The Global Industrial Surge Protection Market is forecast to reach $3.7 billion by 2025, growing at a CAGR of 4.3% from 2020 to 2025. The market growth is attributed to the factor such as protection of electrical and electronics equipment from the surges instigated by starting motors or transformers, neon and sodium light starters, switching power networks, switch “bounce” in an inductive circuit, operation of fuses and circuit breakers, falling power lines, poor or intermittent contacts. Moreover, easier maintenance and reduced repairing cost ads up to its benefits owing to which the market flourishes.
- Surge protection devices protects the business from undergoing heavy losses due to equipment failure caused by voltage surges. This provokes the installation of surge protection devices and enhances the market growth.
- APAC region is expected to dominate the global industrial surge protection market during the forecast period 2020-2025 due to the growing industrial sector, increasing gross domestic product (GDP), per capita income, changing lifestyle of people, investments by manufacturers and others thereby leveraging a positive impact on industrial surge protection market.
Geography – Segment Analysis
North America held the highest market share of the industrial surge protection market in 2019. The market growth is attributed to the factors such as implementation of advanced technologies and rising electrification among different industries, presence of large number of electronics manufacturers in this region. Moreover rise in demand of surge protection owing to growth of automotive industry in this region boosts the market growth. For instance in February 2020, two LED drivers (NCV7683 and NCV7685) and two current controllers (NCV7691 and NCV7692) was launched by ON Semiconductor to expedite high echelons of performance and pioneering functionality. Furthermore, In August 2019, the DTK-DR Series of DIN-rail surge protectors was launched by Ditek to offer point-of-use electrical surge protection for device control panels and analogous solicitations in commercial and industrial atmospheres. In April 2018, managed power product lined named Datto Managed Power was launched by Datto.
Drivers – Industrial surge protection market
- Growing usage of electrical equipment
Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the industrial surge protection market. As of 2019, the market for industrial surge protection market is consolidated with the top players including Eaton Corporation, Schneider- electric. Co, Siemens AG, ABB Group, General Electric, Emerson Electric Co., Littelfuse, Inc., Koninklikes Philips N.V, Rockwell Automation, Inc., Honeywell International Inc., and among others.
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