The Global Surge Protector Market size is expected to reach $5 billion by 2027, rising at a market growth of 5.6% CAGR during the forecast period.
Surge protectors that are situated as near to the building distribution system as feasible give the best protection from both outside and internally produced surges. Many buildings only have one surge protection device (SPD) at the main incoming panel and therefore do not distribute SPDs all through the building for cost and space considerations.
Surge protectors are inexpensive and simple to install across most panels across a structure, which is a driving reason for the country's market growth. Surge protectors can provide complete protection for a whole building.
Various protective methods or equipment customised to each other are necessary to reliably safeguard a structural system against lightning strikes and surge voltages. Internal lightning protection, External lightning protection, grounding and equipotential bonding, and coordinated SPD system are some of the major categories.
A multi-level system of surge protection devices that are synchronised with each other is referred to as a coordinated SPD system. The actions below are advised for achieving a high-performance SPD system: Make lightning protection zones in the structural structure.
A conventional surge protector distributes electrical electricity to a number of devices hooked into the power strip via the outlet. The protector will channel any excess power into the outlet grounding wire if the voltage rises over the permitted threshold. Alongside to the hot and neutral wires are grounding wires. In case of the breakdown of the system of hot and neutral wires, they give a channel for electrical current to follow. A surge is defined as a voltage rise that lasts three nanoseconds or longer. A spike is defined as a voltage surge that lasts only few nanoseconds.
As a result, throughout the forecast period, the rising necessity to safeguard electrical equipment being used applications like solar plants and smart grids from lightning surges is anticipated to boost the segment's expansion.
The coronavirus's negative worldwide consequences are already being seen, and need for surge protector is expected to rise in 2020. Following the COVID-19 virus outbreak in December 2019, the World Health Organization issued a public health emergency. The epidemic has already spread to over 100 countries, causing tremendous mortality throughout the world. The export and import industries, as well as worldwide manufacturing, tourism, and the financial sector, have all been severely harmed.
Due to the suspension of manufacturing facilities in the region, European nations under lockdown have lost a significant amount of business and money. The epidemic had a significant influence on production and manufacturing operations, resulting in a decrease in surge protection device growth in 2020.
The rising use of electrical equipment, as well as the growing demand from utility consumers for power supply stability, has highlighted the need of enhancing the dependability and power quality of electric systems. Surge protection can prevent costly electronic equipment and objects from being destroyed. Surge protection devices will be in more demand all across the world as a result of this.
The adoption of smart devices is growing as the population of emerging countries grows and their economies expand. With an estimated 7.5 billion linked devices projected to embrace the Industrial Internet of Things by 2020, businesses are growing increasingly reliant on innovative technology. The level of living has significantly improved of increased industrialisation and disposable money. As a result, electronic item use and spending have increased dramatically in recent years.
To allow SPDs to sustain greater voltage surges, numerous components must be placed in parallel arrays in the circuit. To calculate the overall surge current capacity of the completed product, SPD makers compound the surge current capacity of each suppression element by the number of parallel components. This estimate may appear to be rational, yet it violates every engineering standard. During a surge occurrence, one particular suppression component may have to endure greater energy than just its neighbours due to poor mechanical design.
The Surge Protector Market is classified into three categories based on Type: Type 1, Type 2, and Type 3. In 2020, the surge protector market's Type 2 category registered for a significant revenue share. The Type 2 entrance panel is designed to be installed on the load side of the entrance panel. SPDs of Type 2 are intended for industrial and commercial use. Electrical appliances and distribution panels must be protected at all times in a factory or commercial facility, as power outages or equipment damage can significantly impede output.
The Surge Protector Market is classified into three categories based on voltage: high, medium, and low. In the surge protector market, the high voltage category generated the highest revenue share in year 2020. 250 V, 500 V, and 1000 V high voltage multi-range DC power supplies produce 5 kW of clean output power in a compact 2U form size. Analog Devices' high voltage surge stoppers, overcurrent protection, overvoltage protection, and circuit breaker ICs provide reliable front-end protection in tiny, easy-to-design, low-power, packages.
Surge Protector Market is segmented into Online and Offline Sales Channels. In the surge protector market by 2020, the Online Sales channel will have a large revenue share. Surge protectors may be found at a variety of internet retailers. Furthermore, these online outlets offer a variety of brands and pricing, allowing buyers to select the most acceptable option. In addition, the growing popularity of e-commerce will increase demand for surge protectors in the online market.
The Surge Protector Market is segmented into three categories based on application: industrial, commercial, and residential. In 2020, the commercial sector will have a considerable revenue share of the surge protector market. The commercial sector in emerging countries, such as India, is rising notably as a result of the government's favourable initiatives, like Make in India and Startup India. Due to such positive steps, competition in the business sector is projected to heat up. As a result, commercial establishments are predicted to use SPDs to protect their equipment, avoid unwanted downtimes, save money, and increase profitability, resulting in the segment's expansion throughout the forecast period.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 3.5 Billion |
| Market size forecast in 2027 | USD 5 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 5.6% from 2021 to 2027 |
| Number of Pages | 229 |
| Number of Tables | 434 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Type, Voltage, Sales Channel, Application, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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The Surge Protector Market is segmented into North America, Europe, Asia Pacific, and Latin America. North America region led the market with highest revenue share in 2020, with the highest revenue share. The area is known for being an early user of cutting-edge technology. Power use for residential and commercial purposes accounts for around 37% of overall electricity consumption in the United States. States in the United States, like Louisiana, Florida, Alabama, and Mississippi and are particularly vulnerable to lightning strikes. As a result of all of these reasons, North America has accounted for the largest share in regional market.
Free Valuable Insights: Global Surge Protector Market size to reach USD 5 Billion by 2027
The major strategies followed by the market participants are Acquisitions. Based on the Analysis presented in the Cardinal matrix; ABB Group, Honeywell International, Inc., General Electric (GE) Co. and Siemens AG are the forerunners in the Surge Protector Market. Companies such as Havells India Ltd., Schneider Electric SE and Eaton Corporation PLC are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Havells India Ltd., ABB Group, Honeywell International, Inc., Schneider Electric SE, Eaton Corporation PLC, Vertiv Holdings Co., General Electric (GE) Co., Siemens AG, Johnson Controls International PLC, and Legrand S.A.
By Type
By Voltage
By Sales Channel
By Application
By Geography
The global surge protector market size is expected to reach $5 billion by 2027.
The demand for electronic device protection solutions is increasing are driving the market in coming years, however, misleading preconceptions and poor design specifications limited the growth of the market.
Havells India Ltd., ABB Group, Honeywell International, Inc., Schneider Electric SE, Eaton Corporation PLC, Vertiv Holdings Co., General Electric (GE) Co., Siemens AG, Johnson Controls International PLC, and Legrand S.A.
The Type 1 market acquired maximum revenue share in the Global Surge Protector Market by Type 2020, achieving a market value of $2.1 billion by 2027.
The Medium market shows high growth rate of 5.8% during (2021 - 2027).
The North America market is the fastest growing region in the Global Surge Protector Market by Region 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $1.8 billion by 2027.
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