Surge Protection Devices Market to See Strong Expansion Through 2022 | Leading Key Players are Siemens AG, Eaton Corporation, Littelfuse, ABB, SE

According to recent research "Surge Protection Devices Market by Type (Hard-Wired, Plug-In, and Line Cord), Discharge Current (Below 10 kA, 10 kA-25 kA, and above 25 kA), End-User (Industrial, Commercial, and Residential), and Region - Global Forecast to 2022", The surge protection devices market is expected to grow from an estimated USD 2.06 Billion in 2017 to USD 2.68 Billion by 2022, registering a CAGR of 5.47%, from 2017 to 2022.

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The global market is set to witness significant growth due to growing demand for protection systems for electronic devices, power quality issues, a rise in alternative energy programs, and cost escalation due to frequent equipment failures.

The industry segment is expected to hold the largest share of the surge protection devices market, by application, during the forecast period

The industry segment led the surge protection devices market in 2016, and is projected to dominate the market during the forecast period. The Industry 4.0 initiative is being applied to vehicles and electrical machinery in order to facilitate remote diagnostics, remote maintenance, and remote data capture. Such initiatives have increased the need for datacenters, servers, and communication systems. With the increasing use of electronic equipment, the need for protection systems for such critical equipment has been increasing. This is driving the market for surge protection devices in the industrial segment, which is expected to create new revenue pockets for the surge protection devices market during the forecast period.

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Hard-wired SPDs to be the fastest growing segment in the surge protection devices market

With regard to the type segment, hard-wired SPDs are expected to constitute the fastest growing market from 2017 to 2022. These are designed to be installed in places where the risk of a direct lightning strike is high, especially when the building is equipped with an external lightning protection system. Hard-wired SPDs are used as primary protection devices for locations prone to maximum risk, such as main distribution boards, power control centers, and outdoor distribution boards. The growing demand for primary protection of equipment from surges is driving the market for hard-wired surge protection devices.

Europe: The leading market for surge protection devices

In this report, the surge protection devices market has been analyzed with respect to five regions, namely, North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. The European market is expected to dominate the global surge protection devices market with a number of European countries investing in various protection systems for urbanized infrastructure development. Industry 4.0 is a European strategic initiative to digitally transform the industrial, IT, and manufacturing industries. Intelligent ICT-based machines, systems, and networks, capable of independently exchanging and responding to information to manage industrial production processes, are being implemented for production efficiency. There is an increasing trend of manufacturing facilities shifting their operations to low production areas such as Eastern Europe. Manufacturing, along with construction, mining, and quarrying, in Eastern Europe, is on the rise, making Europe a lucrative market for surge protection devices.

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Surge arresters: Additional market

In this report, the surge arresters market has been segmented, on the basis of type, into station class, intermediate class, and distribution class, and on the basis of voltage into low and medium voltage, high voltage, and extra high voltage surge arresters. The market has also been segmented, on the basis of region, into North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. The market for surge arresters is expected to grow from an estimated USD 1.49 billion in 2017 to USD 1.91 billion by 2022, at a CAGR of 5.11%, from 2017 to 2022.

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the surge protection devices market. These players include Siemens AG (Germany), Eaton Corporation, Plc. (Ireland), Littelfuse, Inc. (U.S.), ABB, Ltd. (Switzerland), and Schneider Electric SE (France). The leading players are trying to make inroads in the markets in developed economies, and are adopting various strategies to increase their market shares.

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