Transfer Switch Market Growth Opportunities, Industry Outlook & Forecast 2024
Date: 2018-12-12   Author: Rahul Sankrityayan  Category: #news

Transfer Switch Market Growth Opportunities, Industry Outlook & Forecast 2024

The rapidly surging requirement of switching devices across residential & commercial sectors is a key factor that will drive transfer switch market in the ensuing years. Switching devices being a prime element of modern emergency power supply systems, claim high demand across myriad industrial sectors. Having recognized their immense potential in an array of application domains, transfer switch market players have been striving to bring about a novel portfolio of advanced products that would augment their position in transfer switch industry.

Briggs & Stratton for instance, has expanded its footprints across the Canada belt. In addition, the company has partnered with ASCO to manufacture and engineer automatic transfer switches, which would certainly strengthen its position in transfer switch market. If estimates are to be believed, transfer switch industry has already chronicled its name in the billion-dollar fraternity in 2016.

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Automation is the latest buzzword in the electrical arena, given the fact that the demand for technological advancements and automated operations has increased a great deal. Automation is being adopted by numerous companies across the globe with an aim to reduce human efforts and production time, which would subsequently increase the manufacturing efficiency by minimizing the capital cost of the product.

Taking into account the escalating deployment of automatic and self-driven equipment, Cummins Power Generation has recently launched automatic transfer switches for light commercial and residential generators. Speaking along similar lines, automatic operations served to account for a major portion of transfer switch market share in 2016. Another driver impelling the growth of this segment is the fact that automatic transfer switches are used in most of the home standby generators to transfer power within a few seconds.

In a bid to increase the effectiveness and functionality of devices, major biggies partaking in transfer switch industry share have been continuously investing in research and development activities to design fast load transferring devices. A couple of years back, for instance, renowned multinational technology company, Raritan Inc. announced the launch of a new hybrid system in transfer switch market to overcome the limitations of traditional power switches. The development of highly efficient, reliable, and fast performance technologies will thus majorly influence transfer switch industry trends over the years ahead. The other prominent players in transfer switch market are Cummins corporation, General Electric, ABB, Eaton, Generac Power Systems, AEG, DynaGen, Siemens, Vertiv Co., Schneider Electric, Caterpillar, Kohler, Zhejiang Yuye Electric, Russelectric, MBH Electric.

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National governments have been conducting numerous awareness programs regarding the safety and operational reliability of using transfer switches in power supply systems. In most of the commercial buildings, for instance, some sort of alternate power source is always deployed for safety purposes. In this regard, governments have also deployed strict building codes to mandate the use of power safety devices.

Generally, the installation of such systems plays a critical role in the case of emergencies such as fire accidents. Increasing awareness regarding the usage of transfer switches in critical cases is slated to augment the product demand to quite an appreciable extent. Statistics in fact, claim transfer switch industry share from critical operations power systems to register an annual growth rate of more than 5% over the coming seven years.

A rather transformative trend that is being observed in transfer switch industry of late, is the implementation of rural electrification programs by various governmental bodies to bring about an improvement in the rural standards of living. Recently, in Indonesia, a reputed government-owned electricity distribution company, PLN, established an alliance with the local government for developing a rural electrification programs. Statistically, more than 10 local governments collaborated with PLN to implement the rural electrification program successfully.

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Through this program, the Indonesian government has planned to electrify nearly 2.5 thousand villages by the end of 2017 and by 2019, it is looking forward to electrifying more than 97% of the rural areas by providing power for close to 10.3 thousand villages. The implementation of rural electrification programs is a major factor that is likely to boost Asia Pacific transfer switch market size. Besides rural electrification, the Indonesian government is also investing in power plant development to fulfil the increasing electricity demand, which would provide a major push to transfer switch industry share.

Pertaining to the rapidly depleting fossil fuel sources, the highly established economies across the globe have been adopting sustainable technologies to accomplish the energy demand. A number of refurbishment activities are also on the radar, as is witnessed by the extensive replacement of the existing energy infrastructure to enhance the capacities of regional electric grids, which would considerably augment transfer switch market share. The shifting trends toward implementing renewable energy projects will thus stimulate transfer switch industry size, which has been estimated to surpass a revenue collection of USD 1.8 billion by 2024.



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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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