Surge protection devices help in protecting electronic devices from significant increase in voltages or spikes and allow many electrical components to plug into single source. Rising demand for high-end electronic equipment, losses due to equipment downtime, user-friendly installation process, and reasonable maintenance cost are the key factors driving the growth of surge protection devices market. In addition, rising incidences of spike due to transient voltage and lightning accidents is boosting the adoption of surging protection devices. Increasing applications of alternative sources of power such as wind and solar are also supporting the demand for surge protection devices, since these devices are prone to lightning strikes.
Growing demand across various application sectors such as industrial, residential and commercial; and the need for surge protection devices in countries such as China, Brazil, India, U.K., Germany, and Norway across various industrial applications will offer promising growth opportunities for the market. Further, the increasing demand for technological & sophisticated electrical appliances would facilitate the increase in the adoption rate of surge protection devices. However, the presence of lead length while installing surge protection devices tend to reduce its performance. Further, the volatile prices of raw materials used in designing surge devices is another prominent market challenge.
The world surge protection devices market can be segmented based on geography, end-users, and types. On the basis of types, the market is segmented into line cord devices, hard wired devices, plug-in devices and power control center. On the basis of end-users, the market is segmented into commercial sector, residential and industrial. Based on geography, the report is segmented into North America, Europe, Asia-Pacific and Latin America and Middle-East and Africa (LAMEA).
Some of the prominent market players operating in this market space include ABB Limited, Eaton Corporation, Emerson Electric Corporation, Siemens AG, Schneider Electric SA, Belkin International, Advanced Protection Technologies, Crompton Greaves, and General Electric among others.
KEY BENEFITS FOR STAKEHOLDERS:
SURGE PROTECTION DEVICES MARKET SEGMENTS:
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