Surge Protection Devices Market size worth $ 4.27 Billion, Globally, by 2028 at 5.4% CAGR: Verified Market Research®

Surge Protection Devices Market size worth $ 4.27 Billion, Globally, by 2028 at 5.4% CAGR: Verified Market Research®

PR Newswire

JERSEY CITY, N.J., Jan. 5, 2022

The global market is set to witness significant growth due to growing demand for protection systems for electronic devices, power quality issues, a rise in alternative energy programs, and cost escalation due to frequent equipment failures

JERSEY CITY, N.J., Jan. 5, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Surge Protection Devices Market" By Type (Hard-wired, Plug-in, Line Cord), By End-User (Industrial, Commercial, Residential), By Discharge Current (Below 10 kA, 10 kA–25 kA, Above 25 KA), and By Geography. According to Verified Market Research, the Global Surge Protection Devices Market size was valued at USD 2.81 Billion in 2020 and is projected to reach USD 4.27 Billion by 2028, growing at a CAGR of 5.4% from 2021 to 2028.

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Browse in-depth TOC on "Surge Protection Devices Market"

202 - Pages
126 – Tables
37 – Figures

Global Surge Protection Devices Market Overview

The increasing usage of electrical devices and growing demand for users for stability of the power supply have stressed the importance of improving the reliability and power quality levels of electric systems. Surge protection control costly electronic items and equipment from being damaged. This will amplify the demand for surge protection devices globally.

Increase in the demand for high technological electrical equipment, with rise in disposable incomes, is the prime factor driving the surge protection devices market. As the use of electronic equipment is increasing in manufacturing facilities, corporations, and the residential sector, the need for power-quality protection equipment is becoming essential. A common surge protector will stop voltage spikes and surges, but not the violent, catastrophic burst of current from a close lightning strike. Direct lightning current is simply too big to shield with a little electronic device inside a power strip. If the surge protectors are in the way of the lightning path, all lightning will just flash over the device, regardless of the number of capacitors and battery banks involved. Most of the SPDs provide a good degree of defence against a direct voltage strike or surge. It cannot absolutely guarantee against damage to any electronic equipment, and hence, it is a serious restraint for surge protection device deployment. With growing industrialization and increase in disposable income, the standard of living has improved. Hence, the consumption and spending on electronic items has exponentially improved in the past few years.

The increase in damage of such equipment is due to, both the increased usage of microprocessors in a greater range of products and the continuing miniaturization of microelectronic components. Adoption of high technological equipment such as LCD, LED, laptops, washing machines, and televisions in the emerging countries are the major factors behind the growth of surge protection devices market globally. Political conditions, economic considerations, and technical requirements provide inclination towards further advances in the surge protection device market.

Key Developments

Key Players

The major players in the market are ABB, General Electric, Schneider Electric, Eaton, Legrand, Emerson Electric Co., Siemens, cgglobal.com, Tripp Lite, and Vertiv Group Corp.

Verified Market Research has segmented the Global Surge Protection Devices Market On the basis of Type, end-user, Discharge Current, and Geography.

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