Transfer Switch Market is set to witness annual installation of 5 million units by 2024 as demand for refurbishment of electric grid networks rises.

Sellbyville, DE -- (SBWire) -- 02/25/2019 --Rising infrastructural spending subject to pervasive commercial and residential establishments across developing economies will stimulate the transfer switch market. Refurbishment of conventional grid infrastructure along with rapid adoption of advanced monitoring and control units will further augment the industry outlook. In 2017, East spring Investments in Hong Kong, has signed a deal to invest USD 500 million across the emerging economies infrastructure debt, parallel to the International Finance Corporation (IFC). Transfer Switch market will exceed USD 1.8 billion by 2024, as reported in the latest study by Global Market Insights, Inc.

Paradigm shift in context to energy conservation along with rising security of supply concerns will embellish the transfer switch market potential. Increasing focus towards energy efficiency favored by briskly expanding smart grid networks will further complement the business outlook. In 2017, Western European countries including Sweden, UK, France, Germany, and Italy have entered a smart grid agreement. The agreement lays investment targets worth USD 133.7 billion subject to the expansion of smart grid networks across the region.

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Germany transfer switch market is set to reach over 150 '000 units of annual installations by 2024. Rapid industrialization coupled with volant expansion of off-grid networks across the nation will boost the product demand. Ongoing diversification of manufacturing units favored by new establishments will further foster the industry growth. In 2017, Germany announced state funding of over USD 120 billion to support German based suppliers and automakers.

The rapidly surging requirement of switching devices across residential & commercial sectors is a key factor that will drive transfer switch market in the ensuing years. Switching devices being a prime element of modern emergency power supply systems, claim high demand across myriad industrial sectors. Having recognized their immense potential in an array of application domains, transfer switch market players have been striving to bring about a novel portfolio of advanced products that would augment their position in transfer switch industry. Briggs & Stratton for instance, has expanded its footprints across the Canada belt. In addition, the company has partnered with ASCO to manufacture and engineer automatic transfer switches, which would certainly strengthen its position in transfer switch market. If estimates are to be believed, transfer switch industry has already chronicled its name in the billion-dollar fraternity in 2016.

Automation is the latest buzzword in the electrical arena, given the fact that the demand for technological advancements and automated operations has increased a great deal. Automation is being adopted by numerous companies across the globe with an aim to reduce human efforts and production time, which would subsequently increase the manufacturing efficiency by minimizing the capital cost of the product. Taking into account the escalating deployment of automatic and self-driven equipment, Cummins Power Generation has recently launched automatic transfer switches for light commercial and residential generators. Speaking along similar lines, automatic operations served to account for a major portion of transfer switch market share in 2016. Another driver impelling the growth of this segment is the fact that automatic transfer switches are used in most of the home standby generators to transfer power within a few seconds.

Paradigm shift in context to energy conservation along with rising security of supply concerns will embellish the transfer switch market potential. Increasing focus towards energy efficiency favored by briskly expanding smart grid networks will further complement the business outlook. In 2017, Western European countries including Sweden, UK, France, Germany, and Italy have entered a smart grid agreement. The agreement lays investment targets worth USD 133.7 billion subject to the expansion of smart grid networks across the region.

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National governments have been conducting numerous awareness programs regarding the safety and operational reliability of using transfer switches in power supply systems. In most of the commercial buildings, for instance, some sort of alternate power source is always deployed for safety purposes. In this regard, governments have also deployed strict building codes to mandate the use of power safety devices. Generally, the installation of such systems plays a critical role in the case of emergencies such as fire accidents. Increasing awareness regarding the usage of transfer switches in critical cases is slated to augment the product demand to quite an appreciable extent. Statistics in fact, claim transfer switch industry share from critical operations power systems to register an annual growth rate of more than 5% over the coming seven years.

Eminent players across the transfer switch market include GE, Vertiv, Generac Power Systems, DynaGen Technologies, Briggs & Stratton, Eaton, Schneider Electric, ABB, Siemens & Russelectric®