The global transfer switch market is estimated to reach $1,470.9 Million by 2020 at a projected CAGR of 6.6% during the forecast period. The growth is attributed to the increasing demand in the industrial and commercial applications.
The report “Transfer Switch Market by Type (Automatic & Manual), Transition Mode (Open, Closed, Delayed, & Soft Load), Ampere Rating (0-300A, 301A-1.6kA, 1.6kA-4kA), Applications (Industrial, Commercial, & Residential) and Region - Global Trends and Forecasts to 2020’’, defines and segments the global transfer switch market with an analysis and market size forecast. The transfer switch market is projected to grow from an estimated value of $1,070.6 Million in 2015 to $1,470.9 Million by 2020 at a CAGR of 6.6% from 2015 to 2020.
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Asia-Pacific: The largest region for transfer switch
Asia-Pacific accounts the largest market share of transfer switch due to the growing trend in the industrial and commercial sector especially in countries such as China and India.
However, most of the countries in this region are still developing and lacks proper power distribution infrastructure. This leads to outages, blackouts, brownouts, and power surges.
This is driving the transfer switch market in this region and is expected to be the leading market by 2020. China is investing a lot for the expansion of its power sector and is also one of the leading markets for the sales of generators and electrical equipment.
North America and Europe stood at the second and third position in the global transfer switch, respectively, in 2014. U.S., Germany, U.K. are the major countries in two regions and held a significant share in the global market.
France, Mexico, and Canada are expected to be the fastest growing countries with high growth rate in next five years period.
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Automatic Transfer Switch: Largest Type Segment
Automatic transfer switches continuously monitors the supply power and immediately switches whenever it sense shortage or fluctuation in power. Its market is growing at a fast pace and is rapidly expanding into new geographies.
The automatic transfer switch market contributes to nearly 80% of the global transfer switch market share, whereas rest goes to manual transfer switch. Automatic transfer switch is widely used to ensure safe operations and are well synchronized with the primary and secondary source of power.
The automatic transfer switch market is sub-segmented into static transfer switch, contactor based transfer switch and circuit based transfer switch.
Industrial: Largest Application Segment
The industrial segment accounted for the largest share in the global transfer switch market. The industrial sector comprises mainly power rental companies, utilities, telecom & IT (datacenters) and construction & manufacturing, mining industries, oil & gas, automotive, & pharmaceuticals industries.
The commercial sector is growing and providing new opportunities for global transfer switch market. This segment is being driven by the expansion of urban areas and the development of commercial trade hubs.
The opportunities coming from the commercial sector will increase the number of shopping malls, sport complexes, resorts, and hotels.
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