Surge Protection Devices Market 2019 Current Scenario, Size, Share, Business Boosting Strategies, Competitive Landscape, Key Vendors, Trends and Forecast To 2023
Surge Protection Devices Market to develop owing to need for safety of electronic devices. Global Surge Protection Devices Industry to witness growth owing to increasing awareness to secure the electrical equipment and machinery used in the industrial and residential sectors.
Pune, India – April 23, 2019 /MarketersMedia/ —
Surge Protection Devices Market Overview
The fluctuations in electricity have led to the use of surge protectors to limit or mitigate losses to equipment. Reports that appraise the energy and power industry have been made accessible by Market Research Future which generates reports on several industry verticals that analyze the market growth and prospects. The market is projected to soar with a 5% CAGR in the duration of the period covered by the forecast period.
The increasing prevalence of huge electricity loads and high maintenance costs of the existing systems are spurring the development of the surge protection devices market. The escalated pace of demand from industries and commercial sectors is adding to the expansion of the surge protection devices market. Since surge protection devices enable the protection of low voltage distribution systems against direct lightning stroke, their demand is expected to escalate in the coming years.
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Surge Protection Devices Market Segmental Analysis
The segmentation of the surge protection devices market is conducted on the basis of type, voltage, application, and region.
On the basis of application, the surge protection devices market is additionally segmented in to commercial, residential, and industrial.
Based on type, the surge protection devices market is segmented into hard wired, line cord, plug-in protection devices, and power control devices.
Based on voltage, the surge protection devices market is segmented into low voltage and high voltage.
Based on regions, the surge protection devices market is segmented into North America, Europe, Asia Pacific and rest of the world.
Surge Protection Devices Regional Market Analysis
The regional analysis of the surge protection devices market includes regions such as North America, Europe, Asia Pacific and the rest of the world.
According to the analysis, the surge protection devices market is projected to perceive exponential progress throughout the forecast period due to the mounting awareness related to securing the electrical equipment and machinery operated in the residential and industrial sectors.
The North American region and the European region are likely to retain the chief market segment. The amplification in urbanization projects such as smart cities in the European and North American region is anticipated to lead the market. Similarly, the proposal to digitally transform the industrial, automobile, and IT manufacturing industries, is leading the surge protection devices market.
A related trend has been witnessed in the Asia Pacific region where there is an upsurge in the infrastructure projects and manufacturing, particularly in nations such as China and India. The region is also anticipated to observe an augmented growth rate throughout the forecast period.
Competitive Analysis
A reinvigorated progress stride is detected in the market due to the beneficial effect applied both within and outside the market by noteworthy driving factors. The change in the product portfolio encourages the elasticity of demand in the market. The budget factors in the expenditures of the competitors in the market are becoming more varied. The working environment in the market is guiding towards productive growth in the market. Additionally, the rising business requirements in the market are generating a promising backdrop for change. The factors for transformation are inspiring the advance of the market.
Key Players:
ABB Ltd. (Switzerland), Mitsubishi Electric Corporation (Japan), Nissin Electric (Japan), Schneider Electric SE (France), Alstom SA (France), Toshiba (Japan). Larsen & Turbo (India), Hitachi (Japan), Fuji Electric (Japan), Siemens AG (Germany), Xian XD (China), Hyosung (China), Hyundai heavy industries (South Korea), Eaton (Ireland), Bharat Heavy Electric Ltd. (India), and Meidensha (Japan)
Industry Updates:
Mar 2019 ASCO Power Technologies, which is an established leading provider of critical power solutions globally, has presented its Model 175 surge protective device for data transmission uses that use two pairs of wires. The device is specifically suited for protecting equipment in access control, security, alarm, and video systems.
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