Global surge protection devices market
was valued at USD 2022.4 million in 2014; growing at a CAGR of 5.6% from 2014 to 2022. The concept of protecting electronic devices from power surges or spikes is known as surge protection. The surge protection device allows multiple equipment to plug into single power outlet in order to minimize the risk of damage. A power surge is a significant increase in voltage above the designated level. The rise in voltage above standard level is expected to damage the electronic equipment.
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The global surge protection devices market is segmented into North America, Europe, Asia Pacific (APAC) and Rest of the World (RoW). The surge protection devices market is primarily driven by the increase in the usage of electrical equipment such as home entertainment systems, personal computers and microwave ovens among others. These devices are sensitive and could be damaged by a small fluctuation in the voltage. In order to protect these devices from power surges or spikes, surge protection devices are needed. In addition, the reductions in maintenance costs, delays and data loss in the electrical equipment are the factors responsible for the growth of surge protection devices market.
Geographically, North America led the global surge protection devices market in 2014 and the region is expected to continue its leading position throughout the forecast period. In 2013, this region had seen significant growth in surge protection devices market due to the growth in sales of electrical equipment in the industrial and residential sectors. The surge protection impacts the productivity and profitability by saving the equipment from the internal and external surges. The usage of surge protector in electrical equipment eliminates data loss and reduces the cost of maintenance. These major factors are responsible for the increase in the usage of surge protection devices in North America. Europe and Asia Pacific followed by North America.
The surge protection devices market is segmented on the basis of types into plug-in devices, hard wired devices, line cord devices and power control center. Among all, line cord surge protection devices segment held the largest market revenue share in 2014 and is expected to maintain its position throughout the forecast period. The increasing demand for line cord devices is primarily endorsed due to their wide usage in applications such as industrial, commercial and residential sector. Line cord devices protect multiple devices from power surges. It also requires less number of cords to connect the devices with an electric outlet.
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The surge protection devices market is further segmented by applications into industrial, commercial and residential. The global surge protection devices market is majorly driven by industrial segment due to rapid growth in industrialization in the developing countries. The increasing automation in both manufacturing and processing industry has increased the demand for surge protection devices in the industrial machineries and equipment. Commercial sector is analyzed to be the fastest growing application segment for surge protection devices and is expected to attain a significant growth in the coming years due to increase in the users of telephone and internet in the emerging nations.