A recent report published by Infinium Global Research on surge protection device market provides an in-depth analysis of segments and sub-segments in global as well as regional surge protection device market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional surge protection device market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global surge protection device market. According to the report, the global surge protection device market is projected to grow at a CAGR of 5.2% over the forecast period of 2018-2024.
Surge protection device is a device or appliance that is designed to prevent electronic equipment or devices from damage from voltage "spikes". The voltage spike is also known as transient voltage, this voltage is nothing but an increase in voltage significantly above the designated level in a flow of electricity. The increase in voltage above the standards level is anticipated to damage electronic equipment. In order to protect these devices from a power surge, Surge protection device are needed. This device is typically installed in process control systems, communications systems, power distribution panels, and heavy-duty industrial systems in order to protect this equipment from any voltage spikes.
Surge protection devices are divided into three types such as Type 1 SPD, Type 2 SPD and Type 3 SPD. According to their types, they are used for the specific application. Type 1 SPD is used in specific case of service-sector and industrial buildings, protected by a lightning protection system or a meshed cage. Increasing demand for surge protection device in industrial, commercial and service sector buildings, drives the growth of a surge protection device market. The Type 2 SPD is the main protection system for all low voltage electrical installations. Rising usages of Type 2 SPD in low voltage electrical installation is supporting factor boost the market growth. They are widely used in electric power supply networks, telephone networks, and communication and automatic control buses. Additionally, surge protection device also used in refrigerators, dishwashers and laundry units to protect from damage due to a power surge. The market is also driven by factors such as low installation cost and easy installation and rise in demand for usages of electronic equipment in commercial and residential sectors. However, low awareness related to Surge protection device among the small manufacturers and non-fluctuating power supply system are the factors hampering the growth of the Surge protection device market. Going further, increasing awareness associated with the need for Surge protection device and rapid industrialization in developing countries creates significant opportunities for the global Surge protection device market during the forecast period.
On the basis of region, North America is accounted for the largest market share in Surge protection device market and is anticipated to grow at the highest CAGR during the forecast period. The major factors responsible for the growth of the market are a rise in sales of electronic appliances in a residential and industrial sector and growing awareness related to benefits of Surge protection device. Europe is the second largest region for Surge protection device market in terms of revenue. The Asia Pacific region is anticipated to be the fastest growing region during the forecast period owing to the presence of large-scale manufacturing key players in this region. Additionally, investments for infrastructure modernization in countries such as India and China are boosting the Surge protection device market in the Asia Pacific. Moreover, the major factor such as the steady pace of industrialization in Asia Pacific region fuelling the demand for surge protection device market.
The report on global surge protection device market covers segments such as type, and end user. On the basis of type, the global surge protection device market is categorized into Type 1 SPD, Type 2 SPD and Type 3 SPD. On the basis of end user, the global surge protection device market is categorized into residential, industrial, and commercial.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section, the key trends and market size for each geography are provided over the period of 2016-2024. The countries covered in the North America region include the U.S., Canada, and Mexico; while the Asia-Pacific region includes countries such as China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are the major markets included in the European region. The U.S. drives the growth in the North America region, as it is the largest market in the region. In the Asia-pacific region, rapid industrial growth in India and China offer a substantial potential for the growth in the surge protection device market. As a result, the APAC region is projected to experience a growth at a CAGR of x.x% over the forecast period 2018-2024.
The report provides profiles of the companies in the global surge protection device market such as ABB, Ltd., Emersen Electric Co., Schneider Electric Se, Eaton Corporation, PLC., Siemens AG, Littelfuse, Inc., General Electric Company, Leviton Manufacturing Company, Inc., Advanced Protection Technologies, Inc., Belkin International, and Tripp Lite.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global surge protection device market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of surge protection device market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the surge protection device market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the surge protection device market to understand the present and future trends in this market and formulate their strategies accordingly.
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