In 2017, world gross electricity production was augmented by 2.5% than in 2016. Increasing access to electricity around the world, especially in Asian countries such as India, is rising the requirement for reliable electricity delivery. Competitive business models coupled with efficient electricity supply enhances adaptability and innovation in manufacturing and office environments. Growing dependence on electronic and electric equipment in industries and residences is increasing the significance to mitigate power supply fluctuations to prevent the failure of electronic equipment. Power supply issues such as sags and spikes in power supply and power outages are one of the overwhelming threats in the industrial and manufacturing sectors. In the modern industry, increasing levels of automation are impacting power cuts to a greater extent. Even temporary flicker of power supply can result in the wastage of expensive raw material and a mind-boggling array of glitches to the equipment. Therefore, these myriad power problems in the industrial as well as in the residential sectors are growing the demand for the transfer switch market. Owing to its fastest switching property, a static transfer switch is used in electric power sources for large loads to perform instantaneous switching. Due to this property, time consumption for switching is saved thereby making it an apt semiconductor element in the industrial power sources. Subsequently, stringent maintenance and effective use of static transfer switches (STS), both manual transfer switch and automatic transfer switch are used to keep the critical power supply systems intact. As a result, the static transfer switch market is thriving with the demand rising to manage critical power applications.
The rising levels of automation in the industries are considerably amplifying the static transfer switch market growth. Furthermore, the Static Transfer Switch Market size was valued at $640.35 million in 2018 and rising at a CAGR of 8.4% over the forecast period 2019-2025.
IoT and Increasing Electricity Consumption Collectively Boosting the Growth of the Static Transfer Switch Market in Residential Sector
The residential sector is a dominant end-user of the static transfer switch market and the application is experiencing a growth rate of 10.28% during the aforementioned period. A static transfer switch offers seamless applications in the residential sector. The growing sophistication of IoT devices in the residential environment leading to the proliferation of smart homes and devices is augmenting the STS market demand in this sector. Complete redundancy and exceptional reliability of these switches are used in the uninterrupted power supply of these devices. Therefore, IoT is a driving factor for the dominance of the static transfer switch market in the residential vertical.
Another factor boosting the growth of the static transfer switch market is electricity consumption and its higher prices in the residential segment. For instance, in the U.S, during January-May, energy consumption estimated in 2019 was about 9,362 trillion Btu which constituted about 22% of the total energy consumption from all sectors of that country. Besides, in the U.S, electricity prices in the residential sector alone increased by 2.3% during 2018-2019. However, the higher retail price of electricity in the residential sectors when compared to other verticals generates a huge amount of sales. Owing to this huge expenditure, energy-efficiency is a key parameter in the residential sectors which is significant to the countries. In highly-sensitive electronic appliances, static transfer switch, especially soft-loading transfer switch ensures effective implementation of load transfer to discard the overloading and under-loading effects thereby providing the uninterrupted power supply. This saves energy-consumption of the consumer electronic appliances used in the residential segment. Consequently, energy-efficiency and higher electricity consumption demand of the residential sector is acting as a growth driver to boost the static transfer switch market demand.
End-Users of APAC Constituting the Proliferation in Static Transfer Switch Market Sales
APAC static transfer switch market share dominated the global marketplace and occupied a share of about 35.5% in 2018. Being a sought-after element for the end-users such as electronics and telecommunications reigning the APAC countries, the static transfer switch market demand is rising in this region. Besides, APAC countries such as India, China, and South Korea are emerging in the Information Technology sector which is proliferating the demand for the static transfer switch market in the datacenters. The need for resilience in critical installations along with ongoing safety is crucial parameters in the datacenters. Along with that, unplanned downtime due to power outages is a critical parameter driving the losses in the manufacturing and IT companies. These issues are addressed by the static transfer switch equipped in a datacenter and telecommunication systems. As a result, the static transfer switch market growth is surging with the demand from end-users of APAC.
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Key Players Dominance in the Global Static Transfer Switch Market Share
Companies occupying a dominant part in the global static transfer switch market share are ABB, Cummins Corporation, Honeywell International Inc., Emerson Electric Co., Eaton Corporation Inc., Generac Power Systems, APC by Schneider Electric, Delta Electronics, Inc., Schneider Electric SE, Power Distribution, Inc., SOCOMEC Group S.A., and Vertiv Co. Companies’ strategies are shaping their focus to innovate STS solutions in the end-user applications, especially in automotive and IT.
Few of the innovations from the industry players include:
=> In 2018, ABB, a Swiss-Swedish multinational corporation headquartered in Zurich operating in heavy machinery, electrical and power equipment, automation, and technology, launched the extension of Cyberex® SuperSwitch®4 digital static transfer switch (DSTS). Designed with a ‘true’ fault tolerance effect, this new product ensures power quality detection with optimum reliability and efficiency. It boasts zero power failure achieved by patented transfer algorithms and mitigates load imbalances making them apt for industrial and commercial applications.
=> In 2018, Power Continuity Ltd., expertise in building automatic critical power protection solutions, collaborated with SOCOMEC Group S.A., to provide multiple STS configurations to its automotive client. The company required a maximum efficiency generator transfer switch which ensures a reliable track record along with no power failure. This allowed Power Continuity to collaborate with Socomec STATYS transfer systems. Their combination offered reliable STS systems which offer rapid transfer rate in mission-critical applications.
· => In 2018, Power Distribution, Inc., a pioneer in offering intelligent power solutions, power transformation, and power distribution for mission-critical applications recently launched 1200A WaveStar® TFA (True Front Access) Static Transfer Switch (STS) which uses silicon-controlled rectifiers. This new product retains the same footprint of 800 AMP STS while significantly boosts the power load transfer. This enables IR scanning and touch-screen display power monitoring capabilities by allowing front access in commonly used electronic appliances to enhance workforce safety in the datacenter applications.
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