Transfer Switches Market 2019 —
New Study Reports "2019-2025 Report on Global Transfer Switches Market by Player, Region, Type, Application and Sales Channel" Added to Wiseguyreports.com.
Global Transfer Switches Market to Expand at CAGR of 6.6%
A new report added to the online inventory of Wise Guys Reports (WGR) reveals that the global transfer switches market is set to grow at a compound annual growth rate (CAGR) of 6.6% between 2019 and 2024. The market is expected to be worth USD 1987.9 million by 2024.
A transfer switch is an essential electrical hardware that switches stack between two power sources, utility power and generator power. These switches allow faster progress between at least two power sources and helps in providing continuous power supply in case any of power failure.
Speedy adoption of ancillary sources of power at many commercial and residential sectors will fuel the market size of transfer switch market.
The cost benefit offered by global transfer switches is studied as a prominent market driver. Increased adoption and acceptance of smart grid technology and demand of steady and continuous power supply is growing globally thus increasing the global transfer switches market. However, some of the hurdles in the growth of transfer switch market including lack of awareness and regular maintenance are also considered in the report.
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Global Transfer Switches Market: Segmental Analysis
The segmental analysis of the market has been conducted based on industry trends, type, application and region. Some of the leading players of transfer switches include Vertiv, GE, Eaton, Cummins, KOHLER, ABB etc.
By type, the market has been divided into automatic transfer switches and manual transfer switches
Based on application, the market has been segmented into industrial, commercial and residential.
On the basics of sales channel, market has been divided into direct channel and distribution channel.
Global Transfer Switches Market: Regional Analysis
On the basis of region, the market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Rest of the World (RoW). The North Amercian countries that are covered in the report include US and Canada while in Europe, countries such as the UK and Germany are covered. In APAC region countries like Korea, China, India etc are included. It is anticipated that APAC will hold the largest market share during the forecasted period as the industrial and commercial sector is growing in countries such as China and India. China is also emerging as an attractive market due to expansion of the power sector. North America and Europe are also leading markets that will increase the transfer switches market in the coming years. The US transfer switches market will witness strong growth due to rising investments in conventional grid infrastructure. Also, the companies prefer using advance control and monitoring technologies in the American countries. Rapid industrialization with expansion of off-grid networks across the European countries will boost the product demand in the near future.
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Some of the other aspects that are considered in the report include sales, local coverage, production price trends, it will help companies to have detailed understanding of the global transfer switches market during the forecaster period.
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