![]() ![]() ![]() This study comprises analytical depiction of the global transfer switch market outlook along with the current trends and future estimations to depict the imminent investment pockets.Therefore, the transfer switch market size is anticipated to gain momentum by the end of 2022. Moreover, the outbreak of corona virus constrained governments across the globe to force lockdown initiatives that reduced the sales and production revenue, which in turn disrupted the worldwide economy at a significant extent. In 2019, China’s reduced supply chain operations significantly impacted on companies across the globe and disrupted the electronics value chain. Lack of business continuity has ensured significant negative impacts on revenue and shareholder returns, which are expected to create financial disruptions in the transfer switch market.Īsia-Pacific countries dominate the market in terms of number of manufacturer and in terms of consumers. This has majorly affected the supply chain of the market by creating shortages of materials, components, and finished goods. Electronics manufacturing hubs have been temporarily shut down due to the outbreak of the virus among the individuals. COVID-19 Impact AnalysisĬOVID-19 is having a huge impact on both consumer and the economy. These key players have adopted various strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to increase their market penetration and strengthen their foothold in the industry. Therefore, these factors are expected to definitely affect global transfer switch market during the forecast period.Ĭompetitive analysis and profiles of the major transfer switch market players, such as ABB Ltd., Cummins Inc., Eaton Corporation, Kohler, Generac Power Systems, General Electric, Schneider Electric, Siemens, Russelectric, and Caterpillar are focusing their investment on technologically advanced, cost-effective, and more secure products and solutions for various applications. On the contrary, high adoption of transfer switch in residential industries is expected to create lucrative opportunities for the market. However, high costs associate with the transfer switch restricts the market growth. However, increase in the demand for power by many industries, has led to surge in the demand and usage of transfer switch in these industries. Thus, their surge is influenced and dependent on power & transmission industry. It provides assurance, convenience and hassle free continuous and switching power supply to various industries. Transfer switch is a device which enable switching between various power sources which are mainly backup generators. Factors, such as surge in usage in power and transmission industries, favorable government policies, and the large-scale renewable integration reforms drive the transfer switch market growth. The global transfer switch market size is anticipated to witness significant growth during the forecast period. These switches connect facilities to backup power without human intervention. The data centers, hospitals, factories and a wide range of other facility types that require continuous or near-continuous uptime typically utilize an emergency power source such as a generator or a backup utility feed when their normal power source becomes unavailable. Transfer switch provide a reliable transferring essential load connections between primary and alternate sources of electrical power. This is one of the reasons why most electric codes mandate the use of transfer switch when a residential generator is connected to the home’s electrical panel. This means they will not get a shock from someone’s home generator when they are working on overhead lines. Transfer switch prevent electricity travelling in the wrong direction, such as from a home generator into the power grid. The Industrial segment impacted negatively, due to COVID-19 Pandemic. Also, many university campuses and factories have their own on-site power plants, but occasionally switch to the local grid for power. Many homes and businesses are equipped with a standby generator that is used in the event of a power outage. Transfer switch is a device that allow safe connection or disconnection of different sources of electricity to an electric load. The global transfer switch market size was valued at $1.47 billion in 2020, and is expected to reach $2.70 billion by 2030, growing at a CAGR of 6.70% from 2021 to 2030. ![]()
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