Global surge protector market is going to experience massive growth during the forecast period. Need of surge protectors to ensure safety from the lightning strikes is enhancing the growth of the market. Plug-in devices segment will be the most profitable. Residential segment will become the most beneficial. North America will lead. Leading players are focusing on new strategies such as merger and acquisition, product launches, partnership and collaboration to sustain the growth of the market.
Research Dive has recently published a report titled “Surge Protector Market, by Product (Power Control Center, Plug-in Devices, Line Cord Devices, and Hardwired Devices), Application (Industrial, Commercial, Residential), Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2019–2026”
According to the report, the global surge protector market is expected to generate a revenue of $1880million at a CAGR of 5.70% during the forecast period.
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Regional Analysis
North America was accounted for the highest revenue share in 2018 and is further anticipated to continue its growth during the forecast period. The main attributor for this growth is the huge demand of surge protectors by the consumer electronic appliances in residential and industrial areas. In addition, Louisiana, Florida, Oklahoma, and Alabama are the states that record maximum lightning strikes in the U.S. This is another factor enhancing the demand as well as growth of the surge protector market in the North America region.
Key Segments of the Market
The report has divided the market based on product, application, and regional analysis.
– Plug-in devices segment is expected to earn the highest revenue during the forecast period. Plug-in surge protectors help in protecting from lightning strikes and also provide surge protection. Moreover, these plug-in devices can be connected to multiple devices at a time. These are the reasons behind the growth of the surge protector market.
– Residential application is projected to be the most lucrative segment during the upcoming years. The main reason behind this growth is the need and importance of the safety products for home protection.
Market Dynamics
The major growth factors of the surge protector market is the application of electronic devices in commercial and residential sectors and increasing demand for safety product and their derivatives. In addition, the necessity of stability in power supply has increased the demand of surge protectors. These are the driving factors of the surge protector market.
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Growing industrialization and rise in disposal income along with growing standard of livings are supporting the consumption of expensive electronic devices is rising demand for surge protectors. Growing adoption of technologically advanced electronic appliances such as LED, LCD, laptops and other devices in the developing countries is anticipated to create significant growth opportunities in the surge protector market in upcoming years.
Key Players of the Market
The report enlists the significant players of the global surge protector market including GENERAL ELECTRIC, Emerson Electric Co., Eaton, Leviton Manufacturing Co., Inc., PHOENIX CONTACT, Raycap, Schneider Electric, Pentair plc, Tripp Lite, CG Power and Industrial Solutions Limited among others.
The report also summarizes other important aspects including financial performance, product portfolio, SWOT analysis, and recent strategic moves and developments of the leading players.
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