Surge Protection Devices Market Projected to reach a Value of US$2.81 bn by the end of 2020
Surge protection refers to safeguarding electronic devices from power spikes and surges. A power surge is a substantial rise in voltage in comparison with the designated voltage levels. When the power voltage goes above the standard level, it is most likely to damage electronic devices. The increasing use of electronic equipment, reduction in data loss, delays, and maintenance costs, and increased demand from developing economies are the major factors driving the global market for surge protection devices. However, the volatile nature of raw material costs and the additional cost of installation are hampering the growth of the market.
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By type, the global market for surge protection devices has been categorized into power control center, hard wired devices, line cord devices, and plug-in devices. In 2014, the line cord devices segment dominated the market, standing at US$650.3 mn in terms of revenue. In the coming years, the hard wired devices segment is anticipated to grow at a fast pace compared to the other segments. The hard wired devices prevent transients, which originate from the electrical circuits, and help avoid damage to the other circuits attached to it.
By application, the global market for surge protection devices has been classified into industrial, residential, and commercial. The industrial segment dominated the overall market and was valued at US$763.2 mn in 2014. The swift development of this application segment can be attributed to the rapid industrialization in Asia Pacific and Rest of the World. In addition, the growing adoption of automated procedures in processing as well as manufacturing sectors is estimated to augment the growth of the industrial application segment in the global market for surge protection devices.
Among the major geographical segments, in 2014, the North America market for surge protection devices was worth US$801.9 mn. This region led the overall market and is estimated to remain in the leading position throughout the forecast period. On the other hand, the Asia Pacific market is projected to grow at a fast pace, exhibiting a 6.40% CAGR between 2014 and 2020. The rapid growth of this region can be attributed to the rising demand for electrical equipment, including microwave ovens, LED televisions, washing machines, and others, in emerging economies. At present, Asia Pacific and Europe collectively hold a 50% share in the global market for surge protection device in terms of revenue.
The research report further analyzes the competitive scenario of the global market for surge protection devices. Some of the prominent players operating in the global market for surge protection devices are Crompton Greaves Ltd., Legrand S.A., GE Industrial Solutions, Tripp-Lite, Emerson Electric Co., Leviton Manufacturing Co. Inc., ERICO International Corporation, Raycap Corporation S.A., Eaton Corp. PLC., Phoenix Contact GmbH., and Schneider Electric S.E.
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