MarketResearchReports.biz has announced the addition of a new study on the global transfer switch market to its vast base of research reports. The market study, titled “Global Transfer Switch Market 2016-2020,” presents a complete overview of the current as well as the historical performance of this market.
This 70-page market study provides a detailed assessment of the worldwide market for transfer switches, taking various factors such as the production capacity, product pricing, the demand as well as sales dynamics, latest trends and the growth rate in consideration.
As per the research report, the global market for transfer switches is expected to rise at a healthy CAGR of 6.92% during the period from 2016 to 2020. The increasing demand for uninterrupted power has propelled this market in the recent times. The gap between demand and supply of utility power is also stimulating this market significantly.
In addition to this, the rising uptake of smart-grid technology across the world, rapid industrial development, and the increasing rate of urbanization are likely to fuel the demand for transfer switches during the forecast period. However, the dearth of awareness pertaining to the application of transfer switch in emerging economies and the high cost associated with the maintenance of these switches are likely to restrict this market from growing steadily in the coming years, states the research report.
The report studies the worldwide market for transfer switches on the basis of product and the regional distribution of this market. Based on the product, the market is segmented into automatic transfer switches and static transfer switches. Automatic transfer switches are used to transfer power from primary power sources such as utility sources to secondary power sources such as generators. Static transfer switches shift loads from one power source to another with the help of semiconductors.
On the regional basis, the report segments the global market for transfer switches into the Americas, Asia Pacific, Europe, and the Rest of the World. The increasing demand for electric vehicles has propelled the transfer switches markets in the Americas and Europe. The markets in Asia Pacific and the Rest of the World are also expected to register a healthy rise over the forecast period, states the market study.
The research report also maps the competitive landscape prevailing in the global transfer switch market by analyzing the company profiles of the key market players. As per the study, the market is extremely competitive and General Electric, Emerson Electric, Eaton, Cummins, and ABB are the leading participants in it. Other prominent companies mentioned in this report are Caterpillar, Lex Products, Russelectric, Camsco Electric, Dynagen Technologies, Kohler, Mitsubishi Electric, Schneider Electric, Generac, and MTS Power Products.
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