Transient protection device market is likely to exhibit a promising growth curve as far as the short-term outlook is considered. The report will uncover the insights into how the market growth will unfold in the next few years.
Transient Protection Device Market Receives Impetus from Growing Adoption Across Both Residential and Commercial Sectors
The demand for transient protection devices to safeguard the new, cutting-edge electrical and electronic devices placed in homes and businesses drives the transient protection device market expansion. During the forecast period, the devices' ability to lower electricity bills by reducing the power used by gadgets is also anticipated to impact market growth significantly. Other factors influencing market expansion include frequent equipment failure, rising operational expenses due to poor power quality, and aggressive global alternative energy projects. The need for renewable energy has grown in recent years as we work toward a carbon-neutral environment, and maintaining the dependability of power systems has become increasingly crucial. Enhancing the transmission and substation equipment's resistance to powerful lightning strikes is also necessary. As a result, an increase in demand for transient protection devices is anticipated. Additionally, the market is expanding as a result of the growing demand for smart power strips.
The development of energy-efficient electrical systems across numerous industrial sectors is a priority for major economies like the United States, China, Japan, and India, contributing to the rise in demand for transient protection devices. For instance, the Indian Railways' Research Designs and Standards Organization (RDSO), a division, has created a facility named Centre for Advanced Maintenance Technology (CAMTECH). By improving maintenance technologies and methods and integrating lightning and transient protection device arrangements into integrated power supplies for signaling installations, CAMTECH seeks to boost the productivity and performance of all railway assets and employees, thus driving the growth of the transient protection device market.
Transient Protection Device Market: COVID-19 Impact
The transient protection device market for transient protection devices has suffered due to the COVID-19 pandemic epidemic. Supply chain hiccups have had a particularly negative impact on transient protection device production. Due to limited site access and supply chain challenges, producers of several electronic components, including transient protection devices, had to deal with immediate operating problems. After the pandemic breakout, they continued to worry about the security of their employees and were actively assessing numerous risk factors. On the other hand, the pandemic outbreak significantly reduced consumer purchasing power, which led to a slow fall in electronic equipment sales and, to a certain extent, lowered demand for transient protective devices.
Transient Protection Device Market Largely Gains from the Rise of Smart Cities
As a component of the Digital Silk Road Initiative of the Belt and Road Initiative, the Chinese government frequently promotes cooperation among smart cities. The ASEAN-China Strategic Partnership Vision 2030, whereby China has committed to supporting ASEAN's technological transformation measures, including the ASEAN ICT Master Plan 2020, and the ASEAN Smart City Network, strengthens cooperation within ASEAN. Additionally, several American governments are promoting the use of smart cities. For instance, three pilot projects are being tested in Las Vegas, and the city's administration has allocated US$500 Mn to connect the entire city by 2025. The Association of Southeast Asian Nations (ASEAN) countries have roughly half of their population living in urban areas, and by 2025, another 70 million people are projected to move into cities. The OECD predicts that between 2010 and 2030, global investments in metropolitan city infrastructure will reach a total of about US$1.8 Tn, supporting these programs. Investing in digitized infrastructure is expected to be the main driver of demand, raising the demand for asset security. This will widen the scope of growth for transient protection device market.
Technological Advancements Foster Transient Protection Device Market Growth
With the help of the Industry 4.0 program, remote data collection, diagnosis, and maintenance are now possible for electrical equipment and automobiles. The demand for data centers, servers, and communication systems has increased due to these activities. China, for example, has seen growth in data centers with support from the government. The Chinese government's recent three-year plan (2021-2023) calls for 200 exaflops of data center computing by that year. Additionally, the region's digital revolution is a key factor in the transient protection device market expansion. To address the future of digital innovation and the digital economy, for instance, the Huawei APAC Digital Innovation Congress in May 2022 brought together more than 1500 participants from more than 10 countries in Asia Pacific.
Difficulty in Designing Compact Transient Protection Devices May Limit Transient Protection Device Market Expansion
The growth of transient protection device market would probably be constrained by the difficulties in designing compact transient protection devices with improved protection levels. High-functional transient protection devices, for instance, include many parts that need to be arranged in parallel arrays in the circuit. Because of poor mechanical design, individual suppression components may have to withstand more energy than their neighboring components, resulting in differences in performance between theoretical models and actual systems.
Hard-wired Category Dominates Transient Protection Device Market as it Guards Against Damage Caused by Transients
Hard-wired category held the largest transient protection device market share, and it is anticipated that it will continue to rule the market during the forecast period. Hard-wired SPDs are frequently put on power lines to safeguard devices and outlets downstream from the device. Additionally, they can guard against damage caused by transients, surges, and other AC power-induced events for connected systems and equipment that AC powers. Lighting circuits, motor controllers, and power distribution are examples of commercial, industrial, and residential uses for hard-wired transient protection devices. The most practical transient protection option to guarantee dependable operations and increased performance may be hard-wired SPDs.
Industries, and Manufacturing Units Category Macrhes Ahead in Transient Protection Device Market
The industries and manufacturing units category dominated the transient protection device market in 2021. Companies are deploying various automation systems and top-of-the-line electronics due to technological advancements and a strong focus on increasing profitability. However, businesses that use electrical equipment are frequently exposed to irregular power lines and severe lightning, which can cause the equipment to fail. Such breakdowns often increase the operational costs of the company. It is thus projected that the use of SPDs will grow throughout the forecast period because of their capacity to mitigate any overvoltage on the electrical distribution network.
Asia Pacific to Dominate Transient Protection Device Market as Smart Homes Expand Rapidly
Over the forecast period, it is anticipated that the Asia Pacific’s transient protection device market will account for the largest revenue share because more people are adopting smart homes, their disposable money is rising, and their living conditions have improved. For instance, the Ministry of Statistics and Programme Implementation reports that India's disposable personal income increased from INR 19,96,89,740 in 2020 to INR 23,85,73,760 in 2021. The Statistics Bureau of Japan also reports that Japan's disposable personal income fell from JPY 436.85 million in April 2022 to JPY 359.51 million in May. Furthermore, The main factor influencing the region's market growth is the increased demand for security and lighting solutions that use smart electronics to reduce energy consumption, driving the market ahead. For instance, in China, the Ministries of Public Security and Housing and Urban-Rural Development jointly published suggestions on accelerating the development of digital homes, noting that by the end of 2022, digital homes should have regulations, procedures, and standards in place.
The North American transient protection device market is anticipated to experience stable revenue growth throughout the forecast period. The area has a history of embracing cutting-edge technology early on. The region also has a very high level of awareness of the advantages of SPDs. The power used for residential and commercial purposes in the United States makes up around 37% of all electricity. States like Florida, Louisiana, Mississippi, and Alabama are among those in the U.S. that are particularly vulnerable to lightning strikes. As a result, these states have relatively high adoption rates for SPDs, which safeguard electronic gadgets from abrupt energy swings. As a result of all these considerations, North America has become the largest market in the region.
Global Transient Protection Device Market: Competitive Landscape
A few of the players in the transient protection device market ABB, General Electric, Schneider Electric, Eaton, Legrand, Emerson Electric Co., Siemens, cgglobal.com, Tripp Lite, and Vertiv Group Corp.
Recent Notable Developments
Regional Classification of Global Transient Protection Device Market Can be Given as Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Transient Protection Device Market
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