Global Surge Protection Device Market Overview
The key driver impacting the surge protection device market is the expanding consumer electronics demand among consumers globally. thus, the need to safeguard expensive electronics from power spikes or surges creates demand for surge protection devices in the forecast period. for instance, according to the World Economic Forum, consumer household appliances and electronics are the fastest-growing online sales areas globally. the CEA (Consumer Electronics Association) expected the annual consumer electronics sales value in the United States was $170 billion in 2008. the worldwide yearly consumer electronic sales are anticipated to reach $2.9 trillion by 2020. According to the Retailers Association of India (RAI), consumer electronics sales were increased by 2% in September 2020 and 8% in October 2020, compared with the same months in the last year. moreover, increasing disposable income of consumers has pushed the demand for electronic devices such as microwave devices, personal laptops, television, printers, washing machines, and others is estimated to be a significant factor contributing to market growth.
According to Value Market Research, the global surge protection device market size was valued at around USD 2350 million in 2020 and is projected to grow at a CAGR of about 7% during the forecast period of 2021 to 2027.
The growing lightning-related power outage incidences are estimated to augment surge protection device demand in the forecast period. lightning is considered the leading cause of outages on power distribution systems and utility transmission and the single most significant cause of power outages in many lightning-prone regions. the increased lighting incidences that cause surges are creating demand for surge protection devices globally. for instance, as per the National Lightning Safety Institute, around 30% of all power outages yearly are lightning-related, on average, with total costs approaching 1 billion dollars in the U.S. the total number of homeowners insurance claims from lightning strikes in the United States rise by 1.2 percent during 2018 and 2019 and 0.4 percent from 2017-2019.However, the high cost for installation may hamper the global surge protection device market in the long run. also, surge protection devices only give protection from voltage surges and spikes, thus creating limitations. The current industry trends, such as the rise in alternative energy programs and the ongoing power quality issues, are expected to provide market players with new market opportunities.
The surge protection device market is vast, with many local and global players. the key leaders follow different strategies to advance their market position, such as contracts, amalgamation, extending product portfolio, acquisitions, and product upgrades to raise their market share across the globe. for instance, in October 2016, Eaton Corporation launched its new surge protection devices. These devices provide configurable surge protection (for commercial and industrial applications), easy maintenance & replacement with high operational flexibility. The major players in the report are ABB Ltd., Leviton Manufacturing Co., Tripp Lite, Crompton Greaves Limited, Industrial Solutions Limited, PHOENIX CONTACT GmbH & Co. KG, Power, Eaton Corporation PLC, General Electric, and Emerson Electric Co.
In this research report, the surge protection device market is segmented by product, applications, and region.
Analysis by Product:
By product, the report is categorized into plug-in devices, hardwired devices, line cord devices, and power control centers. The hard-wired segment is expected to show considerable growth in the forecast period. It is due to its capability of hard-wired getting installed in the buildings to guard the devices from lightning strikes and avert the damage to power control and distribution boards. Moreover, hardwired devices have less wires, making a more organized and cleaner look at the driving demand for hard-wired devices in the forecast period.
Analysis by Application:
By application, the report is categorized into a commercial, data center, industrial, medical, residential, telecom, transportation, other end-uses. The residential sector dominates the application segment with a 70% share in 2020. It is due to the growing sales of consumer electronics products. Moreover, Consumers are increasingly spending on comfort and convenient electronics products, owing to their increased purchasing power, contributing to the residential segment's growth in the forecast period.
Analysis by Region:
In the regional outlook of the global surge protection device market, the Asia pacific region dominates with a 20% market share during the forecast period. It is due to the growing technological advancements and expanding adoption of consumer electronics devices across the India and China with the presence of a large number of key players. Moreover, the widespread awareness of the benefits of SPDs and rising urbanization and disposable income contributes to the high demand for the surge protection device market in Asia Pacific.
Market Segmentation covered in the Report:
- Plug-in devices
- Hardwired devices
- Line cord devices
- Power control center
- Data Center
- Other End-Uses
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.