Surge protection device is a device or appliance that is designed to safeguard electrical devices from voltage surge. A surge protector tries to limit the supplied voltage to an electric device by either shorting to the ground or blocking any unwanted voltages above the safe threshold. The global surge protection devices market is anticipated to witness significant growth and register a CAGR of 7.8% in terms of value during the forecast period (2017 – 2027).

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Market revenue push and pull factors

Increasing demand for surge arresters in the locomotive application and a growing need to reduce the adverse impact of lightning are major factors driving revenue growth of the global surge protection devices market. However lack of component level testing and long warranty claiming process is restraining market revenue growth in the global surge protection devices market.

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Global Surge Protection Devices Market: Forecast by Segmentation

The global surge protection devices market is categorised on the basis of type, end-user and region. On the basis of type, the market is segmented as type 1, type 2 and type 3. The type 2 segment is anticipated to register the highest CAGR of 8.4% during the forecast period. While type 1 is anticipated to register a moderate CAGR of 7.1% with a market share of 32.9% in 2017. On the basis of end-user, the global market is segmented into industrial, commercial and residential. The revenue contribution from the commercial sector segment is anticipated to expand at a CAGR of 9.1% during the forecast period.

Among the regions, APAC is projected to exhibit relatively high growth in the global surge protection devices market, registering a CAGR of 10% over the forecast period. Revenue from the surge protection devices market in Asia Pacific and North America is expected to collectively account for over 43% of the global surge protection devices market revenue by the end of 2017. Surge protection devices providers can focus on expanding their technologies across several countries in the APAC and North America regions such as India, China and U.S.

Global Surge Protection Devices Market: Key Player Ecosystem

Some of the top companies identified across the surge protection devices value chain are Eaton Corporation, Schneider- electric. Co, Siemens AG, ABB Group, General Electric, Emerson Electric Co., Littelfuse, Inc., Koninklikes Philips N.V, Rockwell Automation, Inc., and Honeywell International Inc. Key players are introducing technologically advanced surge protector devices that can be deployed in various applications such as residential, commercial and industrial and this factor is boosting the growth of the surge protection devices market globally.