According to a new report, published by KBV research, The Global Transfer Switch Market size is expected to reach $2.2 billion by 2028, rising at a market growth of 6.7% CAGR during the forecast period.
The Commercial segment has shown the growth rate of 7.1% during (2022 - 2028). The segment has grown as a result of improving production efficiency combined with rising concern about the cost of energy. Due to the increased demand for improved lighting in public spaces like hospitals and schools, this segment's usage is steadily rising. Additionally, local and municipal authorities provide their inhabitants with public illumination as a basic utility.
The Manual segment acquired maximum revenue share in the Global Transfer Switch Market by Type in 2021 thereby, achieving a market value of $1.3 billion by 2028. This is because manual transfer switches are frequently used to switch loads between power sources. These switches use break-before-make switching sequences to efficiently shift loads between the primary and backup power sources.
The Open segment is showcasing a CAGR of 7.7% during (2022 - 2028). A break-before-make transfer switch is another name for an open transition transfer switch. A transfer switch that contacts one power source before contacting another is known as a break-before-make switch. It stops utility lines from being backed into by an emergency generator. The power transfer interrupts the flow of electricity for a brief period of time.
The Asia Pacific market dominated the Global Transfer Switch Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $818.7 million by 2028. The Europe market is exhibiting a CAGR of 6.2% during (2022 - 2028). Additionally, The North America market would showcase a CAGR of 6% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/transfer-switch-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Siemens AG, Schneider Electric SE, ABB Group, General Electric (GE) Co., Generac Holdings, Inc., Cummins, Inc., Caterpillar, Inc., Emerson Electric Co., Eaton Corporation PLC, and Kohler Co.
By End Use
By Type
By Transition Mode
By Geography
Companies Profiled
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