Transparency Market Research (TMR) has published a new research report on the global surge protection devices market
. The report, titled “Surge Protection Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020
”, states that the market was worth US$1,890.5 million in 2013 and will reach US$2,808.6 million by 2020, expanding at a CAGR of 5.6% from 2014 to 2020.According to the report, increasing utilization of highly advanced appliances such as personal computers and LED televisions requires supporting equipment to prevent damage due to voltage fluctuations or power outages. Hence, demand for power surge protection devices is surging to protect electronic devices from the effects of unforeseen voltage swings.Increasing demand for surge protection devices across various sectors such as residential, commercial, and industrial is anticipated to result in substantial growth of the surge protection devices market in the near future. Globally, the increasing incidence of transient voltage and lightning accidents is leading to increasing usage of surge protection devices. High power surges can cause enormous damage to electrical appliances.
Worldwide, rising disposable incomes are leading to increased usage of electrical equipment such as personal computers, microwaves, refrigerators, and washing machines, which is amplifying the demand for surge protection devices, adds the report.Line cord devices contributed the largest market revenue, amounting to US$650.3 million in 2014. However, the hard wired devices segment will exhibit a faster growth rate than other segments, as it can protect against transients that occur through utility power lines. Hard wired devices are capable of preventing transients that originate from electrical circuits and also prevent damage to other circuits attached to it.In 2014, the industrial application segment dominated the surge protection devices market, accounting for US$763.2 million. Rapid industrialization, mainly in the Asia Pacific and Rest of the World regions, is responsible for the dominance of this application segment. The increasing usage of automated processes for both manufacturing and processing is fueling demand for surge protection devices in industrial machinery.
However, the commercial sector is anticipated to exhibit the fastest growth of all application segments of the surge protection devices market. The commercial sector will register growth at a CAGR of 6.3% from 2014 to 2020. By geography, in 2014, North America dominated the global surge protection devices market, accounting for US$801.9 million. Although the region will exhibit the lowest growth rate of all geographical segments in the forecast period, it is expected to maintain dominance through 2020.The report further adds that Asia Pacific is anticipated to witness the fastest growth rate in the forecast period. The region is expected to display growth at a CAGR of 6.4% from 2014 to 2020. This is attributed to growing demand for sophisticated electrical equipment such as LED televisions, microwave ovens, and washing machines, among others, in developing countries such as India, Indonesia, and China.Europe and Asia Pacific together account for almost half of the revenue in the global surge protection devices market.
The global surge protection devices market is segmented into:
Global Surge Protection Devices Market: By type
- Plug-in devices
- Hard wired devices
- Line cord devices
- Power control center
Global Surge Protection Devices Market: By application
Global Surge Protection Devices Market: By geography
- North America
- Asia Pacific
- Rest of the World
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