Press release
Surge Protector Market Size to Hit $6.8 Billion by 2030
Surge Protector Market
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The key factor that drives the surge protector market includes increase in demand for usage of electrical and electronics appliances in commercial & residential sectors. Moreover, high costs incurred due to electrical equipment downtime have also encouraged adoption of whole house surge protector as it provides safety in industries and residences. Key factors that hamper the market growth are lack of awareness among small scale manufactures and competition from uninterrupted and non-fluctuating power supply systems. On the contrary, growth in awareness for need of surge protectors, rapid industrialization, and power supply issues in developing countries are anticipated to provide lucrative opportunities for the global market.
The global market is segmented on the basis of type, voltage, application, and sales channel. Depending on type, the market is divided into type 1, type 2, and type 3. On the basis of voltage, it is categorized into low, medium, and high. Based on application, it is bifurcated into residential, commercial, and industrial. By sales channel, the market is divided into online and offline.
The key players operating and profiled in the surge protector industry report include ABB Ltd., Eaton Corporation, General Electric, Schneider Electric, Honeywell, Siemens AG, Johnson Controls, Legrand, Havells, and Vertiv Group Corp.
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Key findings of the study
The global Surge Protector Market size is provided in terms of revenue
In 2020, the industrial segment accounted for about 49.3% of the share in the global market, and is expected to maintain its dominance till the end of the forecast period.
In 2020, the type 1 segment accounted for 43.8% surge protector market share in the year 2020, and is protector market.
Online sales channel is the fastest-growing segment in the global market, expected to grow at a CAGR of 5.6% during 2021-2030.
Type 1 is expected to grow at the fastest rate, registering a CAGR of 5.2%, throughout the forecast period
A comprehensive analysis of the factors that drive and restrain the global surge protector market growth is provided
The qualitative data in this report aims at the market trends, dynamics, and developments in the global surge protector industry
The global surge protector market forecast and estimations are based on factors impacting the market growth.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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