Fast Increasing Demand for Automated Devices Protection Systems to Fuel Growth of Surge Protector Market
The rising use of electrical equipment, as well as the growing demand from utility consumers for power supply stability, has highlighted the need of enhancing the reliability and power quality of electric systems. Surge protection can prevent costly electronic equipment and objects from being damaged. Surge protection devices will thus remain in demand, accounting for proliferation of surge protector market. An increase in demand for high-tech electrical equipment, coupled with an increase in disposable income, is expected to prominently drive expansion of surge protector market. The demand for high-tech and sophisticated appliances like LED televisions, laptops, printers, and industrial control equipment like PLCs, microwaves, washing machines, and alarms is fast increasing. With an 8% share of overall exports, the United States is the second-largest exporter of these products in the world. These gadgets are extremely sensitive and can be quickly damaged by even little voltage fluctuations, which remains a strong factor for the growth of surge protector market.
For instance, the global electric products market has grown at a compound annual growth rate (CAGR) of 5.4 percent since 2015, reaching almost $1,191.2 billion in 2020. The television section of the CE market accounted for 544 million units sold in 2021. The necessity for power-quality protection technology is becoming increasingly important as the usage of electronic equipment grows in manufacturing facilities, companies, and the residential sector. Transient voltages and surges can have a negative influence on production, hence surge protection for both the entire facility, and particular equipment is becoming more important.
Dependable Properties of Hard-wired to Drive Growth of Surge Protector Market
The hard-wired category currently dominates surge protector market, accounting for more than 44.0 percent of global revenue. Hard-wired SPDs are frequently put on power lines to safeguard downstream devices and outlets. They can also safeguard linked AC-powered systems and equipment from transients, surges, and other AC power-induced events. Lighting circuits, motor controllers, and power distribution are all examples of commercial, industrial, and residential applications where hard-wired surge protection devices are used. As a result, hard-wired SPDs may be the most practical surge protection method for ensuring dependable operations and long-term performance. Additionally, over the projected period, the plug-in category is expected to grow at the fastest rate. In order to protect equipment from indirect lightning strikes, plug-in SPDs are typically put in intermediate panels and at the network's origin. Plug-in surge protection devices, for example, are used to protect sensitive electrical equipment such as refrigerators, and television sets. The implementation of plug-in SPDs and the benefits they can provide at various endpoints are expected to drive demand for plug-in SPDs over the projected period.
High Electrical Consumption to Drive Growth of North America Surge Protector Market
North America dominated the market, accounting for more than 38.0 percent of worldwide revenue. The region is known for being an early user of cutting-edge technology. In the region, there is also a high level of awareness regarding the benefits of SPDs. Electricity use for residential and commercial applications accounts for around 37% of overall electricity consumption in the United States. States in the United States, such as Florida, Louisiana, Mississippi, and Alabama, are particularly vulnerable to lightning strikes. As a result, SPDs are widely used in these states to safeguard electronic appliances from rapid energy swings. As a result of all of these factors, North America has emerged as the largest regional market. For instance, in 2021, the United States' electricity usage was estimated to be around 3.9 trillion kilowatthours (kWh), which is a two percent increase in comparison to the former year.
Asia Pacific is expected to increase at the fastest rate. The increase can be ascribed to increasing awareness of the benefits of SPDs in nations such as China, India, and Japan. Furthermore, increased disposable income in the Asia Pacific region allows people to spend more on high-end consumer devices like LED television sets, washing machines, and refrigerators, among other things. Over the projection period, the regional market is expected to increase due to a high consumer focus on protecting these consumer devices. Moreover, the European Union is the second-largest market for surge prevention equipment. The demand for surge protection devices is likely to be boosted by increased automation and the rising use of domestic electronic equipment.
Global Surge Protector Market: Competitive Landscape
In December 2020, Eaton partnered up with Enel X, the Enel Group's innovative energy services division. The corporations collaborated to build a microgrid in Puerto Rico that would allow them to reduce their carbon footprints and strain on local energy infrastructure while increasing energy resiliency. Furthermore, during moments of excess generation, the agreement would allow the corporation to distribute clean energy back into Puerto Rico's electrical infrastructure. On the other hand, in January 2022, Schneider Electric has completed the acquisition of Zeigo, a climate-tech platform start-up. The company hoped to expand its digital skills in sustainability, energy, and environmental commodity consulting with this acquisition. Furthermore, the transaction would improve the company's digital energy transformation ambition as well as its sustainable energy services and solutions portfolio.
Few of the players in the surge protector market include ABB, Raycap Corporation, Siemens AG, Schneider Electric, Emerson, Eaton, GE, LittleFuse, Belkin International, Tripp Lite, Maxivolt Corporation, Panamax, Rev Ritter GMBH, Phoenix Contact GMBH, Koninklijke Philips N.V., Legrand, Mersen, Hubbell Incorporated, Citel, The Pentair Electrical & Fastening Solutions, ISG global, MCG Surge Protection, and JMV.
Regional Classification of the Global Surge Protector Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability
Key Elements Included In The Study: Global Surge Protector Market
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