The global market is set to witness significant growth due to growing demand for protection systems for electronic devices, power quality issues, a rise in alternative energy programs, and cost escalation due to frequent equipment failures
JERSEY CITY, N.J., Jan. 5, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Surge Protection Devices Market" By Type (Hard-wired, Plug-in, Line Cord), By End-User (Industrial, Commercial, Residential), By Discharge Current (Below 10 kA, 10 kA-25 kA, Above 25 KA), and By Geography. According to Verified Market Research, the Global Surge Protection Devices Market size was valued at USD 2.81 Billion in 2020 and is projected to reach USD 4.27 Billion by 2028, growing at a CAGR of 5.4% from 2021 to 2028.
Download PDF Brochure: https://www.verifiedmarketresearch.com/download-sample/?rid=212022
Browse in-depth TOC on "Surge Protection Devices Market"
202 - Pages
126 - Tables
37 - Figures
Global Surge Protection Devices Market Overview
The increasing usage of electrical devices and growing demand for users for stability of the power supply have stressed the importance of improving the reliability and power quality levels of electric systems. Surge protection control costly electronic items and equipment from being damaged. This will amplify the demand for surge protection devices globally.
Increase in the demand for high technological electrical equipment, with rise in disposable incomes, is the prime factor driving the surge protection devices market. As the use of electronic equipment is increasing in manufacturing facilities, corporations, and the residential sector, the need for power-quality protection equipment is becoming essential. A common surge protector will stop voltage spikes and surges, but not the violent, catastrophic burst of current from a close lightning strike. Direct lightning current is simply too big to shield with a little electronic device inside a power strip. If the surge protectors are in the way of the lightning path, all lightning will just flash over the device, regardless of the number of capacitors and battery banks involved. Most of the SPDs provide a good degree of defence against a direct voltage strike or surge. It cannot absolutely guarantee against damage to any electronic equipment, and hence, it is a serious restraint for surge protection device deployment. With growing industrialization and increase in disposable income, the standard of living has improved. Hence, the consumption and spending on electronic items has exponentially improved in the past few years.
The increase in damage of such equipment is due to, both the increased usage of microprocessors in a greater range of products and the continuing miniaturization of microelectronic components. Adoption of high technological equipment such as LCD, LED, laptops, washing machines, and televisions in the emerging countries are the major factors behind the growth of surge protection devices market globally. Political conditions, economic considerations, and technical requirements provide inclination towards further advances in the surge protection device market.
Key Developments
- In July 2020, ABB a significant milestone in the company's transformation towards a decentralized global technology company, with the completion of the divestment of 80.1 percent of its Power Grids business to Hitachi, as planned.
- In March, 2021, Siemens has acquired 99.22% (approximately) of C&S Electric Limited from its promoters for Rs. 2,100 crores.
Key Players
The major players in the market are ABB, General Electric, Schneider Electric, Eaton, Legrand, Emerson Electric Co., Siemens, cgglobal.com, Tripp Lite, and Vertiv Group Corp.
Verified Market Research has segmented the Global Surge Protection Devices Market On the basis of Type, end-user, Discharge Current, and Geography.
- Surge Protection Devices Market, By Type
- Hard-Wired
- Plug-in
- Line Cord
- Surge Protection Devices Market, By End-User
- Industrial
- Commercial
- Residential
- Surge Protection Devices Market, By Discharge Current
- Below 10 kA
- 10 kA-25 kA
- Above 25 kA
- Surge Protection Devices Market by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
Browse Related Reports:
Solid Relay Market By Product (Panel Mount, PCB Mount, DIN Rail Mount), By Application (Building Equipment, Energy And Infrastructure, Industrial, Automotive And Transportation, Medical), By Geography, Forecast, 2021-2028
Medium Voltage Switchgear Market By Voltage (3kV-5kV, 6kV-15kV, 17kV-27kV), By Insulation (Air Insulated Switchgear, Gas Insulated Switchgear, Oil Insulated Switchgear), By Installation (Indoor, Outdoor), By End-User (Power Stations, Transformer Substations, Local Electricity Supply), By Geography, Forecast, 2021-2028
Industrial Internet of Things (IIoT) Market By Software (Distribution Management systems, Farm Management systems, Remote Patient Monitoring Systems), By Technology (Camera, Condition Monitoring, Industrial Robotics), By Vertical (Agriculture, Energy & Power, Healthcare), By Geography, Forecast, 2021-2028
Smart Electric Meter Market By Phase (Single Phase, Three Phase), By Communication Technology Type (Power Line Communication, Radio Frequency), By End-User (Residential, Commercial, Industrial), By Geography, Forecast, 2021-2028
World's Biggest Power Generation Companies turning on the brightness across the globe
Visualize Surge Protection Devices Market using Verified Market Intelligence:-:
Verified Market Intelligence is our BI Enabled Platform for narrative storytelling of this market. VMI offers in-depth forecasted trends and accurate Insights on over 20,000+ emerging & niche markets, helping you make critical revenue impacting decisions for a brilliant future.
VMI provides a holistic overview and global competitive landscape with respect to Region, Country, and Segment, and Key players of your market. Present your Market Report & findings with an inbuilt presentation feature saving over 70% of your time and resources for Investor, Sales & Marketing, R&D, and Product Development pitches. VMI enables data delivery In Excel and Interactive PDF formats with over 15+ Key Market Indicators for your market.
About Us
Verified Market Research is a leading Global Research and Consulting firm servicing over 5000+ customers. Verified Market Research provides advanced analytical research solutions while offering information enriched research studies. We offer insight into strategic and growth analyses, Data necessary to achieve corporate goals and critical revenue decisions.
Our 250 Analysts and SME's offer a high level of expertise in data collection and governance use industrial techniques to collect and analyze data on more than 15,000 high impact and niche markets. Our analysts are trained to combine modern data collection techniques, superior research methodology, expertise and years of collective experience to produce informative and accurate research.
We study 14+ categories from Semiconductor & Electronics, Chemicals, Advanced Materials, Aerospace & Defense, Energy & Power, Healthcare, Pharmaceuticals, Automotive & Transportation, Information & Communication Technology, Software & Services, Information Security, Mining, Minerals & Metals, Building & construction, Agriculture industry and Medical Devices from over 100 countries.
Contact Us
Mr. Edwyne Fernandes
Verified Market Research
US: +1 (650)-781-4080
UK: +44 (753)-715-0008
APAC: +61 (488)-85-9400
US Toll Free: +1 (800)-782-1768
Email: sales@verifiedmarketresearch.com
Web: https://www.verifiedmarketresearch.com/
Follow Us: LinkedIn | Twitter
Logo: https://mma.prnewswire.com/media/1315349/Verified_Market_Research_Logo.jpg
