Global Transfer Switch Market, Forecast to 2025
NEW YORK, June 18, 2019 /PRNewswire/ --
Grid Instability and Growth of Critical End-use Applications to Sustain Market Growth
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The transfer switch (TS) is an electrical device that allows smooth and reliable transfer of electrical power between the primary utility and a secondary or backup power source, allowing critical loads to continue running with minimal or no outage.Continued growth in power demand from industrial, commercial and residential sectors coupled with power quality issues bolster the growth of backup or emergency power systems and consequently create demand for TS equipment.
TS equipment are essential in critical power applications such as healthcare and datacenters, where even momentary loss of power can cause financial loss or even endanger human life. Increasing integration of renewable energy sources into the energy mix as well as deployment of smart grid networks across all geographic regions drive the growth of the Global TS market.
North America generates a large portion of the global demand for TS equipment with APAC being the fastest growing region.Grid up-gradation efforts as well as widespread and heavily enforced codes mandating the use of TS equipment in backup and emergency power applications drive the growth of the North American market.
Favorable government initiatives supporting the integration of renewables into the energy mix as well as development of smart grid and rural electrification networks in the APAC region bolster the growth of the TS industry.
By-pass Isolation and service entrance type ATS as well as delayed transition ATS are experiencing augmented uptake in commercial and industrial verticals as a result of increased functionality and operational safety requirements. The long product life along with the sturdiness and durability of TS equipment retard market growth by prolonging time for next purchase.
Majority of manufacturers produce TS equipment with similar features and functionalities.This lack of product differentiation leads to the market becoming highly price sensitive which ultimately retards total market growth.
Manufacturers should focus on developing quality devices that have advanced features and performance capabilities in order to meet evolving end-user needs and stand out from competing companies. Advanced features and functionalities also encourage end-users to replace their older models with newer equipment.
The TS market comprises of TS equipment manufacturers as well as multinational generator set manufacturers and global power management companies.Generator set manufacturers who have well-established, global distribution channels market their generator sets and TS as complete integrated solutions are posed to experience lucrative growth opportunities.
Meanwhile, key market players in the generator set and power quality equipment market are consolidating with TS manufacturers to utilize existing technical expertise and market presence to enhance their product portfolio and global presence.
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