Press release
Surge Protection Devices Market to Exhibit 5.60% CAGR from 2014 to 2020, Fueled by Growing Use of Electrical Equipment
By type, the surge protection devices market is fragmented into hard wired devices, power control center, plug-in devices, and line cord devices. In 2014, line cord devices generated US$650.3 mn in revenue, making it the dominant segment that year. Hard wired devices, on the other hand, are forecast to register the highest CAGR from 2014 to 2020.
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Surge protection is an important element of electronic devices and electricity supply. While a steady flow of electricity is required to recharge batteries, a shot of excess electricity can damage appliances if they aren’t built to withstand it. The growing use of electronic devices is the main driver boosting the global surge protection devices, as an increasingly smart and tech-savvy user base of advanced electronics has come to realize the value of surge protection.
Surge protection devices can be of various types, such as line cord devices, hard wired devices, plug-in devices, and power control centers. According to leading market research company Transparency Market Research (TMR), the main applications of these surge protection devices are in the commercial, residential, and industrial sectors. As stated before, the rising use of electronic equipment such as desktops, laptops, refrigerators, and washing machines in the developed and the developing world is boosting the sale of surge protection devices in the residential and commercial markets. The global market for surge protection devices is expected to grow at a healthy 5.6% CAGR from 2014 to 2020, according to TMR.
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Asia Pacific, on the other hand, is anticipated to become the most rapidly developing regional segment of the surge protection devices market, registering a 6.40% CAGR from 2014 to 2020. This region is driven by increasing demand for sophisticated electrical and electronic equipment such as microwave ovens, LED televisions, and washing machines. The demand for this equipment is most likely to stem from developing economies such as China, Indonesia, and India.
The research report identifies the major participants operating in the global surge protection devices market and analyzes them on the basis of various attributes. The players profiled in the surge protection devices market report are GE Industrial Solutions, Schneider Electric S.E., Tripp-Lite, ERICO International Corporation, Raycap Corporation S.A., Emerson Electric Co., Eaton Corp. PLC., Leviton Manufacturing Co. Inc., Phoenix Contact GmbH, Crompton Greaves Ltd., and Legrand S.A.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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