Surge
Protection Devices Market Highlights
The fluctuations
in electricity have led to the use of surge protectors to limit or mitigate
losses to equipment. Reports that appraise the energy and power industry have
been made accessible by Market Research Future which generates reports on
several industry verticals that analyze the market growth and prospects. The
market is projected to soar with a 5% CAGR in the duration of the period
covered by the forecast period.
A surge protection device is one of
the primary components of electrical installation protection systems used in
the electrical power supply networks, communication and telephone
networks. They are primarily the most
efficient type of overvoltage protection. The surge protector limits the
voltage supply to an electric device by blocking or shorting the excess
voltage. The advantages of surge protection devices include the protection of
low voltage distribution systems against direct lightning stroke into the
overhead power supply line or external lightning protection system, the hot
ionized gases is not an issue with surge protection devices.
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.
Segmentation
The segmentation
of the surge protection devices market is conducted on the basis of type,
voltage, application, and region. On the basis of application, the surge
protection devices market is additionally segmented in to commercial,
residential, and industrial. Based on type, the surge protection devices market
is segmented into hard wired, line cord, plug-in protection devices, and power
control devices. Based on voltage, the surge protection devices market is segmented
into low voltage and high voltage. Based on regions, the surge protection
devices market is segmented into North America, Europe, Asia Pacific and rest
of the world.
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Market
Research Analysis
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.
Scope
of the Report
This study provides an overview of
the Global surge protection devices market, tracking three market segments
across four geographic regions. The report studies key players, providing a
five-year annual trend analysis that highlights market size, volume and share
for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The
report also provides a forecast, focusing on the market opportunities for the
next five years for each region. The scope of the study segments the Global
surge protection devices market by its type, by voltage type, application, by
regions.
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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