Surge protection devices (SPDs) are designed to protect electrical appliances from voltage spikes. SPDs limit the voltage supplied to an electric device either by blocking or shorting to ground any unwanted voltages above a safe threshold limit. They are used in automatic control buses, electric power supply networks, telephone networks, and various communication systems. The global surge protection devices market accounted for $2,137 million in 2015, and is estimated to reach $3,167 million by 2022, growing at a CAGR of 5.7% from 2016 to 2022.
Increase in demand for electronics appliances in commercial & residential sectors drives the growth of the market. Moreover, high costs incurred due to electrical equipment downtime have encouraged the adoption of SPDs and provide safety in industries and domestic sector.
Key factors that hamper the growth of this market include low awareness about surge protection devices among small-scale manufactures and competition from uninterrupted and non-fluctuating power supply systems. Increase in awareness for need of SPDs, rapid industrialization, and power supply issues in developing countries provide growth opportunities to the market.
The surge protection devices market is segmented on the basis of type, application, and geography. On the basis of type, it is further fragmented into plug-in devices, hardwired devices, line cord devices, and power control center. By application, it is categorized into commercial, residential, and industrial. Geographically, this market is analyzed across North America, Europe, Asia-Pacific, LAMEA.
Key players that operate in this market are Raycap GmbH, General Electric Company, Schneider Electric SE, Emerson Electric Co., Pentair Technical Solutions, Eaton Corporation plc, Tripp Lite, Leviton Manufacturing Co., Inc., Crompton Greaves Limited, and PHOENIX CONTACT GmbH & Co. KG
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