The Generator Transfer Switch (GTS) market is witnessing significant growth, fueled by the rising need for reliable power supply across various industries. A generator transfer switch is a key device that connects a backup generator to an electrical system, ensuring a safe and seamless switch between utility power and backup power. With growing global concerns about energy security and disaster preparedness, the market for these devices is expected to expand rapidly in the coming years.
In 2023, the Generator Transfer Switch market was valued at approximately $2.15 billion. Experts predict steady growth, with the market expected to reach $2.28 billion by 2024. By 2032, it is forecasted to grow to $3.68 billion, reflecting a Compound Annual Growth Rate (CAGR) of 6.17% between 2024 and 2032.
