The Global Market for Surge Protection Devices is Forecast to Reach US$2.7 Billion by 2024

High Downtime Cost and Frequent System Failures Due to Power Surges Drive Global Demand for Surge Protection Devices, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size, and demand forecasts on the global Surge Protection Devices market. The global market for Surge Protection Devices is forecast to reach US$2.7 billion by 2024, driven by increasing need to safeguard electrical equipment and high-end consumer electronic from power surges, issues related to quality of power, increasing focus on alternative energy, high costs associated with equipment downtime, and huge losses caused by frequent system failures.

Power surge is a sudden and significant rise in voltage beyond the designated level, which causes damage to the tune of billions of dollars to electrical and electronic equipment around the world. Surge protection devices (SPDs) are designed to minimize the effect of atmosphere-originated transient overvoltage by diverting current waves to earth and make it non-hazardous to electric switchgear and controlgear. SPDs safeguard electrical systems from sudden surges to reduce equipment downtime and associated losses. The SPDs market is projected to show healthy growth over the next few years, driven by increasing use of electronics in the residential, commercial and industrial sectors worldwide. The demand for surge protection devices is also propelled by global warming, irregular climatic conditions and increased incidents of lightning, which leads to electrical surges.

Since intensity of electrical surges caused by lightning is higher than other power surges, organizations rely heavily on surge protection devices to alleviate these concerns. Industrial applications segment is experiencing decent growth in SPDs usage owing to the employment of advanced technologies for improving manufacturing techniques. Huge losses associated with equipment breakdown is also driving companies to implement surge protection devices in their electrical systems. The residential segment of the SPDs market is likely to post a fast growth due to increasing spending on consumer electronics products. Factors such as rising purchasing power and consumer preference for convenient and comfort electronics products are creating strong demand for SPDs to safeguard high-end electronics.

The strong information technology across developed regions is facilitating large-scale adoption of SPDs to safeguard electronic hardware like desktops, data servers and electrical supply systems. On the other hand, increasing number of healthcare facilities across developing economies including China and India coupled with well-established healthcare network across developed countries is poised to support market expansion. Continuous electrification of existing rail networks along with adoption of electric vehicles and investment in the required infrastructure is also boosting the demand for SPDs. However, low levels of awareness about benefits of using these devices, particularly in emerging economies like Brazil, India and Mexico is hampering the market growth. On the other hand, a significant industrial setup and rising investments to improve infrastructure in these countries are expected to positively influence the demand for surge protection devices.

As stated by the new market research report on Surge Protection Devices, the U.S. represents the largest regional market. The region is likely to contribute significantly to the global market in future, driven by robust demand for these devices in various US states like Alabama, Florida, Mississippi and Louisiana that are susceptible to lightning strikes. Asia-Pacific, led by China and India, represents the fastest growing geographic market for SPDs in the world. The market is expected to outpace all other geographic markets with a projected CAGR of 6.9% during the analysis period. The demand for surge protection devices in the region is fueled by presence of major electronics manufacturing players and increasing number of data centers.

Key players in the market include ABB, Thomas & Betts Power Solutions LLC, Advanced Protection Technologies Inc., Belkin international Inc., Bourns Inc., DEHN + SOHNE GmbH + Co. KG, Eaton Corporation PLC, Emerson Electric Co., General Electric Company, Hubbell Incorporated, Legrand, Leviton Manufacturing Co. Inc., Mersen, Novaris Pty Ltd., OBO BETTERMANN GmbH & Co. KG, Phoenix Contact GmbH & Co. KG, REV Ritter GmbH, Schneider Electric, Tripp Lite, and Weidmüller GmbH & Co. KG, among others.

The research report titled “Surge Protection Devices: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, and other strategic industry activities of global companies. The report provides market estimates and projections in value (US dollars) terms for major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Latin America (Brazil, and Rest of Latin America), and Rest of World. The report also analyzes the market by product types – Plug-In, Hard-Wired, and Line Cord. In addition, the report provides value analytics for the global market by end-use sectors – Communication, Consumer, and Others.

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