PORTLAND, Oregon and PUNE, India, January 18, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Surge Protection Devices Market by Product and Application: Global Opportunity Analysis and Industry Forecast, 2014 - 2022," the global surge protection devices market is estimated to reach $3,167 million by 2022, growing at a CAGR of 5.7% from 2016 to 2022. The hardwired devices and line chord devices segments collectively accounted for nearly half of the market share in 2015, and are expected to maintain this trend during the forecast period.
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The surge protection devices (SPDs) market is driven by increase in demand for usage of electronics appliances in commercial and residential sectors. Moreover, high costs incurred due to electrical equipment downtime have encouraged the adoption of SPDs and provide safety in industries and domestic sector. Low awareness about surge protection devices among the small-scale manufactures and competition from uninterrupted and non-fluctuating power supply systems are the key factors that restrain the market growth. Rise in awareness for need of SPDs, rapid industrialization, and power supply issues in developing countries provide lucrative opportunities for the growth of the market.
Line chord devices segment generated the highest revenue in 2015. However, hardwired device segment is expected to witness fastest growth at a CAGR of 6.40% from 2016 to 2022. Commercial segment is anticipated to show high growth rate, registering a CAGR of 6.28%. However, residential segment accounted for the highest revenue in 2015.
North America generated the highest revenue and is expected to grow at a CAGR of 5.3%. Moreover, North America is expected to maintain its dominant position over the forecast period. Europe and Asia-Pacific are the second and third leading regions, respectively, in the surge protection devices market.
Summary of Similar Reports can be viewed at: https://www.alliedmarketresearch.com/life-sciences/medical-devices-market-report
KEY FINDINGS OF THE STUDY
- North America occupied the major share (nearly two-fifths) of the total market in 2015, and is expected to grow at a CAGR of 5.3% from 2016 to 2022.
- Europe occupied the second largest market share of nearly one-third in 2015.
- Asia-Pacific shows highest growth rate, and is estimated to grow at a CAGR of 6.3%.
- Industrial application occupied the largest market share (nearly two-fifths) in 2015, and is estimated to grow with a CAGR of 5.4%.
- Line cord devices segment held the largest share (one-third) for the product segment in 2015, and is estimated to grow with a CAGR of 5.5%.
Key players that operate in this market are Raycap GmbH, General Electric Company, Schneider Electric SE, Emerson Electric Co., Pentair Technical Solutions, Eaton Corporation plc, Tripp Lite, Leviton Manufacturing Co., Inc., Crompton Greaves Limited, and PHOENIX CONTACT GmbH & Co. KG
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. The data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research