DUBLIN–(BUSINESS WIRE)–March 11, 2022–
The “Surge Protection Devices Market Size, Share, and Trend Analysis Report by Product (Wired, Plug-in, Line Cord, Power Control Devices), by Type, by Wattage nominal, by end-use, by region and segment forecast, 2022-2030” has been added to the ResearchAndMarkets.com offering.
The global surge protection device market size is expected to reach USD 5.30 billion by 2030, growing at a CAGR of 9.2% from 2022 to 2030
The growth of the market can be attributed to the growing need to protect electronic devices from any potential power surges. Alternative energy programs being aggressively pursued around the world and increasing cases of lightning strikes resulting from increasing global warming are some of the other factors expected to drive the demand for Surge Protective Devices (SPDs) during the forecast period.
Power surges occur due to voltage imbalances, interference in transformers, radio interference, or potential differences. Electronic devices can be very vulnerable to voltage transients. At this point, surge protection devices are widely used in electrical installation systems to protect electronic devices. Surge protection devices can be considered a cost-effective solution to improve system and data reliability while preventing unwanted downtime.
The outbreak of the COVID-19 pandemic has had a major impact on the surge protection device market. Fluctuations in commodity prices due to disruptions in supply chains resulting from restrictions on the movement of people and goods and temporary closures of manufacturing plants as part of efforts to stop the spread of the coronavirus following of the outbreak of the pandemic have limited the growth of the market.
However, the increasing adoption of protection systems for high-tech equipment in various emerging economies is expected to create new growth opportunities for the market over the forecast period.
Highlights of the Surge Protection Devices Market Report
- The wired segment dominated the market in 2021. The increasing adoption of wired surge arresters in commercial, residential and industrial applications to detect and limit surges and voltage transients that can potentially damage any equipment connected to signals and power lines is expected. . to drive the growth of the segment over the forecast period.
- Type 1 segment is expected to grow at the highest CAGR during the forecast period. Type 1 surge arresters are particularly used to protect electronic equipment against lightning surges. Type 1 surge arresters are considered the first line of defense for any home or office electrical infrastructure.
- The 50.1-100 kA segment is expected to witness significant growth over the forecast period in line with the rapid development of residential and commercial infrastructure across the world.
- Industries and manufacturing units are major end users of SPDs. SPDs provide industrial and manufacturing machinery with safer interlock circuits that can effectively protect electrical and electronic equipment from any surges resulting from switching or lightning surges.
- Asia-Pacific is expected to become the fastest growing regional market over the forecast period owing to aggressive investments being made to meet the growing demand for energy based on population growth. Rising residential and commercial construction activities in the region are also expected to contribute to the growth of the regional market over the forecast period.
Market Driver Analysis
- Increasing use of electronics in the residential and commercial sectors
- High cost associated with electrical equipment downtime
Analysis of market challenges
Mapping penetration and growth prospects
Surge Protection Devices (SPD) Market – Porter’s Five Forces Analysis
Surge Protection Devices (SPD) Market – PESTEL Analysis
- General Electric
- Emerson Electric Co.
- Tripp Lite
- Vertiv Corp Group.
For more information about this report visit https://www.researchandmarkets.com/r/nkar36
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220311005232/en/
Laura Wood, Senior Press Officer
For EST business hours, call 1-917-300-0470
For US/CAN call toll free 1-800-526-8630
For GMT office hours call +353-1-416-8900
INDUSTRY KEYWORD: OTHER ENERGY ENERGY
SOURCE: Research and Markets
Copyright BusinessWire 2022.
PUBLISHED: 03/11/2022 06:58 AM/DISC: 03/11/2022 06:58 AM
Copyright BusinessWire 2022.