ALBANY, N.Y.--(BUSINESS WIRE)--Transparency Market Research has published a research report titled “Surge Protection Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020.” The report states that the global surge protection devices market was worth US$2020.4 million in 2014. This market is currently expected to grow at a CAGR of 5.6% from 2014 to 2020. The global surge protection devices market is described through a segmentation method that employs types and applications as the primary categories.
The global surge protection devices market is dominated by the line cord surge protection devices segment. It was the largest market in 2014 and is expected to stay on top till the end of the report’s forecast period. The applications category was led by the industrial segment due to a rapid rate of industrial growth in emerging economies. The commercial applications segment is stated to be the fastest growing one in the category, a fact also credited to increasing users in emerging economies.
From a geographical standpoint, the report delivers market details of four major global areas. Of these, North America is stated to be the largest region in the global surge protection devices market. The increasing sales of electrical goods in residential and industrial sectors have prompted consumers to employ a greater number of surge protectors. North America is followed closely by Europe and Asia Pacific, which are showing increasing demands for computers, microwaves and other electrical products.
The importance of surge protectors in today’s world is said to be substantial due to their ability to defend electrical equipment from internal and external surges. This eliminates data loss due to electrical reasons as well as reduces repair and maintenance costs for the equipment.
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TMR is a U.S. based market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.