Surge Protection Devices
Market – Overview
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 Surge
Protection Devices Market Size
is projected to soar with a 5% CAGR in the duration of the period covered by
the forecast period.
The increasing prevalence of huge electricity loads
and high maintenance costs of the existing systems are spurring the development
of the surge protection devices market. The escalated pace of demand from
industries and commercial sectors is adding to the expansion of the surge
protection devices market. Since surge protection devices enable the protection
of low voltage distribution systems against direct lightning stroke, their
demand is expected to escalate in the coming years.
Segmental Analysis
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.
Regional Analysis
The regional analysis of the surge protection
devices market includes regions such as North America, Europe, Asia Pacific and
the rest of the world.
According to the analysis, the surge protection
devices market is projected to perceive exponential progress throughout the
forecast period due to the mounting awareness related to securing the
electrical equipment and machinery operated in the residential and industrial
sectors. The North American region and the European region are likely to retain
the chief market segment. The amplification in urbanization projects such as
smart cities in the European and North American region is anticipated to lead
the market. Similarly, the proposal to digitally transform the industrial,
automobile, and IT manufacturing industries, is leading the surge protection
devices market. A related trend has been witnessed in the Asia Pacific region
where there is an upsurge in the infrastructure projects and manufacturing,
particularly in nations such as China and India. The region is also anticipated to observe an
augmented growth rate throughout the forecast period.
Competitive Analysis
A reinvigorated progress stride is detected in the
market due to the beneficial effect applied both within and outside the market
by noteworthy driving factors. The change in the product portfolio encourages
the elasticity of demand in the market. The budget factors in the expenditures of
the competitors in the market are becoming more varied. The working environment
in the market is guiding towards productive growth in the market. Additionally,
the rising business requirements in the market are generating a promising
backdrop for change. The factors for transformation are inspiring the advance
of the market. Also, the capabilities of the market are bolstered by the
reconditioned characteristics of the assets present in the market. The
dedication to handling the hindrances in the market by the players has
noticeably improved of late. Besides, the step-up in the economic environment
is projected to lift progress of the market.
Leading Players
The crucial companies in the surge protection
devices market are ABB Ltd. (Switzerland), Mitsubishi Electric Corporation
(Japan), Nissin Electric (Japan), Schneider Electric SE (France), Alstom SA
(France), Toshiba (Japan). Larsen & Turbo (India), Hitachi (Japan), Fuji
Electric (Japan), Siemens AG (Germany), Xian XD (China), Hyosung (China),
Hyundai heavy industries (South Korea), Eaton (Ireland), Bharat Heavy Electric Ltd. (India), and
Meidensha (Japan) are among others.
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