Westford, USA,, March 26, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, North America is expected to hold the largest share in the surge protection devices market, followed by Asia Pacific. This can be attributed to the increasing adoption of electronic equipment in various industries, such as healthcare, IT, and telecommunications, which require reliable and efficient surge protection devices to safeguard their investments. Moreover, the increasing presence of leading players in the region and the technological advancements in surge protection devices are expected to fuel market growth. Furthermore, the rapid industrialization and infrastructure development activities globally are likely to complement the overall progress of the market.
SkyQuest has projected that the global smart manufacturing industry will exceed USD 638.28 billion by 2028, growing at a robust CAGR of 15.3%. This significant growth rate indicates the high demand for surge protection devices. Furthermore, as more industries adopt smart manufacturing practices, the demand for surge protection devices is expected to surge, presenting an opportunity for manufacturers to capitalize on this growing market.
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Browse in-depth TOC on "Surge Protection Devices Market"
- Pages - 278
- Tables - 90
- Figures - 78
Surge protection devices, also known as surge suppressors or surge limiters, are electrical devices that protect electronic equipment and appliances from voltage surges or spikes. These surges are transient voltage spikes that damage electronic equipment and susceptible and expensive devices like computers, televisions, and other household appliances. Therefore, choosing the appropriate surge protection device based on the specific application is important to ensure optimal protection.
Prominent Players in Surge Protection Devices Market
- Belkin International Inc.
- Emerson Electric Co.
- Furman Sound, Inc.
- Eaton Corporation Plc.
- General Electric Company
- CyberPower Systems, Inc.
- Panamax
- Fellowes Brands
- Tripp Lite
- Schneider Electric SE
- Leviton Manufacturing Co., Inc.
- Siemens AG
- TrickleStar
- Monster Products Inc.
- Zero Surge, Inc.
- Middle Atlantic Products
- Kensington Computer Products Group
- APC by Schneider Electric
- Power Integrations, Inc.
Hard Wired Segment to Register High Sales as Many Building Codes and Safety Standards Require the Use of Hard-Wired Surge Protection Devices
According to research, the hard wired segment emerged as a significant contributor to the overall revenue share for the surge protection devices market in 2021. The trend analysis further predicts that this pattern of domination will continue from 2022 to 2030. This incremental growth can be attributed to the fact that hard wired SPDs are considered more reliable and effective than their plug-in counterparts, which can be easily disconnected or misplaced. The consumer electronics industry is experiencing unprecedented growth and is set to reach USD 110.60 billion by 2028, according to a recent study by SkyQuest. As more consumers purchase electronic devices, there is an increased risk of power surges, which can cause irreparable damage to these devices. Surge protection devices are essential for any home or office setup to safeguard valuable electronics from power surges.
The surge protection devices market in North America experienced remarkable growth in 2021, with a favorable outlook that could see the region continue to dominate the market by 2030. The increasing adoption of electronic devices in homes and offices has created a significant demand for surge protection devices in North America. The cost of replacing damaged equipment can be high, making investing in surge protection devices more cost-effective. The region has a stable power grid and reliable power supply, but surges can still occur. This has made surge protection devices a critical component in ensuring the longevity of electronic equipment.
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Commercial Segment to Account for Largest Share Thanks to High Demand for SPDs at Commercial Settings to Protect Sensitive Electronic Equipment
According to recent market research, the surge protection devices market experienced significant growth in 2021, with the commercial segment emerging as the most profitable category. SkyQuest predicts that the commercial segment will continue to dominate the market in the coming years, with a leading position expected between 2022 and 2030. This growth can be attributed to the ongoing digital transformation across industries, which has led to a higher demand for electronic devices and equipment. Furthermore, the huge adoption of renewable energy sources is expected to create new opportunities for surge protection devices in the coming years.
According to recent research, the surge protection devices market in the Asia Pacific region continued its impressive growth trajectory in 2021. The market is projected to maintain this momentum and experience a high CAGR until 2030. This growth trajectory is driven by several factors, including the increasing adoption of electronic devices in residential and commercial sectors, the growing demand for power and energy, and the need to protect sensitive equipment from power surges. Additionally, the rise of smart cities and the growing investments in infrastructure development across the region have contributed to the market's expansion.
As more companies and individuals rely on electronic devices in their day-to-day operations, surge protection devices have become increasingly critical. The insights provided by the SkyQuest research report offer a comprehensive overview of the surge protection devices market, providing investors with the necessary tools to stay ahead of the intense competition and capitalize on the growth opportunities in this dynamic industry. In addition, this report provides reliable and accurate data to help investors make informed decisions and stay competitive in the market.
Key Developments in Surge Protection Devices Market
- PolyPhaser, a leading provider of high-quality surge protection solutions for the telecom industry, has recently announced the expansion of its quarter-wave stub RF surge protectors. This move aims to protect critical RF systems better against power surges, lightning strikes, and other disruptive events.
- ELAC, a renowned speaker maker, has recently announced that they will expand their product line to include surge protectors and power conditioners. ELAC's surge protectors feature advanced technology that can withstand power surges of up to 6,000 volts. They also have a built-in circuit breaker that automatically shuts off power in case of an overload or short circuit.
- Semtech, a leading supplier of high-performance analog and mixed-signal semiconductors, has launched the HotSwitch® platform, a cutting-edge solution for superior system protection of electronic systems against transient and steady-state fault conditions in various applications, including industrial, telecom, and consumer products.
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Key Questions Answered in Surge Protection Devices Market Report
- Can you provide examples of successful marketing strategies companies have used to reach and engage their target audience effectively?
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- What major trends and patterns should companies consider when tailoring their marketing strategies to specific regions or market segments?
- What are some common mistakes players make when targeting their audience, and how can they avoid them?
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