Surge Protection Devices Market 2022: Power Quality Issues and Electronic Devices on Wheels - Industrial Segment to Drive highest CAGR

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.

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Surge Protection Devices Market: Global Segments, Scope, Trends Analysis and 2022 Industry Growth Forecast Research Report

According to the new market research report "Surge Protection Devices Market by Type (Hard-Wired, Plug-In, and Line Cord), Discharge Current (Below 10 kA, 10 kA–25 kA, and above 25 kA), End-User (Industrial, Commercial, and Residential), and Region", published by MarketsandMarkets™, the surge protection devices market is expected to grow at a CAGR of 5.47%, from 2017 to 2022, to reach a market size of USD 2.68 billion by 2022.

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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 are the major drivers of the surge protection devices market.

Browse and in-depth TOC on "Surge Protection Devices Market"

72 - Tables

30 - Figures

146 - Pages

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The surge protection devices market is dominated by a few major players that have a wide regional presence and are established brand names. The leading players in the surge protection devices market include Siemens AG (Germany), Eaton (Ireland), Littelfuse, Inc. (U.S.), ABB, Ltd. (Switzerland), and Schneider Electric SE (France). These companies have developed new products and implemented advanced production technology to bolster their product portfolios.

The report segments the surge protection devices market, by end–user, into industrial, residential, and commercial. The industrial segment is expected to grow at the fastest rate 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.

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With regard to the type segment, hard-wired SPDs are expected to constitute the fastest growing market from 2017 to 2022. These are designed to be installed in places where the risk of a direct lightning strike is high, especially when the building is equipped with an external lightning protection system. Hard-wired SPDs are used as primary protection devices for locations prone to maximum risk, such as main distribution boards, power control centers, and outdoor distribution boards. The growing demand for primary protection of equipment from surges is driving the market for hard-wired surge protection devices.

The SPD market in Asia-Pacific is expected grow at the highest CAGR during the forecast period. The region is moving towards clean energy on a large scale in order to meet its growing energy needs in an efficient way. India, China, and Singapore are some of the growing markets in the power and utilities sector. Also, Asia-Pacific offered the biggest potential gains for foreign direct investment, and attracted 45% of all capital investment globally, in 2015. Increased investments in modernizing infrastructure and urbanizing populations, especially in developing economies such as China and India, is expected to drive the Asia-Pacific surge protection devices market.

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In this report, the surge arresters devices market has been segmented, on the basis of type, into station class, intermediate class, and distribution class, and on the basis of voltage into low and medium voltage, high voltage, and extra high voltage surge arresters. The market has also been segmented, on the basis of region, into North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. The market for surge arresters is expected to grow from an estimated USD 1,488.8 million in 2017 to USD 1.909.7 million by 2022, at a CAGR of 5.11%, from 2017 to 2022.

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

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