LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global automatic transfer switches market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global automatic transfer switches market will grow at a CAGR of over 4% during the forecast period. The continuous growth of uninterrupted power applications is a major factor driving the market’s growth.
The growing demand for energy, increasing population, and aging power infrastructure have increased the strain on power grids. This is a major cause of power outages in most countries. Developed countries such as the US have also observed an increase in power outages that are usually caused by weather, distribution station failure, load shedding, maintenance shutdown, vandalism, and cyber-attacks.
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In this report, Technavio highlights the growing popularity of microgrid networks as one of the key emerging trends driving the global automatic transfer switches market:
Growing popularity of microgrid networks
A microgrid is a power grid, which is smaller than the conventional electricity grid. Like a traditional grid, a microgrid produces, distributes, and controls the flow of electricity to consumers. As it is localized, a microgrid either functions autonomously or in a hybrid mode along with a conventional grid. Microgrids are used during power outages in the central grid system because they can operate independently, by isolating their generation loads with the help of automatic transfer switches.
The microgrid market is expanding significantly because of the increasing demand for electricity in rural and suburban areas. The deployment of microgrid projects has been increasing due to the inability of the conventional grid to cater to the increasing demand for electricity. Industries that operate in remote locations also require huge electricity loads to operate various processes. Also, the commercial and residential units in rural areas have also increased, thereby putting extra pressure on the utility.
“In several countries, to cater to all the energy needs in remote locations, the government provides incentives to promote renewable power generation and microgrids. The increasing investments in microgrids will create new opportunities for the automatic transfer switches market during the forecast period,” says a senior analyst at Technavio for research on automation.
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Global automatic transfer switches market segmentation
This market research report segments the global automatic transfer switches market into the following end-users (industrial, commercial, and residential) and key regions (the Americas, APAC, and EMEA).
The industrial end-user segment includes process and discrete industries. A majority of the revenue in the industrial segment was from process industries such as utilities, oil and gas, and pharmaceutical.
The automatic transfer switches market in APAC accounted for the highest share of more than 35% in 2017 and is anticipated to register the highest CAGR as well during the forecast period. Countries such as China, Japan, India, and South Korea will help in boosting the demand for automatic transfer switches, primarily because of the ongoing industrialization and urbanization activities.
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