Transfer Switch Industry to Achieve $3.1 Billion Valuation by 2033, Growing at 7% CAGR

The global transfer switches market is valued at USD 1.6 billion in 2023 and is projected to grow at a healthy CAGR of 7% by 2033. A transfer switch is a crucial mechanism that ensures safe connection or disconnection of various electrical sources from an electric load. In the event of a power outage, many homes and businesses are equipped with standby generators. Additionally, numerous enterprises and university campuses have on-site power generators, which they occasionally switch to the regional grid for electricity. Transfer switches prevent electricity from flowing incorrectly, such as from a home generator back to the electric grid, thereby ensuring safe and efficient power management.

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Transfer switches are essential for seamlessly transferring critical load connections between primary and backup electrical power sources. When the regular power source fails, facilities like data centers, factories, hospitals, and other essential infrastructures often rely on emergency power sources, such as generators or backup utility feeds. Transfer switches enable these facilities to switch to backup power automatically, without requiring human intervention.

The sales of transfer switches are on the rise due to their high usage in the power and transmission industries, supportive governmental policies, and extensive reforms to incorporate renewable energy sources. Transfer switches are categorized into automatic and manual types. Automatic transfer switches currently lead the market due to their superior reliability and quick response during power outages.

In 2019, ABB introduced its OTM series of small automatic transfer switches in China. The OTM series, designed for the automatic switching of power sources, ensures a safe and reliable electricity supply for grid terminal loads in applications such as residential and commercial buildings, fire safety systems, manufacturing, and data centers.

Transfer switches are also segmented based on transition modes: open, closed, delayed, and soft load. An open transition transfer switch makes contact with one power source before breaking contact with the other. In contrast, closed transition transfer switches connect to a new power source before disconnecting from the current one, which is ideal for applications requiring uninterrupted power. A delayed transition transfer switch disconnects from one source and pauses briefly before connecting to the alternate source. A soft loading transition transfer switch synchronizes generator power with utility power before transitioning between sources.

Key Takeaways from Market Study

The global transfer switches market is expected to reach USD 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 from 2023 to 2033. Meanwhile, sales of transfer switches in China are anticipated to rise at a CAGR of 9% during the same period. Worldwide demand for automatic transfer switches is projected to increase at a CAGR of 7.5% from 2023 to 2033.

List of Key Companies Profiled in The Report

Belkin International, Inc.
Cummins, Inc.
Kohler Co.
APC by Schneider Electric
GE Grid Solutions
Raritan Americas, Inc.
Generac Power Systems, Inc.
Luminous Power Technologies Pvt., Ltd.
Connecticut Electric, Inc.
Camsco Electric Co., Ltd.
Others

Country-wise Analysis

The United States is gaining significant traction in the data center field due to rapid industrialization, with numerous major data collection companies operating within the country. Many businesses have formed partnerships with data center colocation space operators to efficiently manage their IT infrastructure and handle the vast volumes of company data. A notable example is the collaboration between Google and Equinix Inc. to provide colocation services. The increasing acceptance of cloud and internet services across various end-user industries is expanding the scope of the B2B cloud computing service sector, which has positive implications for the managed data center and colocation service sectors. As businesses in the United States generate substantial information across sectors such as IT, BFSI, healthcare, telecom, government, and defense, the adoption of big data and IoT technology will drive further investment in the data center industry. Consequently, the rapidly increasing industrialization sector is boosting demand for transfer switches.

In Germany, rapidly developing healthcare facilities are benefiting suppliers of transfer switches. Germany boasts one of the most well-established healthcare systems in Europe and is home to numerous pharmaceutical and biotech companies. The presence of advanced healthcare technologies is attracting many care seekers to the country, boosting medical tourism. Hospitals, as prominent healthcare institutions, require smooth and advanced power systems for proper and effective treatment procedures, thereby driving the sales of transfer switches. Generator transfer switches are widely used in hospitals to ensure an even power supply, and the demand for these devices in Germany is expected to grow at a CAGR of 5% over the next ten years.

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Competitive Landscape

Major market participants are heavily investing in the development of advanced transfer switches, aiming to boost their revenue growth and strengthen their market position.

In October 2021, Schneider Electric unveiled its Next-generation TransferPacT Automatic Transfer Switching Equipment (ATSE). This line of high-quality, compact, modular intelligent automatic transfer switches ensures a reliable power backup with enhanced scalability and dependability. The TransferPacT Automatic offers simple settings and an intuitive user interface, while the TransferPacT Active Automatic provides additional options and can be connected to an external HMI for more comprehensive control.

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This release was published on openPR.