Surge Protection Devices Market worth USD 5.33 billion by 2030, registering a CAGR of 5.72% – Report by Market Research Future (MRFR)
New York, Nov. 08, 2021 (GLOBE NEWSWIRE) — Surge Protection Devices Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Surge Protection Devices Market Research Report,by Application , Type , Voltage and Region – Forecast till 2030” the market is projected to be worth USD 5.33 billion by 2030, registering a CAGR of 5.72% during the forecast period (2022 – 2030), The market was valued at USD 3.24 billion in 2021.
List of the companies profiled in the global surge protection devices industry report include –
- Schneider Electric SE (France)
- ABB Ltd. (Switzerland)
- Mitsubishi Electric Corporation (Japan)
- Alstom SA (France)
- Siemens AG (Germany)
- and Toshiba (Japan). Larsen & Turbo (India)
- Hyundai heavy industries (South Korea)
- Hitachi (Japan)
- Fuji Electric (Japan)
- Nissin Electric (Japan)
- Xian XD (China)
- Hyosung (China)
- Bharat Heavy Electric Ltd. (India)
- Eaton (Ireland)
- Meidensha (Japan)
- Among others.
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The global surge protection devices market is both fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, new product launches and more. Besides, they are also investing in various research and development activities.
Market Research Future’s Review on Surge Protection Devices Market
COVID-19 Analysis
Supply chain disruptions, economic situations, fluctuations in demand share, as well as long-term & immediate effect of the COVID-19 pandemic possessed a negative effect on the surge protection devices market growth. The pandemic has slowed down economic activity and pushed the economy into a steep recession. With the roots being in China, the supply chains in the world are facing shutdown and unprecedented disruption. Besides, the initial setback, the industry is likely to return to normalcy during the forecast period and continue growing much beyond also.
Browse In-depth Market Research Report (188 pages) on Surge Protection Devices
https://www.marketresearchfuture.com/reports/surge-protection-devices-market-2773
Drivers
Growing Need for Protection Systems for Electronic Gadgets to Boost Market Growth
The growing need for protection systems for electronic gadgets will boost the surge protection devices market value over the forecast period. Surge protection devices are utilized in several industries and residential sectors to protect expensive devices, appliances, and machines from surges. In the last couple of years, the requirement for protection system for electronic devices across the globe has gone up at a rapid pace. This will boost the need for protection system that will have a positive impact on the market growth.
Opportunities
Rising Emphasis on Workplace Safety to offer Robust Opportunities
The growing emphasis on workplace safety will have a positive impact on the global surge protection devices market share over the forecast period.
Restraints
High Costs Incurred during Downtime to act as Market Restraint
The high cost incurred for electrical equipment downtime will act as a market restraint over the forecast period.
Challenges
Lack of Awareness to act as Market Challenge
The lack of awareness among small scale manufacturers coupled with competition from uninterrupted & non-fluctuating power supply systems may act as market challenge over the forecast period.
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Market Segmentation
The surge protection devices market has been bifurcated based on application, type, and voltage.
By application, the industrial segment will lead the market over the forecast period.
By type, the hard wired segment will dominate the market over the forecast period.
By voltage, the high voltage segment will spearhead the market over the forecast period.
Regional Analysis
APAC to Command Surge Protection Devices Market
The APAC region will command the surge protection devices market over the forecast period. The region catering to the growing energy needs in an effective way by moving towards clean energy on a large scale, growing power and utility sector, growing need from Singapore, China, and India, biggest potential gains for foreign direct investment, increased investments in modernizing infrastructure, urbanizing population in India and China, large infrastructure development in China, increasing investments in smart grid technologies & smart cities which include smart meters, distribution grid automation, and also demand response systems in Australia, South Korea, and Japan, growing need for consumer electronics, rising levels of disposable income, investments in LED television sets, refrigerators, and washing machines, and strong consumer emphasis to protect their consumer electronics are adding to the surge protection devices market growth in the region.
Segmentation of Market covered in the research:
Surge Protection Devices Market Research Report by Application (Residential, Industrial, Commercial), by Type (Plug-in surge protection devices, Hard Wired, Line Cord, Power Control Device), by Voltage (Low and High), and Region- Forecast till 2030
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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