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ALBANY, New York, August 15, 2014 /PRNewswire/ --
According to a new market report published by Transparency Market Research "Surge Protection Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020," global surge protection devices market was valued at USD 1,890.5 million in 2013; growing at a CAGR of 5.6% from 2014 to 2020 to account for USD 2,808.6 million in 2020.
Increase in the usage of high technological electrical equipment with rise in disposable incomes and the reduction in maintenance costs, delays and data loss are the prime factors driving the surge protection devices market. The increasing demand for highly technological and sophisticated appliances such as LED televisions and personal computers are rising rapidly. These devices are very sensitive and could be easily damaged by small fluctuation in the voltage. In order to protect these devices from the power surges or spikes, the demand for surge protection devices is increasing.
Browse the full Surge Protection Devices Market Report at http://www.transparencymarketresearch.com/surge-protection-devices-market.html
Line cord devices held the largest market revenue share accounting to USD 650.3 million in the year 2014. The hard wired devices segment is expected to grow at a faster rate than the other segments, as it protects against transients that come through utility power lines. Hard wired devices can prevent transients that originate from electrical circuits and further prevent it from affecting other circuits attached to it. Growing business and rapid industrialization in the emerging economies of Asia-Pacific and the Rest of the World region are further expected to drive growth in the surge protection devices market over the forecast period from 2014 to 2020.
The industrial segment led the surge protection devices market in 2014 accounting for USD 763.2 million. The dominance of this segment is due to growing industrialization in emerging countries across the globe. The increasing automation in both manufacturing and processing industry has increased the demand for surge protection devices in the industrial machineries and equipment. Commercial sector is analyzed to be the fastest growing application segment for surge protection devices and is expected to attain a significant growth in the coming future. The commercial sector is expected to grow with a CAGR of 6.3% over the forecast period from 2014 to 2020.
Geographically, North America led the global surge protection devices market by accounting for USD 801.9 million in 2014. Although the market is expected to witness least growth rate as compared to other regions, the region is expected to continue its dominance in 2020. Asia Pacific is expected to witness the fastest growth rate compared to other regions over the next six years. The growing demand for new sophisticated electrical devices such as washing machine, microwave ovens and LED televisions among others in countries such as Indonesia, India and Cha is significant which increases the demand for surge protection devices. Thus, the region is expected to grow at a CAGR of 6.4% over the forecast period from 2014 to 2020. Europe and Asia-Pacific collectively account for almost half of the global market revenue share.
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The report provides company market share analysis of the various industry participants. Key players have also been profiled on the basis of company overview, financial overview, business strategies, SWOT analysis, and recent developments in the field of surge protection devices. Major market participants profiled in this report include Schneider Electric, Eaton Corp., Emerson Electric Co., GE Industrial Solutions and Phoenix Contact GmbH. among others.
Surge Protection Devices Market: By type
Surge Protection Devices Market: By application
Surge Protection Devices Market: By geography
The report also provides a cross-sectional analysis of all the above segments with respect to the following regions:
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