Growth in demand for protection systems for electronic devices drives the growth of the global surge protector market.
PORTLAND, Ore., Jan. 26, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Surge Protector Market by Type (Type 1, Type 2, and Type 3), by Voltage (High, Medium, and Low), by Application (Industrial, Commercial, and Residential), and by Sales Channel (Online and Offline): Global Opportunity Analysis and Industry Forecast, 2021–2030According to the report, the global surge protector industry generated $3.9 billion in 2020, and is anticipated to generate $6.8 billion by 2030, witnessing a CAGR of 5.4% from 2021 to 2030.
Prime determinants of growth
Growth in demand for protection systems for electronic devices drives the growth of the global surge protector market. However, surge protectors only provide protection from voltage spikes and surges. This, in turn, hinders the market growth. On the other hand, high technological equipment adopted in the developing countries presents new opportunities in the coming years.
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The outbreak of the COVID-19 pandemic has had a slight negative impact on the growth of the global surge protector market.
The pandemic had declined the growth of the surge protector market in 2020. However, the market will witness a slow growth till the end of 2021.
Implementation of partial or complete lockdown across various countries globally is the prime reason for the decline in the growth rate. As industries were temporarily closed, the need for surge protector from various industries gradually decreased.
The Type 1 segment to maintain its leadership status throughout the forecast period
Based on type, the Type 1 segment held the highest market share in 2020, accounting for more than two-fifths of the global surge protector market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 5.5% from 2021 to 2030, owing to wide use of the product in residential and industrial sectors. Other segments analyzed in the report are Type 2 and Type 3.
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The high segment to maintain its lead position during the forecast period
Based on voltage, the high segment accounted for the largest share in 2020, contributing to more than two-fifths of the global surge protector market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 5.7% from 2021 to 2030, owing to their application in heavy industry operations. Other segments discussed in the report are medium and low.
North America to maintain its dominance by 2030
Based on region, North America held the highest market share in terms of revenue 2020, accounting for more than one-third of the global surge protector market. Moreover, the same region is expected to witness the fastest CAGR of 5.6% during the forecast period, owing to rise in demand for electronics items. Other regions discussed in the report include Asia-Pacific, Europeand LAMEA.
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Leading Market Players
Vertiv Group Corp.
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