Static Transfer Switch (STS) Sales Market Size, Share, Growth, and Industry Analysis by Type (Single-phase and Three-phases) By Application (Industrial, Commercial, and Residential) Regional Forecast From 2022 to 2028

Updated On: 15 April 2024

Static Transfer Switch (STS) Sales Market REPORT OVERVIEW

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The global Static Transfer Switch (STS) sales market size was worth US$ 688 million in 2021. The global COVID-19 pandemic has been unprecedented and staggering, with the Static Transfer Switch (STS) sales market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to generate substantial revenue by 2028, exhibiting a CAGR of 7.3% during the forecast period. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

To automatically switch electrical loads from one power source to another, a static transfer switch (STS) is employed. Static Transfer Switches (STS) are crucial because they offer a dependable, automatic method of switching essential loads from one power source to another in the case of a failure. The Static Transfer Switch (STS) sales market's expansion can be ascribed to the rising need for backup power systems brought on by rising electricity prices and the global increase in the frequency of natural disasters. Furthermore, Static Transfer Switch (STS) sales market is expanding as a result of the rising popularity of smart homes.

The Static Transfer Switch (STS) sales market is expected to be driven by the escalating need for reliable power and the widespread implementation of smart grid technology over the projected period. The purpose of these switches is to switch the supply between separate one-phase and three-phase AC power sources. Static transfer switches offer a 20 times faster load transfer than conventional automatic transfer switches (ATS), generator transfer switches, and manual transfer switches, ensuring the continued operation of even the most delicate electronic equipment. Moreover, expanding applications of static transfer switches in various industry verticals are examined to boost the Static Transfer Switch (STS) sales market during the projected period of 2021–2026.

COVID-19 Impact: Halt on Manufacturing Operations to Slower Market Growth

Numerous nations had implemented strict lockdown regulations in response to the abrupt COVID-19 pandemic outbreak, which had caused the temporary suspension of many transfers switch manufacturing and installation activities. The epidemic has had such a severe impact on the electronic industries. The Static Transfer Switch (STS) sales market was unbalanced following the first lockdown wave, which contributed to the steep decline. Global inflows have generally been negatively impacted by the COVID 19 worldwide pandemic outbreak. Chemicals, aircraft, cars, and the field of electronics are the sectors of service that are most susceptible to the negative impacts of coronavirus.

LATEST TRENDS

"Growing Innovations in Static Switches to Boost Market Growth"

Solid state medium voltage static transfer switch that can switch enormous amounts of power. Medium Voltage Static Transfer Switches (MVSTS) choose between two independent sources of power and switch to provide uninterrupted power to the loads. 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, preventing heavy in-rush currents caused by transformers magnetizing and motor starting. Moreover, a few of businesses have created sophisticated static switches. These switches have been introduced by a number of other companies with enhanced functionality. So, it is determined that these innovations will fuel the Static Transfer Switch (STS) sales market between 2021 and 2026.

Static Transfer Switch (STS) Sales Market Segmentation

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• By Type Analysis

As per the type, the market is classified as follows: Single-phase and Three-phases. The single-phase segment dominates the Static Transfer Switch (STS) sales market share.

• By Application Analysis

Based on application, the market is segmented as follows: Industrial, Commercial, and Residential. Almost 40% of all sales in 2017 came from the industrial application area. The increase in demand from many industries, including oil & gas, power generation, and others, is to blame for the Static Transfer Switch (STS) sales market growth.

DRIVING FACTORS

"Smart Grid Technologies to Facilitate Market Development"

The use of electricity is being revolutionized by smart grid technologies. In order to comply with laws and directives from legislative bodies, businesses are implementing smart grid meters. According to the US Smart Grid Investment Grant (SGIG) program, government funding for 99 projects totaling 50% of the eligible project expenditures was provide. As a result, the spread of smart meters is required in many European nations, including the UK, Italy, and Sweden. Since there are numerous applications for static transfer switches in smart grid technology, these adoptions are examined to drive the Static Transfer Switch (STS) sales market in the forecast period of 2020–2025.

"Reliability of the Static Transfer Switches to Promote Industry Progress"

In the residential market, a static transfer switch enables seamless applications. The proliferation of smart homes and gadgets as a result of the increasing sophistication of IoT devices in the residential environment is boosting demand for STS in this industry. Furthermore, the uninterrupted power supply of IoT devices uses the entire redundancy and high reliability of these switches. As a result, IoT is a key driver of the Static Transfer Switch (STS) sales market's supremacy in the residential vertical.

RESTRAINING FACTORS

"Lack of Awareness to Hinder Market Growth"

Although the Static Transfer Switch (STS) sales market for is expanding quickly, in the projected period of 2021–2026, lack of awareness among developing and undeveloped regions in MENA and other countries as well as the requirement for routine maintenance may restrain the Static Transfer Switch (STS) sales market's expansion.

Static Transfer Switch (STS) Sales Market REGIONAL INSIGHTS

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"Increase in Demand to Propel Market Progress in Asia"

By 2020, Asia will hold a 35.1% share of the global Static Transfer Switch (STS) sales market. Electricity demand is expanding quickly, particularly in developing nations like China and India. Static transfer switches are used to give backup power to crucial applications in a variety of sectors, including the healthcare, telecommunications, and IT. The demand for consistent and dependable power, industrialization, and urbanization are predicted to be key market drivers for Static Transfer Switch (STS) sales globally. Moreover, Static Transfer Switch (STS) sales market growth is fueled by investments made by businesses to increase their presence in these nations.

KEY MARKET PLAYERS

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.   

List of Market Players Profiled

• ABB (Switzerland)
• Eaton (Ireland)
• Schneider Electric (France)
• DELTA (U.S.)
• L3Harris Technologies (U.S.)
• Vertiv Group (U.S.)
• Piller Group (Germany)
• Socomec Group (U.S.)
• Inform UPS (Russia)
• Mitsubishi Electric (Japan)
• AEG Power Solutions (Netherlands)
• LayerZero Power Systems (U.S.)
• Power Distribution (U.S.)
• Godgoal (U.S.)

REPORT COVERAGE

The report covers overall market aspects, including the market segmentation based on its type and application. The report depicts a diverse group of participants that includes the market and the potential market leaders. Major factors that are expected to drive major growth in the market. The factors anticipated to expand the market share are also included in the report to offer market insights. The estimated growth of the market in the forecast period is also included in the report. The regional analysis is completed to explain the region's dominance in the global market. The factors hindering the growth of the market are discussed in detail. The SWOT analysis of the market is depicted in the report. It contains all-inclusive market details.