Transfer Switch Market Report 2024 - Transfer Switch Market Growth, Opportunities And Forecast

"The Business Research Company recently released a comprehensive report on the Global Transfer Switch Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The transfer switch market size has grown strongly in recent years. It will grow from $1.7 billion in 2023 to $1.83 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to expansion in telecommunications and it infrastructure, focus on disaster recovery and backup systems, urbanization and commercial growth, safety and compliance standards, rising demand for uninterrupted power supply.

The transfer switch market size is expected to see strong growth in the next few years. It will grow to $2.5 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to rising demand for reliable power solutions, expansion of renewable energy integration, smart grid integration, focus on resilience and disaster preparedness, market penetration in developing regions.. Major trends in the forecast period include increased adoption of smart transfer switches, demand for seamless power transfer solutions, focus on energy efficiency, integration with renewable energy systems, reliability and safety compliance.

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Market Drivers and Trends:
Growing demand for a continuous and steady power supply is expected to propel the transfer switch market forward. A power supply refers to a component that supplies power to at least one electrical load. In general, it converts one form of electrical power into another, but it may also convert a different form of energy such as solar, mechanical, or chemical into electricity. An automated transfer switch, or ATS, is a transfer switch that functions automatically. Once it senses a power outage in the primary source, this switch is utilized to switch the power supply automatically from the main source to a backup source. For instance, in October 2022, according to a report published by Exxon Mobil Corporation, a US-based natural gas company, global electricity demand will increase by 1.8% per year, reaching nearly 50% of this sector by 2050. Thus, the growing demand for a continuous and steady power supply is driving the transfer switch market forward.

Product Innovation has emerged as a key trend gaining popularity in the transfer switch market. Major companies operating in the transfer switch market are developing new innovative switches to sustain their position in the market. For instance, in February 2022, Schneider Electric, France-based energy management, and automation company launched TransferPacT, a new generation of modular intelligent automatic transfer switches. The TransferPacT is a PC class ATSE rated for 220V-440V and available in 32A-160A, 2,3,4 poles. It has enhanced uptime with innovative technology that guarantees transfer rates of under 500 ms. ATSE data is collected and analyzed in real-time by EcoStruxureTM IoT-enabled solutions, giving operators proactive maintenance analysis rather than preventive maintenance.

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Major Key Players of the Market:
ABB Ltd.; Siemens Aktiengesellschaft; Schneider Electric SE; General Electric Corporation; Cummins Inc.; Caterpillar Inc.; Eaton Corporation plc; Kohler Co.; Regal Rexnord Corporation; Cameco Corporation; Socomec Group SAS; Eltek group AS; Camsco Electric Co.; DynaGen Technologies Inc.; Mitsubishi Electric Corporation; Emerson Electric Co.; Marathon Thomson Power System LLC; Vertiv Co.; Briggs & Stratton Corporation; ASCO Power Technologies; Russelectric Inc.; Blue Star Power Systems Inc.; Zenith Controls Inc.; Thomson Power Systems; Lovato Electric SpA; Onan Corporation; Generac Power Systems Inc.; Automatic Transfer Switch Co. Ltd.; Honeywell International Inc.; Legrand SA

Transfer Switch Market 2024 Key Insights:
• The transfer switch market will grow to $2.5 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.
• Transfer Switch Market Surges As Demand For Steady Power Grows
• Innovative Products For Seamless Power Transfer
• Asia-Pacific was the largest region in the transfer switch market in 2023

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This release was published on openPR.