Transfer Switch Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023

Transfer switch is an electromechanical switch which acceleratesswitching between two or more power sources. It guaranteesconvenient and hassle free switching and uninterrupted power supply in commercial,residential and industrial operations. Transfer switches transfer the electrical distribution structures or load between two different power sources, making it a partof backuppower system. Transfer market isprimarily oftwo types, namely, static or manual transfer switches and automatic transfer switches. A manual transfer switch shifts loads between two power sources with the help of power semiconductors,whereas, an automatic transfer switch is used to transmit power among a primary and secondary power source. These switches facilitate rapid transfer of powerdue to lackof movement of present mechanical parts. Both the switches have their different advantages over each other. Considering quality and price ratio, automatic transfer switch has a significantadvantage. However, static or manual transfer switches are operatedwhen the demand is for high quality with minimal stress on price.

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Increasing demand for uninterrupted power and rise in the adoption of smart grid technologyin industries, commercial institutions, healthcare, transportation, and householdsis driving the demand for transfer switches. Moreover, continuous demand of power for critical applications and supply-demand gap in utility power is observed. This is, in turn, influencing the growth of transfer switches market.At the same time, lack of awareness about the applications of transfer switches in developing countries is restraining the market growth, globally. Another obstruction in the market growth is the requirement of regular maintenance. However,increasing rate of urbanization and industrialization is creating new opportunities for the industry players. Also, replacement of...