Global Surge Protection Devices Market 2017-2021
About Surge Protection Devices
Surge protection devices are used in electrical installation protection systems. This equipment is designed to prevent the flow of excess voltage into the circuit. Whenever there is a flow of overvoltage, the surge protection device transmits the excess current flow to the earth and thus protects the electrical appliance. Based on the type of application, different types of surge protection devices are used. Type I surge protection devices are used in high voltage applications in service sector and industrial applications. Type II surge protection devices are used for low voltage applications like switchboards.
Technavio’s analysts forecast the global surge protection devices market to grow at a CAGR of 5.83% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global surge protection devices market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Surge Protection Devices Market 2017-2021
Technavio recognizes the following companies as the key players in the global surge protection devices market: Eaton, Emerson, Schneider Electric, and General Electric.
Other Prominent Vendors in the market are: ABB, Belkin International, Hubbell Incorporated, Legrand, Leviton Manufacturing, Siemens and Tripp Lite.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increasing reliance on renewable energy sources. Surge protection devices are used to control voltage levels at power plants. The increase in electricity generation from wind turbines, solar power and other renewable sources also involves certain risks. For instance, wind turbines are prone to capture lightning discharge.”
According to the report, one driver in the market is increasing use of electronics in residential sector. Consumer electronics refer to all household appliances such as refrigerators, air conditioners, and TVs. All these electronic appliances use surge protection devices to protect the appliance from the overflow of current. The increasing levels of disposable income and the urge to have a hassle-free life has led people to use these electronic appliances. In the last five years, there has been growth in markets and the strengthening of established markets, which has led people to buy more consumer electronics. There have been dynamic changes in the incomes and spending patterns of individuals. APAC leads in the consumer electronics market because of the growing middle-class population and availability of trained labor in countries like China, India, Japan, Malaysia, and Singapore.
Further, the report states that one challenge in the market is uncertainties in global economic growth. Fluctuations in the global economy, especially in regions with a high presence of original design manufacturers (ODMs) and original equipment manufacturers (OEMs) of electrical and electronic devices, lead to a reduction in credit availability for manufacturers and a hike in interest rates. The increase in interest rates leads to high cost of manufacturing, which raises the price of the product. Increased prices impact the market demand, which may negatively affect the net sales revenue of vendors. The fluctuation in global economic growth also affects the foreign exchange market, impacting the imports and exports of the vendors. Changes in foreign exchange rates can reduce the profit margins of the global market players.
Eaton, Emerson, Schneider Electric, General Electric, ABB, Belkin International, Hubbell Incorporated, Legrand, Leviton Manufacturing, Siemens and Tripp Lite.
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