Surge Protection Devices Market Trends
The fluctuations in electricity have led to the use of surge protectors to limit or mitigate losses to equipment. Reports that appraise the energy and power industry have been made accessible by Market Research Future which generates reports on several industry verticals that analyze the market growth and prospects. The market is projected to soar with a 5% CAGR in the duration of the period covered by the forecast period.
The increasing prevalence of huge electricity loads and high maintenance costs of the existing systems are spurring the development of the surge protection devices market. The escalated pace of demand from industries and commercial sectors is adding to the expansion of the surge protection devices market. Since surge protection devices enable the protection of low voltage distribution systems against direct lightning stroke, their demand is expected to escalate in the coming years.
Segmental Analysis
The segmentation of the surge protection devices market is conducted on the basis of type, voltage, application, and region. On the basis of application, the surge protection devices market is additionally segmented in to commercial, residential, and industrial. Based on type, the surge protection devices market is segmented into hard wired, line cord, plug-in protection devices, and power control devices. Based on voltage, the surge protection devices market is segmented into low voltage and high voltage. Based on regions, the surge protection devices market is segmented into North America, Europe, Asia Pacific and rest of the world.
Regional Analysis
The regional analysis of the Surge Protection Devices Market Trends includes regions such as North America, Europe, Asia Pacific and the rest of the world. According to the analysis, the surge protection devices market is projected to perceive exponential progress throughout the forecast period due to the mounting awareness related to securing the electrical equipment and machinery operated in the residential and industrial sectors. The North American region and the European region are likely to retain the chief market segment. The amplification in urbanization projects such as smart cities in the European and North American region is anticipated to lead the market. Similarly, the proposal to digitally transform the industrial, automobile, and IT manufacturing industries, is leading the surge protection devices market. A related trend has been witnessed in the Asia Pacific region where there is an upsurge in the infrastructure projects and manufacturing, particularly in nations such as China and India. The region is also anticipated to observe an augmented growth rate throughout the forecast period.
Competitive Analysis
The crucial companies in the surge protection devices market are ABB Ltd. (Switzerland), Mitsubishi Electric Corporation (Japan), Nissin Electric (Japan), Schneider Electric SE (France), Alstom SA (France), Toshiba (Japan). Larsen & Turbo (India), Hitachi (Japan), Fuji Electric (Japan), Siemens AG (Germany), Xian XD (China), Hyosung (China), Hyundai heavy industries (South Korea), Eaton (Ireland), Bharat Heavy Electric Ltd. (India), and Meidensha (Japan) are among others.
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