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.
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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.
The report has been analysed 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.
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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.
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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