$ 4.27 Billion Surge Protector Market Size, Globally, by 2028 at 5.4% CAGR: Verified Market Research®
JERSEY CITY, NJ, January 5, 2022 / PRNewswire / – Verified Market Research recently published a report, “Surge Protection Devices Market“By type (wired, pluggable, Line cord), by end user (industrial, commercial, residential), by discharge current (less than 10 kA, 10 kA – 25 kA, greater than 25 KA) and by geography. According to verified market research, the global surge protection devices market size was estimated to be $ 2.81 billion in 2020 and should reach $ 4.27 billion by 2028, with a CAGR of 5.4% from 2021 to 2028.
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202 – Pages
126 – Tables
37 – Figures
Global Surge Protection Devices Market Overview
The increasing use of electrical appliances and the increasing demand by users for the stability of the power supply have highlighted the importance of improving the reliability and power quality levels of power systems. Surge protection prevents expensive electronic items and equipment from being damaged. This will amplify the demand for surge protection devices globally.
The increasing demand for high-tech electrical equipment, along with increasing disposable income, is the major factor driving the surge protection devices market. As the use of electronic equipment increases in manufacturing plants, businesses and the residential sector, the need for energy-grade protective equipment becomes critical. A common surge protector will stop voltage spikes and surges, but not the violent, catastrophic current explosion of a close-up lightning strike. Direct lightning current is simply too great to be protected with a small electronic device inside a power strip. If surge protectors get in the way of lightning, all lightning bolts will simply flash on the device, regardless of how many capacitors and battery banks are involved. Most SPDs provide a good degree of defense against shock or forward voltage surge. It absolutely cannot guarantee against damage to any electronic equipment, and therefore, it is a serious constraint for the deployment of a surge protection device. With increasing industrialization and increasing disposable income, the standard of living has improved. As a result, consumption and spending on electronic items has improved exponentially in recent years.
The increase in damage to such equipment is due to both the increased use of microprocessors in a wider range of products and the continued miniaturization of microelectronic components. Adoption of high-tech equipment such as LCD, LED, laptop, washing machine and TV in emerging countries are the major factors driving the growth of the global protective devices market against surges. Political conditions, economic considerations and technical requirements are driving further advancements in the surge protection device market.
- In july 2020, ABB is an important step in the company’s transformation into a decentralized global technology company, with the completion of the divestment of 80.1% of its Power Grids business to Hitachi, as planned.
- In March 2021, Siemens acquired 99.22% (approximately) of C&S Electric Limited from its developers for Rs. 2,100 crores.
The main players in the market are ABB, General Electric, Schneider Electric, Eaton, Legrand, Emerson Electric Co., Siemens, cgglobal.com, Tripp Lite and Vertiv Group Corp.
Verified market research segmented the global surge protection devices market on the basis of type, end-user, discharge current, and geography.
- Surge Protection Devices Market, By Type
- Line cord
- Surge Protection Devices Market, By End User
- Surge Protection Devices Market, By Discharge Current
- Below 10 kA
- 10 kA – 25 kA
- Above 25 kA
- Surge Protection Devices Market By Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
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