Industry Background:
Surge protection devices are designed to protect against transient surge conditions. Large single surge events, for example, lightning, can reach hundreds of thousands of volts and can cause immediate or intermittent equipment failure. However, lightning and utility power anomalies only account for 20% of transient surges and the remaining 80% of surge activity is produced internally. Though these surges may be smaller in magnitude, they occur more repeatedly and with continuous exposure can degrade sensitive electronic equipment within the facility.This growth is primarily driven by A Surge in Demand for Protection Systems for Electronic Devices and Ongoing Issues Regarding Power Quality.
Globally, a noticeable market trend is evident Frequent Equipment Failures Owing to Voltage Spikes Lead to Cost Escalations. Major Players, such as ABB, Ltd. (Switzerland), Eaton Corporation (Ireland), Emerson Electric Co. (United States), Siemens AG (Germany), Schneider Electric (France), General Electric Company (United States), Littelfuse, Inc. (United States), Advanced Protection Technologies, Inc. (United States), Belkin International (United States) and Leviton Manufacturing Company, Inc. (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On Sept 5, 2019 - Tripp Lite, a world-leading manufacturer of power and connectivity solutions, announces a partnership with MAS Elektronik AG for distribution in Germany.
Market Drivers
- A Surge in Demand for Protection Systems for Electronic Devices
- Ongoing Issues Regarding Power Quality
Market Trend
- Frequent Equipment Failures Owing to Voltage Spikes Lead to Cost Escalations
Restraints
- Additional Cost for Installation of Surge Protective Devices
Opportunities
Rising Need for Protection System for High Technological Equipment
Challenges
Concerns Regarding Fire and Safety Issues
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