Surge Protection Devices
Market Overview
Globally,
there is a rise in the number of infrastructure projects. Especially, in North
America and Europe, there is an increased number of urbanization projects
underway where protection of electronic applications is of top priority. This
is mainly due to the increased contribution of alternative energy systems to
dwellings and the digitization projects of the automobile and industrial
manufacturing processes. In the Asia Pacific region, there is need for surge
protection devices since there is the issue of power quality and sudden high
voltage, which can damage the electronic equipment.
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Industry Highlights
Globally,
there is an increase in the need for communication systems, servers and
datacenters due to the industrial initiative to facilitate data capture, remote
maintenance and remote diagnostics. This initiative is largely being applied to
electrical and automobile sectors. To protect the critical equipment that are
being used in datacenters and communication systems facilities, there is an
increasing need for the protection systems equipment. Additionally,
installations of high end electronic equipment, increased use of personal
computers and air-conditioning systems in the developing & developed
economies, are driving the market growth for surge protection devices. Also, a
global increase in the use of alternative energy systems is also expected to the
drive the market.
Key Players
The
key players of global surge protection devices market are Siemens AG (Germany),
Eaton Corporation Plc. (Ireland), Littelfuse, Inc. (U.S.), ABB, Ltd.
(Switzerland) , Schneider Electric SE (France), General Electric (U.S.),
Vertiv.(U.S), and HAKEL spol. s r. o (Czech Republic).
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Industry Segmentation
The
report has been analyzed based on types, applications, voltage types and
regions. The commercial application segment
is expected to witness a steady growth because of the growing
alternative energy system implementation around the world. The increase in the
investment on digitally transforming the electrical, auto and manufacturing
industries for achieving high production efficiency, is driving the market for
surge protection devices. Also urbanized infrastructure programs demanding
protection of dwellings from voltage surge due to lightning strikes, is further
expected to drive the market for surge protection devices.
Regional Outlook
North
America is expected to dominate the surge protection devices market. This is
mainly due to the fact that urbanization projects are rising in the region.
Similarly, in the Europe region, digitization of manufacturing process,
especially in the automobile and industrial sector is driving the market. For
achieving higher production efficiency, intelligent ICT based machine systems
that are capable of performing independently, are being implemented. This is
acting as a lucrative market for surge protection devices. The Asia Pacific
region is expected to achieve the highest CAGR during the forecast period.
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