Transfer Switch Market is projected to exceed USD 1.8 billion by 2024
Date: 2018-11-12   Author: Rahul Sankrityayan  Category: #news

Transfer Switch Market is projected to exceed USD 1.8 billion by 2024

Global Transfer Switch Market is predicted to surpass USD 1 billion by 2024. Growing investment towards infrastructure sector owing to pervasive residential and commercial establishments across developing countries will drive the industry growth. Modernization of existing grid infrastructure along with integration of advanced monitoring and control technologies will further complement the business growth.

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Increasing investment towards the deployment of large scale renewable energy technologies are some of factors influencing demand for smart grid infrastructure. In 2016, European Union revised 2009/28/EC directive which aims to meet 27% of final energy consumption from renewable resources by 2030.

Germany, transfer switch market is predicted to exceed 150 thousand units annual installation by 2024. Rapid industrialization and urbanization along with expansion of off grid infrastructure across the nation will propel the industry landscape. Growing investments toward diversification of manufacturing units will further complement the business growth. In 2017, the Germany announced to invest USD 120 billion to support the automakers and suppliers.

Favorable government measures to encourage the development of rural electrification across the Africa and Asia region backed by growing investment from public and private held financial institutions will propel the transfer switch market growth. Increasing demand for electricity along with rapid expansion of isolated grid networks will further complement the industry outlook.

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Shift towards energy conservation coupled with growing measures for safe electricity supply over large T&D networks will boost the transfer switch market size. Increasing focus towards adoption of energy efficient technology along with expansion of smart grid networks will further augment the industry. In 2017, European countries including France, Italy, Sweden, Germany and UK have entered into smart grid agreement of worth USD 133.7 billion.

The >1600 ampere accounted for over 15% of global transfer switch market in 2016. Ongoing investments toward expansion of high tension transmission and distribution networks along with rapid industrialization across developing countries will boost the product penetration. Stringent government regulation towards operational safety standards along with heavy reliance on HVAC industrial networks will further complement the industry landscape.

Increasing investment towards upgradation and expansion of grid infrastructure along with growing implementation of advance monitoring and control units will stimulate the U.S. transfer switch market share. Rapid advancements across rail road infrastructure backed by the peninsula corridor electrification program will augment the industry. In 2017, Federal Transit Administration announced to invest USD 100 million for the development of infrastructure across the rail network of California.

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Introduction of several government norms to encourage adoption of renewable energy technologies will augment the China transfer switch market share. In 2017, China National Energy Administration announced to invest USD 326 billion for development of renewable energy networks by 2020.

Major participants catering the transfer switch market are Generac, DynaGen, Briggs & Stratton, ABB, Zhejiang Yuye Electric, General Electric, Kohler, Eaton, Russelectric, AEG, Vertiv, Cummins, Caterpillar, Schneider Electric, Siemens and MBH Electric.

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Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for AlgosOnline, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in t...

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