Surge Protection Devices Market Synopsis:
The rising demand in the power sector has generated demand for technological innovations in power infrastructure. This, in turn, is presumed to pave the way for the installation of surge protection devices on the global front over the next couple of years. This report by Market Research Future (MRFR) unravels that the global surge protection devices market is anticipated to expand at 5% CAGR across the forecast period 2018 to 2023.
Industries across the world are investing in the deployment and installation of expensive machinery and equipment. In order to protect these machineries and equipment, the demand for surge protection devices is skyrocketing. In addition, the rise in alternative energy implementations is also anticipated to drive the proliferation of the surge protection devices market in the forthcoming years. The existing systems for combating loads in industries require high maintenance costs while exhibiting low efficiency. It is expected to lead the growth of the surge protection devices market in the nearby future.
By application, the surge protection devices (SPD) market is segmented into residential, commercial, and industrial. Among these, the industrial segment is projected to strike a higher CAGR over the next couple of years. The installation of expensive machinery equipment in industries has intensified the demand for surge protection devices for their protection. It is anticipated to drive the proliferation of the segment in the years to come.
The type-based segments of the surge protection devices market are plug-in protection devices, line cord, hard wired, and power control devices. The hard wired segment is likely to lead the growth pattern of the market during the forecast period. Increasing installation of the product in buildings to provide protection against lightning strikes is poised to amplify the growth rate of the segment over the next couple of years.
On the basis of voltage, the surge protection devices market has been divided into high voltage and low voltage. Among these, the high voltage segment is assessed to benefit immensely from the rising demand across end-user industry verticals.
The geographical analysis of the global surge protection devices market spans across Europe, Asia Pacific (APAC), North America, and the Rest of the World (RoW). These regional segments are studied on a regional and a country-level basis in the report. Europe and North America are currently dominating the global market. Increasing investments in smart cities, in conjunction with the rising urban population, is expected to drive the growth of the surge protection devices market in these regions over the next couple of years. Also, the digitization of end-user industries is anticipated to expedite the expansion of the market in the upcoming years. Asia Pacific is also assessed to hold a substantial share of the surge protection devices market during the assessment period. China, India, South Korea, and Indonesia are anticipated to exhibit rapid growth in the foreseeable future.
Schneider Electric SE (France), Mitsubishi Electric Corporation (Japan), ABB Ltd. (Switzerland), Alstom SA (France), Toshiba (Japan), Siemens AG (Germany), Larsen Turbo (India), Hitachi (Japan), Hyundai heavy industries (South Korea), Fuji Electric (Japan), Xian XD (China), Nissin Electric (Japan), Hyosung (China), Eaton (Ireland), Bharat Heavy Electric Ltd. (India), and Meidensha (Japan) are few of the major participants of the surge protection devices market. These players are constantly investing in the development of their product portfolios to gain an edge over other competitors. This is presumed to intensify the competition in the global market in the forthcoming years.
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