)
Toshiba Corporation (Japan)
Mitsubishi Electric Corporation (Japan)
Altrafo Srl (Italy)
Emco Limited (India)
Alstom (France)
JST Group (France)
International Electric Co Ltd (South Korea)
Schneider Electric (France)
Hind Rectifiers Limited (India)
CG Power and Industrial Solutions Limited (India)
WEG (Brazil)
The transfer switch market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, and more.
Browse In-depth Market Research Report (111 pages) on Transfer Switch
https://www.marketresearchfuture.com/reports/transfer-switch-market-8241
Drivers
Demand for Uninterrupted Power Supply to Spur Market Growth
The rising dependence of residential, commercial, and industrial sector on electric generators for uninterrupted power supply will boost market growth over the forecast period.
Opportunities
Increasing Use in Power & Transmission Industries to offer Robust Opportunities
Transfer switches are devices which allow switching between different power sources that are mostly backup generators. This offers convenience, assurance, and hassle free continuous and switching power supply to various industries. Hence, their surge is dependent and influenced on power and transmission industry that may offer robust opportunities for the market over the forecast period.
Restraints
Lack of Awareness to act as Market Restraint
The lack of awareness about transfer switch in developing regions will act as a market restraint over the forecast period.
Challenges
Need for Regular Maintenance to act as Market Challenge
The need for regular maintenance may impact the global transfer switch market share over the forecast period.
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Market Segmentation
The global transfer switch market is segmented based on types, application, ampere rating, and transition mode.
By types, the automatic transfer segment will lead the market over the forecast period. The demand for such switches is all-time high in comparison to manual switches as they help in administering the supply power and switch the moment they sense any fluctuation in power sans losing any time.
By application, the industrial segment controls will dominate the market over the forecast period as there has been an increase in the use of transfer switch in mining, construction, automobile, telecom, manufacturing, utilities, and power rental.
By transition mode, the soft load transition segment will spearhead the market over the forecast period.
By ampere rating, the 301-1600 A segment will have the lions share in the market over the forecast period as these switches have wide applications in different industries such as pharmaceutical, construction, manufacturing, oil and gas, and others.
Regional Analysis
APAC to Precede Transfer Switch Market
The APAC region will precede the market over the forecast period. Swift rate of urbanization coupled with surge in commercial establishments, commendable economic growth, rising concerns about security of supply, regulatory reforms with regards to renewable integration that are underway in the region, skyrocketing need for rural electrification, rising commercialization across emerging countries that is expanding business scenario, the increasing spending on modification of small-scale industries across China and India, and rise of commercial and industrial sectors are adding to the global transfer switch market growth in the region. Besides, the rising investments in the power sector, and growing power distribution infrastructure in India, Japan, China, and Australia are also adding market growth.
North America to Have Admirable Growth in Transfer Switch Market
North America will have admirable growth in the transfer switch market over the forecast period. US has the utmost market share. Heightened focus to improve the existing grid infrastructure, the increasing use of customized products, and increasing deployment of smart control switching technologies are adding to the global transfer switch market growth in the region.
Segmentation of Market covered in the research:
Information by Type (Automatic transfer switch and manual transfer switch), Ampere Rating (20A-300A, 301A-1600A and 1601A-4000 A), Transition Mode (Soft load transition mode, closed transition mode, delayed transition mode and open transition mode), Application (Industrial, commercial and Residential) and Region (North America, Europe, Asia-Pacific, the Middle East & Africa and South America) - Forecast till 2027
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