Global Surge Protection Devices Market
Posted by Shubhangi Anuse on March 5th, 2020
Global Surge Protection Devices Market was valued at US$ 1.98 Bn in 2017 and is expected to reach US$ 2.96 Bn by 2026, at a CAGR of 5.15 % during a forecast period.
Surge protection devices permit numerous components to plug into a single power outlet. If power voltage amplified more than the standard voltage or above the capacity of that device, it is expected to damage the electronic equipment.
The growing demand for innovative technological and sophisticated equipment includes LED televisions, personal computers, printers, and industrial control equipment like microwaves, washing machines, and alarms are increasing rapidly. These devices are highly sensitive. It is important to shelter these devices from getting damaged, which is expected to increases the demand for surge protection devices. These are the factors, which are expected to drive global surge protection devices market.
Growing demand for surge arresters in locomotive applications and rising importance is given to condense the adverse impact of lightning are major factors driving the growth of the global surge protection devices market. Furthermore, lack of awareness about component level testing and an extensive warranty claiming process are limiting the growth in the global surge protection devices market.
The objective of the report is to present a comprehensive assessment of the global surge protection devices market and contains considerate insights, facts, historical data, industry-validated market data and projections with appropriate set of traditions and methodology. The report also helps in understanding dynamics, structure by analysing the market segments by material, type, end-user and region and, project the global market size. The report also provides a clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global surge protection devices market. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders in arranging the efforts and investment in the near future to a particular market segment.
Line cord surge protection devices segment held the major market share in the global surge protection devices market and is projected to maintain its position during the forecast period. The growing demand for line cord devices is predominantly endorsed owing to their widespread usage in applications includes industrial, commercial and residential sector. Line cord devices shelter multiple devices from power surges. It also needs less number of cords to connect the devices with an electric outlet, which resulting to propel the demand for Line cord surge protection devices.
The industrial segment is expected to dominate the global surge protection devices market during the forecast period. The dominance position in the market is attributed to rapid industrialization in developing countries. The growing automation in both the manufacturing and processing industry has augmented the demand for surge protection devices in the industrial types of machinery and equipment. With the growing use of electronic equipment, the requirement for protection systems for such critical equipment has been growing. These are the factors, which are expected to increase demand for surge protection devices in the industrial sector.
The Asia Pacific is expected to share a significant share in the global surge protection devices market. The growth can be attributed to an increasing number of data centers and the existence of large-scale electronics manufacturing companies in this region. The residential segment is one of the fast-growing segments, owing to the increasing sales of consumer electronics products.
Consumers are gradually spending on comfort and convenient electronics products, owing to their enlarged purchasing power. The requirement for preservation of expensive electronics from power spikes or surges is expected to boom the growth of this segment in this region. The region is shifting towards clean energy on a great scale in order to meet its rising energy needs in an efficient way. The countries from this region such as India, China, and Singapore are some of the impending growing markets in the power and utility sector. Augmented investments in reforming infrastructure and urbanizing populations, specifically in developing economies such as China and India, is projected to drive the Asia-Pacific surge protection devices market.
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Global Surge Protection Devices Market, By Product
• Plug-in devices
• Below 10 kA
• North America
• Advanced Protection Technologies
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About the AuthorShubhangi Anuse
Joined: November 29th, 2019
Articles Posted: 69
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