The Global Surge Protection Devices Market Growth Accelerated by Increase in Demand from Industrial Sector
Surge protection devices are widely used in industrial sectors to prevent surges, spikes, and transients from damaging sensitive electronic equipment. They provide protection from lightning strikes and temporary overvoltages in power lines. Increasing industrialization has led to higher demand for these devices from manufacturing facilities, oil & gas plants, mining operations, and other process industries where there is extensive use of electronic control systems and equipment. The global Surge Protection Devices Market is estimated to be valued at US$ 3.8 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing awareness about workplace safety and equipment protection has accelerated the demand for surge protection devices from the industrial sector. Surge protectors have become indispensable for industries dealing with heavy electric machinery and large power supply systems which are vulnerable to transients. In order to protect critical infrastructure and reduce downtime, manufacturing plants and process facilities are increasingly investing in robust surge protection solutions. The need for surge protection has also grown in renewable energy installations such as solar farms and wind turbines which utilize sensitive power electronics. Stringent regulatory standards for equipment safety are further driving the demand from industrial end-users.
Segment Analysis
The global surge protection devices market is segmented by type, end-user and geography. By type, the market is bifurcated into hard-wired surge protection devices and plug-in surge protection devices. Plug-in surge protection devices dominate the market holding around 60% share owing to their ease of installation and portability. They can be easily installed during installation or relocation of electrical equipment.
Key Takeaways
The global Surge Protection Devices Market Demand is expected to witness high growth over the forecast period. Growing adoption of consumer electronics and increasing instances of power surge incidents are driving the demand for surge protection devices globally.
Regional analysis
Asia Pacific dominates the global surge protection devices market with around 35% share. Rapid industrialization and urbanization in countries like China and India are leading to increased investments in industrial and commercial infrastructure in the region. This is positively impacting the surge protection devices market in Asia Pacific. North America holds the second largest share due to strict regulations regarding installation of surge protection systems in industries and commercial buildings.
Key players
Key players operating in the surge protection devices market are Horizon Therapeutics plc, Ammonett Pharma LLC, Medison Pharma Ltd., Modern Dietetics Inc., Swedish Orphan Biovitrum AB (Sobi), Entera Health, Inc., Dipharma Francis S.r.l., Ucyclyd Pharma, Inc. Horizon Therapeutics plc is a leading provider of surge protection devices and offers a wide range of whole-home and point-of-use surge protection solutions. Swedish Orphan Biovitrum AB (Sobi) specializes in manufacturing medical devices for biopharmaceuticals.
Explorer more information on this topic, Please visit @https://perfectinsights.blogspot.com/2023/12/surge-protection-devices-market-is.html
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian