Most of the industries today are tending towards automation to reduce time, increase productivity and cut down the costs. This has led to produce more electronic based devices. There has also been a drastic increase in home automation which focuses more and more on electronic devices being integrated for common operations. Most of the microprocessor based electronic devices need power protection to function at ease and avoid issues poised by power fluctuations and this has been ignored due to low awareness of surge protection devices.
Surge protection devices allow multiple components to plug into a single power socket. A power surge is a significant increase in voltage above the designated level. If power voltage rises above the standard voltage, it is likely to damage the electronic equipment. The increase in the usage of electrical equipment such as personal computers, microwaves, washing machines and alarms are amplifying the demand for surge protection devices globally.
SPD`s market has set the highest growth record in America currently. Market for SPD`s is expected to upsurge in APAC and Europe by 2023. The market for SPD`s has been analyzed by every region which includes Americas, Europe, APAC and RoW.
Surge protection devices market is expected to experience significant growth in the coming years due to the increasing demand by end users such as residential, industries, commercial, medical, telecommunication, data centers and others. Surge protection devices are classified into three types, namely: Type 1, Type 2, Type 3 and others and protection types are classified into Line to Neutral, Neutral to Ground, Line to Ground.
In this report, the SPD`s are further segmented into Power rating, Applications and Geography.
The report contains detailed and in-depth analysis of the segmentation of the Surge Protection Devices market.