Surge protection devices allow multiple components to plug into a single power socket. A power surge is a significant increase in voltage above the designated level. If power voltage rises above the standard voltage, it is likely to damage the electronic equipment.
IndustryARC claims that the Surge Protection Device Market will grow at 7.42% CAGR during the forecast period 2015-2021.
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MARKET TRENDS AND MARKET GROWTH STATISTICS:
Surge Protection Device Market Driving Factors:
Surge Protection Device Market is expected to experience significant growth in the coming years due to the increasing demand by end users such as residential, industries, commercial, medical, telecommunication, data centers and others. The increase in the usage of electrical equipment such as personal computers, microwaves, washing machines and alarms are amplifying the demand for surge protection devices globally.
Most of the industries today are tending towards automation to reduce time, increase productivity and cut down the costs. This has led to produce more electronic based devices. There has also been a drastic increase in home automation which focuses more and more on electronic devices being integrated for common operations. Most of the microprocessor based electronic devices need power protection to function at ease and avoid issues poised by power fluctuations and this has been ignored due to low awareness of surge protection devices.
Geographical Brief of the Surge Protection Device Market:
Though past records suggest North America to have been the top leading region in the Surge Protection Device Market, it is expected to grow with the lowest growth rate of all geographical segments of this industry. Even currently, America records the highest revenue. Market analysis confirms that APAC will be growing with the...