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.

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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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