Surge protection devices are made to save electrical instruments from power variations. They aid in the protection of precious electrical and electronic equipments against transients. These transients may start off from switching sources or lightning. The worldwide surge protection devices market was estimated at about USD 1, 890 million in 2013. It is expected to rise at around 5.5 percent CAGR during the forecast period, ranging from 2014 to 2020.
The market is projected to generate an income of around USD 2, 808 million by 2020. Augmentation in the utilization of highly-advanced electrical equipments and escalating disposable earnings of people are the two main factors, driving further demand for the surge protection devices market. Decrease in the safeguarding costs, loss of data and interruptions are the other prime factors that positively affect the growth of the market.
The demand for highly technical and advanced devices is rising fast. These devices are highly susceptible to damages owing to power fluctuations. To save these devices from the same, surge protection devices are used and noticing increased demand. This factor has also been responsible for driving the market further. The surge protection devices market is fragmented on account of three categories. These include applications, kinds and geographies.
The applications market is inclusive of industrial, commercial and residential. Growing demand for surge protection devices from the aforementioned application sectors is predicted to steer the surge protection devices market ahead. The kinds market is fragmented on account of hard wired devices, plug-in devices, power control centers and line cord devices. The surge protection devices market, on account of geographies, is sliced into Asia Pacific, Europe, North America and rest of the world.
Applications wise, the market was dominated by industrial in 2014. It generated an income of about 763 million. The kinds market was leaded by line cord devices. These devices produced a revenue of around USD 650 million in 2014. Regions wise, the surge protection devices market was dominated by North America in 2014. The region occupied about USD 802 million that year.