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Global Surge Protection Devices Market is Expected to Reach $4.27 Billion by 2028: Says AMR

·4-min read

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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COVID-19 scenario-

  • 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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Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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