LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global surge protection devices market is projected to grow to USD 2,637.97 million by 2021, at a CAGR of nearly 6% over the forecast period.
This research report titled ‘Global Surge Protection Devices Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
|Surge protection devices are used to protect an electrical appliance from an overflow of current, which may cause damage to the appliance. The increasing use of electronic devices such as refrigerators, air conditioners, and televisions in the residential sector is creating new demand for surge protection devices, thereby driving the market growth.|
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Based on the product, the report categorizes the global surge protection devices market into the following segments:
- Line cord
- Wall plug
- Power control center
The top three revenue-generating product segments in the global surge protection devices market are discussed below:
“The market for hardwired surge protection devices occupies a majority 48% of the overall shares and is expected to grow swiftly though 2021. These are mainly installed at entry points of current flow systems to limit electrical surges,” says Anju Ajaykumar, a lead analyst at Technavio for engineering tools research.
Hardwired surge protection devices have extensive application in electrical panels that interconnects the electrical components of the whole house. The rapid growth of the residential sector construction is creating the demand for hardwired surge protectors.
Line cord surge protectors are the extension cords, which are adopted to run multiple appliances at the same time from one common control point. The ease of use offered by these devices drives their extensive adoption, with the segment projected to be worth USD 1,062.57 million by 2021.
They also find applications in commercial setups like offices, retail stores, and hospitals. The growing trend of urbanization has led to the growth in the number of commercial setups and healthcare facilities, which are expected to create more demand for line cord surge protectors.
“Wall plug surge protectors are the plug-in systems installed on walls to transfer the surges underground and protect the appliances from damage. The wall plug surge protectors find applications in nearly all commercial, industrial, and residential applications,” says Anju.
In APAC, the booming manufacturing sector is expected to create a huge demand for wall plug surge protectors over the forecast period. For instance, the "Make in India" initiative by the Government of India is expected to drive the manufacturing sector to reach USD 1 trillion by 2025.
The top vendors highlighted by Technavio’s research analysts in this report are:
- General Electric
- Schneider Electric
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