Surge Protection Devices Market To Expand At A CAGR Of 5.3% From 2022 To 2031

A surge protection device is a key component of electrical installation protection systems used in the electrical power supply, communication, and telephone networks. It is primarily the most efficient type of overvoltage protection or high voltage protection device. A surge protector limits the voltage supply to an electric device by blocking or shorting the excess voltage. The advantages of surge protection devices include the protection of low voltage distribution systems against direct lightning stroke into the overhead power supply line or external lightning protection system; the hot ionized gases are not a hindrance with surge protection devices.

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Moreover, due to increase in the usage of electrical equipment such as home entertainment systems, personal computers, and microwave ovens, among others, the market is expected to grow during the forecast period.

Increase in Demand for Protection Systems for Electronic Devices to Drive Global Surge Protection Devices Market

Rising usage of electrical equipment and increasing demand from utility customers for stability of power supply have stressed the importance of improving the reliability and power quality levels of electric systems. Surge protection can save expensive electronic items and equipment from being damaged. This is estimated to fuel the demand for surge protection devices globally. Thus, increase in the demand for technologically advanced electrical equipment, owing to a rise in disposable incomes, is a key factor driving the surge protection devices market.

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The need for power-quality protection equipment is growing, owing to the increasing use of electronic equipment in manufacturing facilities, corporations, and the residential sector. Surge protection for both, the entire facility and individual equipment, is gaining significance, as transient voltages and surges can impact productivity and profitability. In addition, the demand for technologically sophisticated appliances such as LED televisions, personal computers, printers, and industrial control equipment, such as PLCs, microwaves, washing machines, and alarms, is rising at a rapid pace. Considering these factors, the demand for surge protection devices is anticipated to rise during the forecast period.

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Rise in Disposable Income and Industrialization in Emerging Economies to Offer Lucrative Opportunities to Market Players

Rise in population and economic growth in developing nations are fueling the demand for electronic goods. Increase in industrialization and disposable income has improved the standard of living and hence, the consumption and spending on electronic items has been rising significantly since the last few years. However, the damage of such equipment is due to both, increased usage of microprocessors in a greater range of products and the continuing miniaturization of microelectronic components. Thus, these products require power surge protection devices.

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Preference for Plug-In Devices to Protect from Effects of Surges to Fuel Surge Protection Devices Market Growth

In terms of type, the global surge protection devices market has been segregated into hard-wired, plug-in, and line cord. Among the segments, plug-in type segment held the highest share of the market in 2021. Surge protection plug in devices into a grounded electrical outlet or can be directly connected into the appliance. In industries, various types of equipment that need to power surge protection.

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