Surge Protection Devices Market Worth US $ 5.33 Billion Per
New York, November 08, 2021 (GLOBE NEWSWIRE) – Surge Protection Devices Market Overview: According to a comprehensive research report from Market Research Future (MRFR), âSurge Protection Devices Market Research report, by application, type, voltage and region – Forecast to 2030 “ The market is expected to be worth USD 5.33 billion by 2030, registering a CAGR of 5.72% during the forecast period (2022 – 2030). The market was valued at USD 3.24 billion in 2021.
List of Companies Presented in Global Surge Protector Industry Report include –
- Schneider Electric SE (France)
- ABB SA (Switzerland)
- Mitsubishi Electric Corporation (Japan)
- Alstom SA (France)
- Siemens AG (Germany)
- and Toshiba (Japan). Larsen & Turbo (India)
- Hyundai Heavy Industries (South Korea)
- Hitachi (Japan)
- Fuji Electric (Japan)
- Nissin Electric (Japan)
- Xian XD (China)
- Hyosung (China)
- Bharat Heavy Electric Ltd. (India)
- Eaton (Ireland)
- Meidensha (Japan)
- Among others.
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The global surge protection devices market is both fragmented and competitive for the presence of various international and domestic key players. These players have integrated innovative strategies to stay at the forefront and also respond to growing customer demand, including collaborations, contracts, partnerships, joint ventures, geographic expansions, new product launches, etc. In addition, they also invest in various research and development activities.
Market Research Future Review of Surge Protection Devices Market
Supply chain disruptions, economic situations, fluctuations in the share of demand, as well as the long-term and immediate effect of the COVID-19 pandemic have had a negative effect on the growth of the market for surge protection devices. The pandemic slowed economic activity and plunged the economy into a deep recession. With roots in China, supply chains around the world are facing unprecedented shutdown and disruption. Besides the initial setback, the industry is expected to return to normal during the forecast period and continue to grow well beyond that as well.
Browse the in-depth market research report (188 pages) on Surge Protection Devices
Growing need for protection systems for electronic gadgets to drive market growth
The increasing need for protection systems for electronic gadgets will increase the value of the surge protection devices market during the forecast period. Surge protection devices are used in many industries and residential sectors to protect expensive appliances, appliances and machinery from surges. Over the past two years, the need for protection systems for electronic devices across the world has increased at a rapid rate. This will increase the need for a protection system that will positively impact the growth of the market.
Growing emphasis on workplace safety to provide strong opportunities
The increasing emphasis on workplace safety will positively impact the global surge protection devices market share during the forecast period.
High costs incurred during downtime to act as a market restriction
The high cost of electrical equipment downtime will act as a drag on the market during the forecast period.
Lack of awareness to act as a market challenge
Lack of awareness among small-scale manufacturers coupled with competition from uninterrupted and non-fluctuating power supply systems may pose a challenge for the market during the forecast period.
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The surge protection devices market has been divided on the basis of application, type and voltage.
By application, the industrial segment will dominate the market during the forecast period.
By type, the cable segment will dominate the market during the forecast period.
In terms of voltage, the high voltage segment will be the market spearhead during the forecast period.
APAC to Order Surge Protection Device Market
APAC region will dominate the surge protection devices market during the forecast period. The region is responding to growing energy needs efficiently by moving towards clean energy on a large scale, growing electricity and utilities sector, growing needs of Singapore, China and India, most potential gains higher for foreign direct investment, increased investment in infrastructure modernization, urbanization of the population in India and China, development of large infrastructure in China, increased investment in smart grid technologies and smart cities, including smart meters , distribution network automation, as well as demand response systems in Australia, South Korea and Japan, growing need for consumer electronics, increasing disposable income, investment in televisions LED, refrigerators and washing machines, and the focus by consumers on the prot ection of their consumer electronics are adding to the surge protection devices market growth in the region.
Market segmentation covered by research:
Surge Protection Devices Market research report by Application (Residential, Industrial, Commercial), By Type (Plug-in Surge Protection Devices, Wired, Power Cord, Power Control Device), by voltage (low and high) and by region – Forecast until 2030
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