logo
logo
Sign in

The Surge Protection Devices Market is Estimated To Witness High Growth Owing To Increasing Demand for Uninterrupted Power Supply

avatar
Poonam
The Surge Protection Devices Market is Estimated To Witness High Growth Owing To Increasing Demand for Uninterrupted Power Supply

The Surge Protection Devices Market is estimated to be valued at US$ 3.8 Bn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Surge protection devices provide protection from voltage spikes and surges in power supply. They prevent damages to sensitive electronic equipment by diverting or suppressing electrical surge energy. Surge protection devices find applications in industrial, commercial, and residential sectors to protect electronic equipment like computers, TVs, medical equipment etc. from power surges.

Market key trends:

The surge protection devices market is driven by increasing demand for uninterrupted power supply from various end user industries like healthcare, IT, industrial automation etc. Critical equipments and processes require continuous power supply and their downtime can result in heavy losses. Surge protection devices ensure consistent power availability by protecting equipment from failures caused by voltage fluctuations and power surges. Furthermore, growing usage of renewable energy sources like solar panels which are prone to surges is also boosting the demand for surge protection devices. Stringent regulations regarding safety of electronic equipment is another factor promoting adoption of these protection devices across major economies.

Porter’s Analysis

Threat of new entrants: The surge protection devices market requires high investments which acts as a barrier for new players. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes however their demand helps drive innovation. Bargaining power of suppliers: Suppliers have low to moderate bargaining power as there are many component suppliers in the market. Threat of new substitutes: Substitutes pose low threat as surge protection devices offer reliability. Competitive rivalry: High as players compete based on innovation, pricing and services.

SWOT Analysis

Strength: Surge protection devices protect valuable electronic equipment from power surges. Wide application in data centers, industrial applications and commercial buildings. Weakness: High initial investment requirements. Requires replacement after peak surge absorption limit exceeds. Opportunity: Growing demand from industrial and commercial sector boosts sales. Adoption in renewable energy sector presents opportunities. Threats: Economic slowdowns lower infrastructure spending affecting demand. Substitutes like circuit breakers pose competition.

Key Takeaways

The global Surge Protection Devices Market Growth is expected to witness high growth, exhibiting CAGR of 8.6% over the forecast period, due to increasing infrastructure development and investments.

The surge protection market in Asia Pacific is the fastest growing region due to increasing industrial activity especially in China and India. Regional analysis - North America dominates the surge protection devices market currently due to stringent safety regulations for telecommunication and data center infrastructure in the region.

Key players operating in the surge protection devices market are ABB, Schneider Electric, Eaton, Siemens, Emerson, Vertiv, Raycap, Hager, Legrand, Tripp Lite, Leviton, Phoenix Contact, Citel, General Electric, Rockwell Automation, nVent, Belkin, REV Ritter, Littelfuse, MARS Sicherheit.

Read More,

https://www.newsstatix.com/surge-protection-devices-market-trends-size-and-share-analysis/


collect
0
avatar
Poonam
guide
Zupyak is the world’s largest content marketing community, with over 400 000 members and 3 million articles. Explore and get your content discovered.
Read more