Around US$ 1.6 billion will be spent on transfer switch sales globally in 2023. By the end of 2033, the market for transfer switches is expected to reach a value of US$ 3.1 billion after expanding swiftly at a 7% CAGR.
A transfer switch is an electromechanical device that switches a load between two power sources manually or electronically. It offers a rapid changeover between different power sources for a constant supply of power. Automatic and manual transfer switches are the two types of transfer switches. From 2023 to 2033, sales of automated transfer switches (ATS) are anticipated to grow at a CAGR of 7.5%.
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Key Takeaways from Market Study
- The global transfer switches market is expected to reach US$ 3.1 billion by 2033.
- The market for transfer switches in Canada is predicted to expand at a CAGR of 5% during the forecast period (2023 to 2033).
- Sales of transfer switches in China are expected to rise at a CAGR of 9% during the projected period.
- Worldwide demand for automatic transfer switches is predicted to increase at a CAGR of 7.5% from 2023 to 2033.
“Residential and industrial sectors account for high demand for transfer switches and will continue to do so,” says a Fact.MR Analyst
Competitive Landscape:
Fact.MR, a market research and competitive intelligence provider, reveals detailed marketing strategies of leading companies in the transfer switches market. Some of the key market players are Belkin International, Inc., Cummins, Inc., Kohler Co., APC by Schneider Electric, GE Grid Solutions, and Raritan Americas, Inc.
Major market participants are investing highly in developing advanced transfer switches. This move is expected to increase their revenue growth and increase market position.
- Schneider Electric’s Next-generation TransferPacT Automatic Transfer Switching Equipment (ATSE), which is a line of elevated, small, modular intelligent automatic transfer switches, was revealed in October 2021. It offers a steady power backup with increased scalability and dependability. TransferPacT Automatic provides straightforward settings and an intuitive user interface, whereas TransferPacT Active Automatic offers more options and can be connected to an external HMI.
Market Development
A new Memorandum of Understanding (MoU) was signed by the State Grid Corporation of China (SGCC) and the International Renewable Energy Agency (IRENA) in April 2021 to support grid improvements, system reliability, and sector coupling in China and the IRENA Clean Energy Corridor regions. Following the agreement, IRENA and SGCC carried out joint efforts and collaborative research to improve the responsiveness of power grids, speed up grid development, and decarbonize urban energy systems, with a focus on the use of smart grids and sector coupling techniques.
Key Segments of Transfer Switches Industry Research:
· By Switch Type :
- Automatic Transfer Switches
- Manual Transfer Switches
· By Ampere Rating :
- 0 to 300A
- 301 to 1600A
- 1601 to 4000A
· By Transition Mode :
- Soft Load
- Closed
- Delayed
- Open
· By Application :
- Industrial
- Commercial
- Residential
· By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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Key Questions Covered in the Transfer Switches Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Transfer Switches sales grow until 2033?
- Which are the factors hampering the Transfer Switches demand?
- Which region will spearhead the growth in the global industry during 2023-2033?
- Which are the factors driving sales in the Transfer Switches Market during the forecast period?
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