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Surge Protection Devices Market- Growing at a CAGR of 5.6% from 2014 to 2020
Global surge protection devices market was valued at USD 2020.4 million in 2014; growing at a CAGR of 5.6% from 2014 to 2020. The concept of protecting electronic devices from power surges or spikes is known as surge protection. The surge protection device allows multiple equipment to plug into single power outlet in order to minimize the risk of damage. A power surge is a significant increase in voltage above the designated level. The rise in voltage above standard level is expected to damage the electronic equipment.
The global surge protection devices market is segmented into North America, Europe, Asia Pacific (APAC) and Rest of the World (RoW). The surge protection devices market is primarily driven by the increase in the usage of electrical equipment such as home entertainment systems, personal computers and microwave ovens among others. These devices are sensitive and could be damaged by a small fluctuation in the voltage. In order to protect these devices from power surges or spikes, surge protection devices are needed. In addition, the reductions in maintenance costs, delays and data loss in the electrical equipment are the factors responsible for the growth of surge protection devices market.
Geographically, North America led the global surge protection devices market in 2014 and the region is expected to continue its leading position throughout the forecast period. In 2013, this region had seen significant growth in surge protection devices market due to the growth in sales of electrical equipment in the industrial and residential sectors. The surge protection impacts the productivity and profitability by saving the equipment from the internal and external surges. The usage of surge protector in electrical equipment eliminates data loss and reduces the cost of maintenance. These major factors are responsible for the increase in the usage of surge protection devices in North America. Europe and Asia Pacific followed by North America.
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