Growth in demand for protection system for electronic devices, rise in usage of high voltage equipment and machinery in manufacturing units, and increase in demand for safety in workplaces drive the growth of the global surge protection devices market. Based on end use, furthermore, the industrial segment dominated in 2020, and is expected to lead the trail throughout the forecast period.
Portland,OR, July 28, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global surge protection devices market was estimated at $2.81 billion in 2020 and is expected to hit $4.27 billion by 2028, registering a CAGR of 5.4% from 2021 to 2028. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Growth in demand for protection system for electronic devices, rise in usage of high voltage equipment and machinery in manufacturing units, and increase in demand for safety in workplaces drive the growth of the global surge protection devices market. On the other hand, high maintenance cost of devices restrains the growth to some extent. However, rapid industrialization and power supply in developing areas and protection system for high technological equipment adopted in emerging economies are expected to usher an array of opportunities in the near future.
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The outbreak of COVID-19 pandemic has severely impacted the global manufacturing and industrial sectors as production facilities have stalled, which, in turn, has led to significant demand in industries.
Implementation of partial or complete lockdown across various countries globally resulted in declined growth rate and disrupted supply chain, especially during the first phase of the lockdown.
However, as the government bodies are relaxing the restrictions, the market is expected to recoup soon.
The global surge protection devices market is analyzed across type, power range, component, and end use.
Based on type, the line cord surge protectors segment accounted for more than one-fourth of the total market revenue in 2020, and is estimated to dominate by the end of 2028. However, the hard wired surge protection devices segment would cite the fastest CAGR of 7.1% from 2021 to 2028.
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Based on power range, the 100 KA To 500 KA segment contributed to nearly one-third of the total market share in 2020, and is projected to rule the roost by 2028. On the other hand, the 500 KA to 1000 KA segment would showcase the fastest CAGR of 6.9% throughout the forecast period.
Based on end use, the industrial segment held the major share in 2020, garnering nearly two-fifths of the global market. On the other hand, the commercial segment would cite the fastest CAGR of 6.8% during the forecast period.
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The key market players analyzed in the global surge protection market report include Hubbel Incorporated, Littelfuse Inc, Mersen, Schneider Electric Co., ABB Ltd, Belkin International, Eaton Corporation, Emerson Electric Co., General Electric Company, and Siemens AG. These key players have adopted strategies, such as expansion, mergers & acquisitions, agreements, regional expansion, and collaborations, to enhance their market penetration.
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