According to the latest report by IMARC Group, titled "Surge Protection Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global surge protection devices market reached a value of US$ 3.06 Billion in 2021. Surge protection devices are mainly designed to provide protection from transient surge conditions by limiting or diverting surge current. They comprise a gas-filled discharged tube, discharged gap, suppression diode, varistor and choke coil that help in regulating the voltage within electrical devices and circuit networks. They are small electric power supply equipment that are generally utilized for safeguarding electrical appliances and devices from voltage spike damages. Along with this, they are also used for communication, automatic control buses and telephone networks, wherein they are connected in parallel on the power supply circuit of the loads.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Surge Protection Devices Market Trends:
The global market is primarily driven by the increasing need for power supply across the residential and commercial segments. In line with this, the rising investments by public and private agencies in infrastructural development projects are favorably impacting the market. The market is further driven by the widespread adoption of smart gadgets and home technologies among individual, coupled with the high costs incurred due to power loads and voltage surges. Moreover, significant growth in the automotive sector, along with the escalating utilization of electrical components for improving driving assistance, telematics and navigation systems, is creating a positive market outlook. Additionally, numerous leading manufacturers and sellers are heavily investing in launching innovative and compact surge protection devices, which are gaining prominence across the globe. Other factors, including rapid industrialization, the growing demand for uninterrupted power supply across rural and geographically extended locations, the rising preference for wireless fidelity (Wi-Fi)-enabled power strips, and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market growth. On account of the aforementioned factors,the market is anticipated to reach a value of US$ 4.39 Billion by 2027, exhibiting a CAGR of 5.60% during 2022-2027.
- On the basis of the product, the market has been segmented into hard-wired, plug-in, line cord and power control devices.
- Based on the type, the market has been categorized into type 1, type 2, type 3 and type 4.
- On the basis of the power rating, the market has been classified into 0-50 kA, 50.1-100 kA, 100.1-200 kA, and 200.1 kA and above.
- Based on the end-user, the market has been segregated into commercial complexes, data center, industries and manufacturing units, medical, residential buildings and spaces, telecommunication, transportation and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.Some of these players include ABB Ltd., Belkin International Inc. (Hon Hai Precision Industry Co. Ltd.), Eaton Corporation PLC, Emerson Electric Co., General Electric Company, Havells India Ltd., Hubbell Incorporated, Koninklijke Philips N.V., Legrand, Littelfuse Inc., Mersen, Schneider Electric SE and Siemens AG.
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