Static Transfer Switch Market Size to Grow at a CAGR of 6.1% During the Forecast Period 2021-2026
Adoption of Smart Grid Technology Driving the Growth of Static Transfer Switch Market.
Hyderabad, India – July 23, 2021 /MarketersMedia/ —
Static transfer switch (STS) is a solid-state soft loading transfer switch based on the silicon controlled rectifiers which is forecast to reach $1.5 billion by 2026 with a CAGR of 6.1% in the forecast period. The rising demand for uninterrupted power and adoption of smart grid technology across the globe is analyzed to drive the market in the forecast period. These switches are designed to transfer supply between independent one-phase and three-phase AC power sources. Unlike traditional automatic transfer switch (ATS), generator transfer switch and manual transfer switch, static transfer switch provides 20 times faster load transfer which ensures the uninterrupted operation of even the most sensitive electronic equipment. Moreover growing applications of static transfer switches across several industry verticals in analyzed to drive the Static Transfer Switch Market size in the forecast period 2021-2026.
Static Transfer Switch Market Segment Analysis – By Operating Voltage
A Medium Voltage Static Transfer Switch is growing at a CAGR of 7.6% in the forecast period. Medium Voltage Static Transfer Switch solid state unit which is capable of switching large amounts of power. This type of switching differs from the conventional method of mechanical switching in that the static transfer switch does not result in an open transition to the load; this prevents heavy in-rush currents resulting from transformers magnetizing, motor starting, Medium Voltage Static Transfer Switches (MVSTS) select between two independent sources of power and switch to provide uninterrupted power to the loads. Moreover, several companies have developed advanced static switches. Several other companies have been launching these switches with advanced features. Hence these advancements are analysed to drive the market in the forecast period 2021-2026.
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Static Transfer Switch Market Segment Analysis – By Industry Vertical
Static transfer switches in Data Centers are growing at a CAGR of 7.4% in the forecast period. STS is often employed synergistically with UPS and other power quality equipment types for applications in Data centers to typically isolate the critical load with dual-redundant UPS as the power sources. Moreover, Investments made by data centers for expansions and others will drive the market in the forecast period. In 2019, Google has committed to invest more than $3.3 billion and $13 billion for the expansion of its presence in Europe and US region. In 2020, Vantage Data Center has acquired Etix Everywhere to kickstart its massive $2 billion expansion plan into Europe. Similarly, several other major data centers as Microsoft, Accenture and so on are planning to expand their presence in APAC, North America and other regions.
Static Transfer Switch Market Segment Analysis – By Geography
APAC dominated global Static transfer switch market share of 35.1% in 2020. The demand for electricity is rapidly rising, especially in emerging economies such as China, India. Static Transfer switches are utilized for supplying back-up power critical applications in industries such as healthcare, telecommunication, and IT among others. Factors such as need for uninterrupted and reliable power, industrialization and urbanization are expected to drive the global transfer switch market. Moreover, investments made by companies in order to expand their presence in these countries also drive the market. In 2020, NTT has committed to invest more than $1.5 billion for the expansion of its presence in India. Similarly ABB has announced to expand its presence in China for robotic manufacturing.
Static Transfer Switch Market Drivers
Adoption of Smart grid technology
Smart grid technologies are revolutionizing the way electricity is being consumed. Industries are deploying smart grid meters to meet the regulations and mandates by legislative bodies. According to the US Smart Grid Investment Grant (SGIG) program, a total of 99 projects received federal financial assistance for 50% of eligible project costs. The EU has a goal of 80% of smart meter deployments by 2020. As a result, many European countries, such as the UK, Italy, and Sweden, have mandated smart meter rollouts. The Organization for Economic Co-operation and Development (OECD) countries, such as South Korea, New Zealand, and Canada, joined European countries in the deployment of smart grid infrastructure in their respective countries.
Rapid Growth of the Static Transfer Switch due to IoT devices in smart homes
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. Moreover, the complete redundancy and exceptional reliability of these switches are used in the uninterrupted power supply of IoT devices. Therefore, IoT is a driving factor for the dominance of the static transfer switch market in the residential vertical.
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Static Transfer Switch Market Landscape
Static transfer switch top 10 companies include ABB, Cummins, Honeywell, Emerson, Eaton, Generac, APC, Delta Electronics, Schneider, PDI Corp., Socomec, Vertiv among others.
Key Takeaways
STS is often employed synergistically with UPS and other power quality equipment types for applications in Data centers to typically isolate the critical load with dual-redundant UPS as the power sources.
APAC dominated global Static transfer switch market share of 35.1% in 2020. As the demand for electricity is rapidly rising, especially in emerging economies such as China, India.
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.
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Source: MarketersMedia
Release ID: 89038256
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