Global Surge Protection Devices Market worth USD 2.87 billion and CAGR 5.3% by 2021

Zion Research has published a new report titled “Surge Protection Devices Market (Plug-in devices, Hardwired devices, Line cord devices, and Power Control Center) for Commercial, Residential and Industrial Applications: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2015 – 2021”. According to the report, the global surge protection devices market was valued at approximately USD 2.10 billion in 2015 and is expected to reach approximately USD 2.87 billion by 2021, growing at a CAGR of around 5.3% between 2016 and 2021.

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Key industry participants include Schneider Electric, ABB Limited, Eaton Corp., Siemens AG, Emerson Electric Co., GE Industrial Solutions, Crompton Greaves Ltd., Advanced Protection Technologies, Raycap Corporation S.A, Belkin International and Phoenix Contact GmbH.

Power surges are spikes occurred in the electric current due to the sudden interruption of the flow of electricity. It causes an increase in the electrical potential energy which can increase the current flowing back to the electrical device. Surge protection devices are used to protect electronic devices from power surges. It is possible to connect multiple components to plug into a single power outlet due to surge protection devices. It is very beneficial to prevent electrical equipment from getting damaged.

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The surge protection devices market is expected to witness significant growth due to the increasing usage of electronic devices across the globe. Growing power quality issues in electronic devices due to overuse or large flow of electricity increases the demand for surge protection devices. The major driving factor for surge protection devices market is the benefits offered by these devices like reduction in maintenance costs of electronic equipment. In addition, rising disposable income in emerging economies is expected to have a positive impact on surge protection devices market. Increasing competition in electronic equipment manufacturers decreases the cost of equipment which simultaneously increases the demand for surge protection devices.

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Investment in research and development in the renewable energy sector is likely to open new market avenues in the near future. However, these devices are effective only to voltage spikes and surges which may affect the market growth.

On the basis of types,global surge protection devices market is divided into plug-in devices, hard-wired devices, line cord devices and power control center. Line cord devices accounted for largest share of the global market in terms of revenue in 2015. Hard-wired devices were the second largest segment of the global surge protection devices market.

Commercial, residential and industrial applications are the application segments of the surge protection devices market. Industrial application segment dominated the global market and accounted for significant share of the overall market share in 2015.This is primarily owing to growing industrialization in emerging economies.

North America is expected to remain the market leader over the forecast period and recorded USD 801.9 million in 2015 in terms of revenue.The increasing disposable income in the region increases the demand for secure electrical and electronic equipment such as microwave ovens, LED televisions, and washing machines. This is one of the major reasons for the growth of the surge protection devices market.Rapidly growing the electronic market in emerging economies of Japan, China, and India is expected to drive the surge protection devices market in Asia Pacific.

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