The Global Surge Protection Devices Market Growth Accelerated By Rising Infrastructure Development Activities

 

Surge protection devices are widely used to provide protection from voltage fluctuations caused due to environmental factors like lightening strikes. These devices protect sensitive electronic equipment from high voltage surges which can damage circuits. Growing construction of commercial spaces and infrastructure development activities have increased the demand for protection of electronic equipment from power surges.

The global Surge Protection Devices Market is estimated to be valued at US$ 3.8 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Growing infrastructure development activities across both developed and developing countries is positively impacting the surge protection devices market growth. Surge protection devices find extensive usage in power distribution networks, industrial facilities, residential buildings and various other critical infrastructure development projects to prevent damage caused by unwanted high voltage surges. Rapid urbanization and industrialization in emerging economies are driving investments in construction of new commercial complexes, data centers, healthcare facilities and transportation systems which require reliable protection of sensitive equipment from power disturbances. This increasing infrastructure development is expected to drive the demand for surge protection devices during the forecast period.

Segment Analysis
The global surge protection devices market can be segmented based on type as surge protector power strips, multi-outlet surge protectors, in-line surge protectors, cord surge protectors, industrial surge protection devices and others. The multi-outlet surge protection segment dominates the surge protection devices market due to growing adoption of electronic appliances which require protection from surges. Multi-outlet surge protectors have sockets to simultaneously power multiple devices like laptops, mobile chargers etc. protecting them from high voltage transients.

Key Takeaways
The Global Surge Protection Devices Market Size is expected to witness high growth during the forecast period. The global Surge Protection Devices Market is estimated to be valued at US$ 3.8 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030.

Regional analysis
North America is the fastest growing region in the surge protection devices market due to expanding industrial sector requiring protection of industrial equipment from high voltage transients. Furthermore, increasing adoption of internet of things devices, portable electronic devices elevates the demand for surge protection in households.

Key players
Key players operating in the surge protection devices market are Karl Storz SE & Co. KG, Olympus Corporation, Endo Med Systems GmbH, HOYA Corporation, Getinge AB, Avantis Medical Systems, Boston Scientific Corporation, and FUJIFILM Holdings Corporation, among others. Karl Storz SE & Co. KG specializes in endoscopy devices and is a leading player in the surge protection devices domain known for reliable and robust devices.

For More Insights, Read: https://www.newswirestats.com/surge-protection-devices-market-demand-growth-and-regional-outlook-by-2030/