Portland, OR -- (SBWIRE) -- 06/08/2018 -- 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.

Surge protection devices market holds a substantial scope for growth owing to growth in need to protect electronic equipment from power fluctuation.

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Surge protection devices market holds a substantial scope for growth on a global scale. Its contribution to the market is expected to increase significantly in the forecasted period. Recent discoveries and innovations have created vast opportunities for numerous players to enter the surge protection devices market. In the coming years, further technological advancements are expected owing to the innovative efforts taken by major industry players and entry of various stakeholders from developing countries.

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.

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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.

KEY FINDINGS OF SURGE PROTECTION DEVICES MARKET:

- North America occupied the major share (nearly two-fifths) of the total market in 2015, and is expected to grow at a CAGR of 5.3% from 2016 to 2022.

- Europe occupied the second largest market share of nearly one-third in 2015.

- Asia-Pacific shows highest growth rate, and is estimated to grow at a CAGR of 6.3%.

- Industrial application occupied the largest market share (nearly two-fifths) in 2015, and is estimated to grow with a CAGR of 5.4%.

- Line cord devices segment held the largest share (one-third) for the product segment in 2015, and is estimated to grow with a CAGR of 5.5%.

Key players that operate in this market are Raycap GmbH, General Electric Company, Schneider Electric SE, Emerson Electric Co., Pentair Technical Solutions, Eaton Corporation plc, Tripp Lite, Leviton Manufacturing Co., Inc., Crompton Greaves Limited, and PHOENIX CONTACT GmbH & Co. KG

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