Surge Protection Devices Market Synopsis:
The rising demand in the power
sector has generated demand for technological innovations in power
infrastructure. This, in turn, is presumed to pave the way for the installation
of surge protection devices on the global front over the next couple of years.
This report by Market Research Future (MRFR) unravels that the global surge
protection devices market is anticipated to expand at 5% CAGR across the
forecast period 2018 to 2023.
Industries across the world are
investing in the deployment and installation of expensive machinery and
equipment. In order to protect these machineries and equipment, the demand for
surge protection devices is skyrocketing. In addition, the rise in alternative
energy implementations is also anticipated to drive the proliferation of the
surge protection devices market in the forthcoming years. The existing systems
for combating loads in industries require high maintenance costs while
exhibiting low efficiency. It is expected to lead the growth of the surge
protection devices market in the nearby future.
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Global Surge Protection
Devices Market Segmentation:
By application, the surge
protection devices market is segmented into residential, commercial, and
industrial. Among these, the industrial segment is projected to strike a higher
CAGR over the next couple of years. The installation of expensive machinery
& equipment in industries has intensified the demand for surge protection
devices for their protection. It is anticipated to drive the proliferation of
the segment in the years to come.
The type-based segments of the
surge protection devices market are plug-in protection devices, line cord, hard
wired, and power control devices. The hard wired segment is likely to lead the
growth pattern of the market during the forecast period. Increasing
installation of the product in buildings to provide protection against
lightning strikes is poised to amplify the growth rate of the segment over the
next couple of years.
On the basis of voltage, the
surge protection devices market has been divided into high voltage and low
voltage. Among these, the high voltage segment is assessed to benefit immensely
from the rising demand across end-user industry verticals.
Surge Protection Devices Regional
Industry Analysis:
The geographical analysis of the
global surge protection devices market spans across Europe, Asia Pacific
(APAC), North America, and the Rest of the World (RoW).
These regional segments are
studied on a regional and a country-level basis in the report. Europe and North
America are currently dominating the global market. Increasing investments in
smart cities, in conjunction with the rising urban population, is expected to
drive the growth of the surge protection devices market in these regions over
the next couple of years. Also, the digitization of end-user industries is
anticipated to expedite the expansion of the market in the upcoming years. Asia Pacific is also assessed to hold a
substantial share of the surge protection devices market during the assessment
period. China, India, South Korea, and Indonesia are anticipated to exhibit
rapid growth in the foreseeable future.
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Competitive Dashboard:
Schneider Electric SE (France),
Mitsubishi Electric Corporation (Japan), ABB Ltd. (Switzerland), Alstom SA
(France), Toshiba (Japan), Siemens AG
(Germany), Larsen & Turbo (India), Hitachi (Japan), Hyundai heavy industries
(South Korea), Fuji Electric (Japan), Xian XD (China), Nissin Electric (Japan),
Hyosung (China), Eaton (Ireland), Bharat Heavy Electric Ltd. (India), and
Meidensha (Japan) are few of the major participants of the surge protection
devices market. These players are constantly investing in the development of
their product portfolios to gain an edge over other competitors. This is
presumed to intensify the competition in the global market in the forthcoming
years.
Industry News:
In September 2019, a global
provider of advanced solutions, Lindsay Broadband, has announced the launch of
its new customer premise UPS and network UPS devices.a
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