Portland, OR -- (SBWire) -- 09/28/2017 --Surge protection devices market holds a substantial scope for growth owing to growth in need to protect electronic equipment from power fluctuation.
Global Surge Protection Devices Market was valued at $2,127 million in 2015, and is expected to reach $3,167 million by 2022, supported by a CAGR of 5.7% during the forecast period 2016 - 2022. Surge protective devices (SPDs) are designed to reduce the random energy surges of voltage transients and electrical noise on the power supply line.
The market is driven by factors such as high demand for electronic appliances, growth in need to protect sensitive electronic appliances from power fluctuation, easy installation, and lower cost.
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The hardwired devices and line chord devices segments collectively accounted for nearly half of the market share in 2015, and are expected to maintain this trend during the forecast period.
The surge protection devices (SPDs) market is driven by increase in demand for usage of electronics appliances in commercial and residential sectors. Moreover, high costs incurred due to electrical equipment downtime have encouraged the adoption of SPDs and provide safety in industries and domestic sector. Low awareness about surge protection devices among the small-scale manufactures and competition from uninterrupted and non-fluctuating power supply systems are the key factors that restrain the market growth. Rise in awareness for need of SPDs, rapid industrialization, and power supply issues in developing countries provide lucrative opportunities for the growth of the market.
Line chord devices segment generated the highest revenue in 2015. However, hardwired device segment is expected to witness fastest growth at a CAGR of 6.40% from 2016 to 2022. Commercial segment is anticipated to show high growth rate, registering a CAGR of 6.28%. However, residential segment accounted for the highest revenue in 2015.
North America generated the highest revenue and is expected to grow at a CAGR of 5.3%. Moreover, North America is expected to maintain its dominant position over the forecast period. Europe and Asia-Pacific are the second and third leading regions, respectively, in the surge protection devices market.
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Surge Protection Devices Market and Its Future Outlook During the Period of 2014-2022
Surge Protection Devices Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $3,167 million by 2022, registering a CAGR of 5.7% during the period 2016 - 2022