The growing demand for surge protection systems for electronic devices, power quality issues, a rise in alternative energy programs, and cost escalation due to frequent equipment failures are the major factors driving the surge protection devices market.
“The surge protection devices market is expected to grow from an estimated USD 2.06 Billion in 2017 to USD 2.68 Billion by 2022, registering a CAGR of 5.47%, from 2017 to 2022.”
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The global market is set to witness significant growth due to growing demand for protection systems for electronic devices, power quality issues, a rise in alternative energy programs, and cost escalation due to frequent equipment failures.
The industry segment is expected to hold the largest share of the surge protection devices market, by application, during the forecast period
The Industry 4.0 initiative is being applied to vehicles and electrical machinery in order to facilitate remote diagnostics, remote maintenance, and remote data capture. Such initiatives have increased the need for datacenters, servers, and communication systems. With the increasing use of electronic equipment, the need for protection systems for such critical equipment has been increasing. This is driving the market for surge protection devices in the industrial segment, which is expected to create new revenue pockets for the surge protection devices market during the forecast period.
Hard-wired SPDs to be the fastest growing segment in the surge protection devices market
Europe: The leading market for surge protection devices
The European market is expected to dominate the global surge protection devices market with a number of European countries investing in various protection systems for urbanized infrastructure development. Industry 4.0 is a European strategic initiative to digitally transform the industrial, IT, and manufacturing industries. Intelligent ICT-based machines, systems, and networks, capable of independently exchanging and responding to information to manage industrial production processes, are being implemented for production efficiency. There is an increasing trend of manufacturing facilities shifting their operations to low production areas such as Eastern Europe.
Objectives of the study:
• To define, describe, and forecast the global surge protection devices market by type, end-user, discharge current, and region
• To provide detailed information regarding the major factors influencing the growth of the surge protection devices market (drivers, restraints, opportunities, and industry-specific challenges)
• To strategically analyze the surge protection devices market with respect to individual growth trends, future prospects, and contribution of each segment to the market
• To strategically profile key players and comprehensively analyze their market shares and core competencies
• To analyze competitive developments such as contracts & agreements, expansions, new product developments, and mergers & acquisitions in the surge protection devices market
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The leading players in the surge protection devices market include Siemens AG (Germany), Eaton Corporation, Plc. (Ireland), Littelfuse, Inc. (U.S.), ABB, Ltd. (Switzerland), and Schneider Electric SE (France). The leading players are trying to make inroads in the markets in developed economies, and are adopting various strategies to increase their market shares.
