Press release
Surge Protection Devices Market - Increased Usage of Consumer Electronics to Help Market Surge Forth Steadily
the global surge protection devices market is likely to exhibit a promising CAGR of 5.6% from 2014 to 2020, rising to a revenue opportunity of US$2,808.6 mn by 2020.Of the key applications of surge protection devices covered in the report, applications across the industrial segment accounted for a dominant share in the overall market in 2014, valuing at US$763.2 mn in the same year.
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This can be attributed to the steady pace of industrialization in regions such as Asia Pacific and Middle East and Africa where the uptake of automation technologies in manufacturing and processing sectors is high.
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Geographically, the market in North America held the dominant share in the overall market, thanks to the rising sales of electrical and electronic devices in the industrial and residential sectors in the region.
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One of the key factors driving the global surge protection devices market is the massive rise in the use of electronics devices in the residential and enterprise sectors globally. Electronic appliances such as refrigerators, personal computers, air conditioners, televisions, microwaves, printers, alarms, and a variety of complex smart computing devices has necessitated the presence of surge protection devices to protect equipment from excess flow of power.
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