The global
surge protection devices market is estimated to witness considerable growth
over the forecast period owing to the increasing demand across several
application sectors including residential, industrial, and commercial sectors.
Growing lightning incidences accidents and transient voltage are expected to
increase the requirement of surge protection devices. High spike or surge may
cause heavy damage to electrical equipment. The ability to defend the equipment
from external and internal surges is expected to be the prime driver for the
surge protection devices market. This removes data loss owing to electrical
reasons as well as reduces maintenance and repair costs for the equipment.
Growing
demand for electrical goods in industrial and residential sectors has
stimulated consumers to use a wide range of surge protection devices. They
permit several components to plug simultaneously into a single power outlet.
The electronic equipment is can be damaged when the power voltage goes beyond
the standard voltage. Surge protection devices prevent electrical equipment
from being damaged, when the voltage rises above the standard level. To gain a
competitive edge in the market, major market players are focusing on providing
scalability, high capacity, and reliable devices.
Various
services such as assembling of manufactured components, engineering design
fabrication, sub-assembly manufacturing, and functional testing are expected to
be carried out by surge protection device manufacturers. Need for consumer
electronics, growing purchasing power, and distinctive features are expected to
fuel surge protection devices market growth. Technological advancements,
fluctuating technological inclination, and shift in consumer preferences are
anticipated to positively impact the surge protection devices market.
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Rising
occurrences of accidents are expected to influence the surge protection devices
market over the next six years. Need for safety measures have significantly
increased owing to serious concerns for minimizing casualties and damages.
These devices are extremely sensitive to the extent that a single error could
cause heavy and serious breakdown. Communication breakdown or system breakdown
are anticipated to hinder surge protection devices market growth over the
forecast period. Sensitivity and small fluctuations in the voltage of surge
devices may lead to the damage of equipment, which is estimated to hamper the
market over the forecast period.
The upsurge
in the usage of electrical devices such as printers, personal computers, and
industrial control equipment such as microwaves, PLC’s, washing machines, and
alarms are forecasted to amplify the demand for surge protection devices.
Implementation of high technologies equipment such as LED and LCD TVs in the
emerging countries are anticipated to positively impact surge protection
devices market growth. Proliferating demand for safeguarding electronic devices
from spikes or power surges is expected to fuel requirement for surge
protection devices worldwide.
The market
can be segmented on the basis of types into power control center, plug-in
devices, line cord devices, and hard wired devices. The plug-in devices segment
is estimated to dominate the market owing to the escalating demand of portable
devices. Based on end-use applications, the market has been categorized into
commercial, residential, and industrial applications. Of all the application
fragments, industrial sector is anticipated to have the largest market share in
the surge protection devices market over the forecast period, whereas the
commercial segment is anticipated to exhibit high growth over the next six
years. This growth can be attributed to the growing internet and smartphone
users in the emerging economies.
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