The surge protection devices market experienced significant growth in 2021, with the commercial segment emerging as the most profitable category. According to SkyQuest, the commercial segment is expected to dominate the market from 2022 to 2030. The Asia Pacific region is expected to maintain its impressive growth trajectory, with several factors contributing to the market’s expansion, including the increasing adoption of electronic devices in residential and commercial sectors, the growing demand for power and energy, and the rise of smart cities. In addition, several companies have introduced innovative products to the market to provide better protection against power surges, lightning strikes, and other disruptive events. Companies can leverage this information to tailor their marketing strategies and stay competitive in the market. SkyQuest offers valuable insights and reliable data to help investors make informed decisions and capitalize on the growth opportunities in the dynamic surge protection devices market.
Surge Protection Devices Market Expected to Grow at CAGR of 9.18% and Reach USD 5.75 Billion by 2030
According to the research report by SkyQuest, the surge protection devices market is expected to reach USD 5.75 billion by 2030, growing at a CAGR of 9.18% from 2022 to 2030. The increasing use of electronic devices and awareness about the need for protection against power surges are driving market growth. North America is expected to hold the largest share in the market, followed by Asia Pacific, due 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.
SkyQuest also projects that the global smart manufacturing industry will exceed USD 638.28 billion by 2028, growing at a robust CAGR of 15.3%, indicating high demand for surge protection devices. 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.
Surge protection devices, also known as surge suppressors or surge limiters, protect electronic equipment and appliances from voltage surges or spikes. These surges can damage electronic equipment, making choosing the appropriate surge protection device for specific applications crucial to ensure optimal protection.
The surge protection devices market is expected to grow globally due to technological advancements in surge protection devices and rapid industrialization and infrastructure development activities. Prominent players in the market include Belkin International Inc., Emerson Electric Co., Furman Sound, Inc., Eaton Corporation Plc., and General Electric Company.
SkyQuest’s report provides valuable insights into the surge protection devices market, making it essential for anyone looking to stay ahead in the fast-paced and dynamic market. The report’s sample copy is available for interested parties at the provided link, which features a 278-page in-depth table of contents, 90 tables, and 78 figures for more detailed information.
Hard-Wired Segment to Lead the Way in Surge Protection Devices Market
The hard-wired segment is expected to dominate the surge protection devices market from 2022 to 2030, accounting for a significant contribution to overall revenue share. This trend can be attributed to the fact that hard-wired SPDs are considered more reliable and effective than plug-in counterparts that can be easily disconnected or misplaced. According to SkyQuest, the consumer electronics industry is set to reach USD 110.60 billion by 2028. As consumers purchase more electronic devices, the risk of power surges that can cause irreparable damage to these devices increases, making surge protection devices essential for any home or office setup to safeguard valuable electronics.
North America has experienced remarkable growth in the surge protection devices market, and the trend is set to continue, with the region predicted 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 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.
Several notable companies are prominent players in the surge protection devices market, including 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, and Power Integrations, Inc.
The commercial segment is expected to account for the largest share of the market due to the high demand for SPDs in commercial settings to protect sensitive electronic equipment.
Interested parties can browse a summary of the report and the complete table of contents at the provided link for more detailed information.
Surge Protection Devices Market Continues to Grow, with Commercial Segment Taking the Lead
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. Surge protection devices have become increasingly critical as more companies and individuals rely on electronic devices in their day-to-day operations.
Asia Pacific Region Predicted to Maintain Impressive Growth Trajectory
Recent research shows that 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. 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 are some of the factors driving this growth. The rise of smart cities and the growing investments in infrastructure development across the region have also contributed to the market’s expansion.
Key Developments in the Surge Protection Devices Market
PolyPhaser, ELAC, and Semtech are some of the companies making key developments in the surge protection devices market. PolyPhaser recently expanded its quarter-wave stub RF surge protectors to better protect critical RF systems against power surges, lightning strikes, and other disruptive events. ELAC, a renowned speaker maker, has expanded its product line to include surge protectors and power conditioners that feature advanced technology to withstand power surges of up to 6,000 volts. Semtech 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.
Stay Ahead of the Intense Competition in the Market with Reliable Data
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.
For custom requirements, interested parties can speak to an analyst to gain further insights into the market.
SkyQuest Technology is a growth consulting firm that provides market intelligence, commercialization, and technology services. They have over 450 clients worldwide and are located at 1 Apache Way, Westford, Massachusetts 01886. Their phone number is USA (+1) 617-230-0741, and their email address is sales@skyquestt.com. They offer a report on the surge protection devices market, which provides information on successful marketing strategies, segment targeting, trends and patterns in marketing strategies, and common mistakes that companies make when targeting their audience. Additionally, they provide related reports on the global semiconductor and circuit manufacturing market, the global semiconductor gas filters market, the global noise suppression components market, and the global pressure sensor market. SkyQuest’s market research report is an essential tool for investors looking to stay competitive in this dynamic industry.
Don’t miss interesting posts on Famousbio
