The global surge protection devices market is estimated to garner a sizeable revenue and grow at a CAGR of ~5% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing demand for protection systems for electronic devices, and rise in usage of consumer electronics across the globe. Along with these, rapid climate changes globally and subsequent increase in lightning incidences are also crucial factors expected to drive significant growth to the market in the upcoming years. Furthermore, escalating economic developments in developing nations, and growing adoption of high technology equipment such as laptops, washing machines and LCDs are projected to offer lucrative opportunities to the market in the near future. In 2019, more than 172 million units of laptops were shipped around the world, increasing up to more than 220 million units by the end of 2020.
The market is segmented by type into hard-wired, plug-in, and line cord, out of which, the plug-in segment is anticipated to hold the largest share in the global surge protection devices market. This can be accounted to the high suitability of plug-in devices for installation at the origin of the network, and their ability to effectively protect equipment from indirect lightning strikes. Additionally, on the basis of end user, the industrial segment is predicted to acquire the largest share during the forecast period, which can be credited to the increasing requirement for servers, data centers and communication systems in industries. Apart from these, growing applications of industry 4.0 initiative for electric machinery and automobiles to facilitate remote maintenance and diagnostics is also assessed to accelerate growth of the market segment in the coming years. CLICK TO DOWNLOAD SAMPLE REPORT
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
On the basis of geographical analysis, the global surge protection devices market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of increasing emphasis on using clean energy to meet the energy needs, especially in China, Singapore and India. In addition, rapidly growing urbanization, and rising investments in smart grid technologies and smart cities are also projected to boost the market growth of the region in the future. According to the World Bank, 60.695 percent of East Asia and Pacific’s total population lived in urban areas in 2020, up from 59.887 percent and 59.052 percent in the years 2019 and 2018 respectively.
Moreover, the market in North America is anticipated to occupy the largest share during the forecast period owing to the early adoption of advanced technologies, and high electricity consumption in commercial and residential sectors in the region.
The global surge protection devices market is further classified on the basis of region as follows:
Our in-depth analysis of the global surge protection devices market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing demand for protection systems for electronic devices, and rising usage of consumer electronics across the globe.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2030.
Availability of poorly designed surge protection devices is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the increasing emphasis on using clean energy to meet the energy needs, especially in China, Singapore and India.
The major players in the market are ABB, Ltd., Siemens AG, Eaton Corporation, Plc, Schneider Electric, Emerson Electric Company, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, power rating, end user, and by region.
The plug-in segment is anticipated to hold largest market size in value and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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