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| Surge Protection Devices Market |
The global Surge Protection Devices Market is estimated to be valued at US$ 3.8 Bn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Surge protection devices protect electronics and appliance from voltage
irregularities such as power surges, spikes, sags, and electrostatic discharge.
They filter and block power spikes and surges and keep critical devices safe
from damage.
Market key trends:
One of the key trends in the surge protection devices market is rising demand
for residential surge protection devices with the growing number of home
electronics appliances and gadgets. Surge protection for home electronic
devices has become important as even a small power fluctuation can damage
expensive devices. Surge protection devices ensure protection for smart TVs,
gaming consoles, computers, internet routers, refrigerators, washing machines
and other home appliances from any voltage irregularities. Rising sales of home
appliances and consumer electronics is fueling demand for residential surge
protection devices.
Segment Analysis
The global surge protection devices market is segmented into type, end-use
industry, and geography. Based on type, the market is bifurcated into solid
state surge protectors and combination surge protectors. Among these, the solid
state surge protectors segment accounts for the largest market share owing to
their advantages such as compact size, high energy absorption capacity, and
durability. Based on end-use industry, the market is categorized into industrial,
commercial, and residential. The industrial segment dominates the market due to
extensive use of electronic equipment in industries that require reliable surge
protection to protect sensitive equipment from overvoltage transients.
Key Takeaways
The global Surge
Protection Devices Market Growth is expected to witness high growth,
exhibiting a CAGR of 8.6% over the
forecast period, due to increasing demand for reliable power infrastructure and
growing concerns regarding equipment protection.
Regional analysis - North America accounts for the largest market share in the
surge protection devices market owing to wide use of electronic devices and
advanced infrastructure in the region. Asia Pacific is expected to grow at the
highest CAGR during the forecast period due to increasing industrialization and
infrastructure development in developing countries such as China and India.
Key players - Key players operating in the surge protection devices market are
ABB, Schneider Electric, Eaton, Siemens, Emerson, Vertiv, Raycap, Hager,
Legrand, Tripp Lite, Leviton, Phoenix Contact, Citel, General Electric,
Rockwell Automation, nVent, Belkin, REV Ritter, Littelfuse, MARS Sicherheit.
The market leaders focus on new product development and strategic partnerships
with solution providers to gain more market share.
Read More,
https://www.insightprobing.com/surge-protection-devices-market-trends-size-and-share-analysis/
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