The report "Surge Protection Device Market by device Type from 1 to 5, by End User (Industrial, Commercial and Residential), & by Region (North and South Americas, Asia-Pacific, Europe, Middle East & Africa) - Global Forecast and Trends to 2019", published by MarketsandMarkets, The Power Surge Protection Device Market is expected to grow from an estimated $2.0 Billion in 2014 to $2.7 Billion by 2019, at a CAGR of 5.3% from 2014 to 2019.
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Government would find advantages in installing surge protection devices for their country to achieve the objectives of security of energy supply, enhancing alternative energy programs, and providing quality service to the end-user. Worldwide, a number of policies have been enacted to promote renewable energy. Solar turbines and wind turbines are highly prone to lightning strikes due to their complex design, height, and exposed location. Power surge protection devices help protect against the damaging effects of transients caused by lightning.
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Furthermore, growth in electronic appliances would give rise to surge protection devices. The increasing demand for highly technological and sophisticated appliances such as LED televisions, personal computers, printers, and industrial control equipment such as microwaves, washing machines, and alarms are rising rapidly. These devices are very sensitive and could be easily damaged by small fluctuation in the voltage. To protect these devices from the power surges or spikes, the demand for surge protection devices is increasing. The figure below shows the global Power Surge Protection Device Market share by region in 2013.
The report forecasts revenue of the global Surge Protection Device Market, which includes all types of power surge protection devices with respect to main regions such as North America, South America, Asia-Pacific, Europe, and the Middle East & Africa. Surge protection device market is also analyzed on the basis of the end-users which include residential, commercial & industrial. The Power Surge Protection Device Market includes major players mainly ABB Limited (Switzerland), Eaton Corporation (Ireland), Emerson Electric Corporation (U.S.), Siemens AG (Germany), Schneider Electric SA (France) and Belkin International (U.S.), Advanced Protection Technologies (U.S.), Crompton Greaves (India), General Electric (U.S.), Leviton Manufacturing (U.S.), Littlefuse (U.S.), and Tripplite (U.S.).
North America: Leading market for Power Surge Protection Device
North America dominated the surge protection device market in 2013, closely followed by Asia-Pacific. The increasing demand of surge protection device in North America is mainly due to the increasing power quality issues cost specially in the U.S. The total power outages and power quality disturbances cost in the U.S. is between $80 billion and $188 billion per year. Utilities are also using power surge protection devices for uninterrupted power supply. AEP, PG&E, Southern California Edison, Southern Company, Florida Power & Light, and Oncor are some of the largest utility groups of North America focusing towards power surge protection devices. Europe was third position in terms of market size in total Power Surge Protection Device Market; it is followed by the Middle East & Africa and South America.
Type 4 & Type 1 power surge protection devices: Largest type market
Type 4 and Type 1 power surge protection devices held the largest market share of 26% and 25% respectively, by value, in 2013. Type 1 power surge protection devices are designed to be installed where the risk of a direct lightning strike is high, especially when the building is equipped with an external lightning protection system. Type 4 power surge protection devices find their major application in factory automation, servo drives, motors, PLCs, industries, commercial equipment cabinet, and control panels.
Industrial End-User: Largest End-User Market
Power surge protection devices are mostly seen in the industrial applications .The increase in industrial Power Surge Protection Device Market is due to increasing utilities, construction & manufacturing events, quarrying & mining industries, oil and gas activities, mainly in Asia-Pacific, and the Middle East and African region.
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