Surge Protection Devices Market Research Report, Trends, Analysis and Forecast to 2023

The power surge is a spike in electric current and takes place owing to an abrupt disruption in the flow of electricity. Protection of electronic devices from power spikes or surges is known as surge protection. Surge protective devices (SPDs) are designed to lessen the arbitrary energy surges of voltage transients and electrical noise on the power supply line. This device is one of the primary components of electrical installation protection systems used in the electrical power supply networks, communication and telephone networks. They are chiefly the most efficient type of overvoltage protection. The surge protector limits the voltage supply to an electric device by blocking or shorting the excess voltage. These devices allow multiple components to plug into a single power socket. A power surge is a considerable increase in voltage above the designated level. If power voltage rises above the standard voltage, it is probable to damage the electronic equipment. It also has a tendency of blocking the voltage spike but it is not the best option to protect electric appliances from close by lightning strikes. Surge protection devices are mainly installed at communications systems, power distribution panels, process control systems, other heavy-duty industrial systems to protect against electrical surges and spikes. For residential and commercial application the standard voltage is marked around 120 volts and 230 volts respectively. 

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The increasing demand for advanced technological and sophisticated equipment such as LED televisions, personal computers, printers, and industrial control equipment such as microwaves, washing machines, and alarms are rising rapidly. Due to the high sensitivity of these devices, it is important to protect these devices from getting damaged and this, in turn, increases the demand for surge protection devices. Different types of SPDs used to protect electrical equipment which includes plug-in surge protectors, line chord surge protectors, hard wired surge protectors and power control surge protectors. The advantages of surge protection devices include the protection of low voltage distribution systems against direct lightning stroke into the overhead power supply line or external lightning protection system, the hot ionized gases is not an issue with surge protection devices. 
The “Global Surge Protection Devices Market” is valued at $2.51 billion in 2016 and is expected to reach $4.08 billion by 2023 growing at a CAGR of 7.1% from 2016 to 2023.

Increase in awareness for need of surge protective devices (SPDs) and power supply issues in developing countries provide lucrative opportunities for the growth of the market. With the rise in population and increasing economic developments in the developing nations, the demand for electronic items is on the rise. With growing industrialization and increase in disposable income, the standard of living has improved. Therefore, the utilization and expenditure on electronic items has exponentially improved in the past few years. The increase in damage of such equipment is owing to both the increased usage of microprocessors in a greater range of products and the continuing miniaturization of microelectronic components. Adoption of high technological equipment such as laptops, washing machines, LCD, LED, and televisions in the emerging countries are the major factors behind the growth of surge protection devices (SPDs) market globally. 

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Economic considerations, political conditions, and technological requirements provide leaning towards further advances in the SPDs market. Moreover, less developed economies are anticipated to birth opportunities for market players to fight constraints such as high installation cost of surge protection devices. Growth prospects in diverse areas of the market could answer for other deterrents such as safety issues, unfitting testing, confusing assumptions, and substandard design parameters. Players in the market are projected to leverage the new revenue pockets created through the industrial sector expected to grow at a faster rate. Initiatives such as Industry 4.0 have augmented the need for critical equipment including servers, communication systems, and datacenters, and in turn, the necessity of surge protection devices.

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The surge protection devices market is expected to grow faster in the Asia-Pacific region, especially in China and Japan, due to growing number of data centers and presence of large-scale electronics manufacturing companies. The Asia-Pacific region is poignant towards clean energy on a large scale in order to meet its increasing energy needs in an efficient way. China, India, and Singapore are some of the potential rising markets in the power and utilities sector. Furthermore, Asia-Pacific offered the largest potential gains for foreign direct investment, and attracted 45% of all capital investment, globally. Augmented investments in modernizing infrastructure and urbanizing populations, especially in developing economies such as China and India, is likely to drive the Asia-Pacific SPD market. The Chinese market was, by far, the largest in the world in terms of infrastructure growth. An increase in investments in smart grid technologies and smart cities that comprise smart meters, distribution grid automation, and demand response systems in countries such as Japan, South Korea, and Australia would create opportunities for the SPD market. Capital investment percentage, major potential foreign direct investment (FDI) gains, and a large-scale move toward clean energy to gratify spiralling energy requirement could help Asia Pacific enhance its further growth.

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