The global surge protection devices market size is expected to reach USD 3.39 billion by 2025, according to a new study by Grand View Research, Inc. The high costs incurred due to electrical equipment downtime are expected to surge the demand for these devices over the forecast period.
The need for protection against lightning and voltage fluctuations has triggered the implementation of surge protection devices (SPDs). These devices are available in various types, which are used in an electrical distribution system depending on location requirements. Surge protection devices also ensure the proper functioning of electrical equipment during surges caused by lightning strikes. Thus, the implementation of SPDs is of prime importance for any business or residential and commercial buildings.
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The Asia Pacific region is one of the key regions for outsourcing services, owing to favorable government policies. This has led to significant growth in the number of data centers across the region. As these data centers store information of high importance to the user, any failure in their functioning, due to downtime caused by an electrical surge, would lead to heavy losses. Moreover, increasing renewable energy generation projects across rural regions are further expected to bolster the use of SPDs.
The rise in disposable income has enabled the adoption of expensive consumer electronics. As these electronic products are subject to regular internal surges, it is essential to safeguard them. Furthermore, in developed regions, the well-established information technology industry is encouraging the use of surge protection devices on a large-scale for protecting electronic hardware such as data servers, desktops, and electrical supply equipment.
Surge Protection Devices Market Report Highlights
• The type 2 SPD segment was valued at USD 610.1 million in 2016
• The growing number of hospitals in developing economies, such as India and China, along with widespread healthcare network in developed countries, is anticipated to foster surge protection device market growth
• Increased electrification of rail networks, coupled with the growing popularity of electric vehicles and their required infrastructure, is predicted to boost the growth prospects of SPDs in the near future
• The North American region is expected to significantly contribute to the industry growth and represented the largest market size with USD 778.3 million in 2016, owing to the widespread awareness of the benefits of SPDs
• The key industry participants include ABB Ltd, Advanced Protection Technologies, Inc., G Power, and Industrial Solutions Limited, Eaton Corporation PLC, Emerson Electrical Co., General Electric, Legrand S.A., Schneider Electric, Siemens AG, and Tripp Lite
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Surge Protection Devices Market Segmentation
Grand View Research has segmented the global surge protection devices market based on product types, power ratings, applications, and regions:
Surge Protection Devices Product Type Outlook (Revenue, USD Million; 2014 - 2025)
• Type 1
• Type 2
• Type 3
• Type 4
Surge Protection Devices Power Rating Outlook (Revenue, USD Million; 2014 - 2025)
• 0-50 kA
• 50.1-100 kA
• 100.1-200 kA
• 200.1 kA and Above
Surge Protection Devices Application Outlook (Revenue, USD Million; 2014 - 2025)
• Commercial
• Data center
• Industrial
• Medical
• Residential
• Telecom
• Transportation
• Other End-Uses
Surge Protection Devices Regional Outlook (Revenue, USD Million; 2014 - 2025)
• North America
o The U.S.
o Canada
• Europe
o The U.K.
o Germany
• Asia Pacific
o China
o India
o Japan
• South America
o Brazil
• Middle East & Africa (MEA)
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.