Rockville, March 09, 2023 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, estimates that the global transfer switches market is valued at US$ 1.6 billion in 2023 and will expand at a healthy CAGR of 7% by 2033.
A transfer switch is a mechanism that makes it safe to connect or disconnect various electrical sources from an electric load. In the case of a power loss, many houses and businesses are outfitted with standby generators. Also, a lot of enterprises and university campuses have their on-site power generators, but they occasionally switch to the regional grid for electricity. Transfer switches stop electricity from flowing in the incorrect way, such as from a home generator to the electric grid.
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Transfer switches are dependable for moving crucial load connections between the main and backup electrical power sources. When their regular power source becomes unavailable, the data centers, factories, hospitals, and a wide range of other facilities often use an emergency source of electricity, such as a generator or a backup utility feed. Transfer switches provide backup power connections for buildings without the need for human interaction.
Transfer switch sales are increasing due to the factors such as the high use in the power and transmission industries, supportive governmental policies, and extensive reforms to include renewable energy sources. Transfer switches are segmented into automatic transfer switches & manual transfer switches. Automatic transfer switches currently dominate sales growth due to their higher reliability and prompt response in a power cut.
- ABB introduced its small automatic transfer switch OTM series in China back in 2019. The OTM series, which embodied technology in the application of switching power sources automatically from one to another, provides a safe and dependable electricity supply for grid terminal loads for use in applications such as residential and commercial structures, fire safety, manufacturing, and data centers.
Transfers switches are segmented into the soft load, closed, delayed, and open, based on transition mode. A transfer switch with an open transition makes contact with one power source before breaking contact with another. Alternatively, closed transition transfer switches make contact with another power source concurrently before disconnecting from it.
Transfer switches with closed transitions are practical for applications that demand no power interruption. A transfer switch with a delayed transition disconnects from one source before pausing before reconnecting to the alternative source. Before transitioning between alternative power sources, a soft loading transition transfer switch synchronises generator power with the utility power.
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
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Competitive Landscape
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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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global transfer switches market, presenting historical demand data (2018 to 2022) and forecast statistics for the period 2023 to 2033.
The study divulges essential insights on the market based on switch type (automatic transfer switches, manual transfer switches), ampere rating (0 to 300A, 301 to 1600A, 1601 to 4000A), transition mode (soft load, closed, delayed, open), and application (industrial, commercial, residential), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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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