Surge Protection Devices Market
Highlights
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. Global
surge
protection devices market size is expected to expand at 5% CAGR during the
forecast period.
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 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.
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.
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).
Read More:
https://seekarticles.com/industrial-gearbox-market-2020-upcoming-opportunities-and-forecast-to-2024/
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