According to the report, the global surge protection devices market was valued at approximately USD 2.10 billion in 2015 and is expected to reach approximately USD 2.87 billion by 2021, growing at a CAGR of around 5.3% between 2016 and 2021.
The power surge is a spike in electric current and takes place due to a sudden interruption in the flow of electricity. Protection of electronic devices from power surges or spikes is called as surge protection. Surge protection devices allow various components to plug into a single power outlet. If power voltage increased more than the standard voltage or above the capacity of that device, it is likely to damage the electronic equipment. For residential and commercial application the standard voltage is marked around 120 volts and 230 volts respectively. The increasing demand for advanced technological and sophisticated equipment such as LED televisions, personal computers, printers, and industrial control equipment such as microwaves, washing machines, and alarms are rising rapidly. Due to the high sensitivity of these devices, it is important to protect these devices from getting damaged and this, in turn, increases the demand for surge protection devices.
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Increasing usage of electronic devices is the major driving factor for the demand of surge protection devices market. Continuous technological development and high demand for electronic equipment in the residential and commercial application are expected to propel market growth over the forecast period. The global surge protection devices market is expected to witness moderate growth over the forecast period due to intense competition in electronic equipment manufacturers.
Additionally, ongoing power quality problems have driven the demand for surge protection devices which in turn support the growth of this market.
Some of the key applications of the surge protection devices include commercial, residential and industrial. Industrial application segment held the largest market share for the surge protection devices in 2015 and accounted for significant share of the total market. It is followed by commercial application segments.
Based on the type, the surge protection devices market is segmented as plug-in devices, hard-wired devices, line cord devices and power control center. Line cord devices segment is one of the leading segments of surge protection devices market. Hard-wired devices segment is another key outlet of the market and expected to exhibit significant growth within the forecast period.
North America was one of the largest markets for surge protection devices in 2015. Asia-Pacific is expected to grow at a significant rate due to the rising disposable income and growing industrialization in the region. Asia-Pacific is expected to emerge as the fastest growing region within forecast period due to the rapid growth of emerging economies like India and China.
The key players for global surge protection devices market include Schneider Electric, ABB Limited, Eaton Corp., Siemens AG, Emerson Electric Co., GE Industrial Solutions, Crompton Greaves Ltd., Advanced Protection Technologies, Raycap Corporation S.A, Belkin International and Phoenix Contact GmbH.