Surge protective devices (SPDs) are designed for electrical installation protection systems used in power grids, communications and telephone networks. SPD is one of the most efficient and widely used types of overvoltage protection systems. It aims to reduce random voltage transient energy surges and electrical noise on the power supply line from internal load or utility switching, lighting effect and from other transient damage. SPD also block or reduce any excessive voltages above the safe threshold.
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The surge protection devices (SPD) market size
The global surge protection devices (SPD) market is expected to reach US$ 3.5 billion by 2026 for US$ 2 billion in 2019.
Analysis of the surge protection devices (SPD) market
The massive increase in the use of electronic equipment in the residential and corporate sectors will fuel the global market of surge protection devices. Electronic equipment such as refrigerators, personal computers, air conditioners, televisions, microwaves, printers, alarms and several complex smart computing devices needed surge protection systems to protect equipment from excessive power flow.
The increasing prevalence of transient voltage and lightning occurrences around the world further stimulates the global market for surge protection devices.
The innovative technical and sophisticated tools are increasingly being used such as LED TVs, personal computers, printers and industrial control equipment including microwaves, washing machines and alarms. Such devices are highly sensitive and need to be protected from power surge damages.
The growing applications of electronic devices coupled with increasing demand for the safety of these devices from fluctuating electrical supplies worldwide are key factors driving the growth of the global market for surge protection devices.
Surge protection devices require multiple components to plug into a single outlet. If the control voltage is more than or above the standard voltage, the electronic equipment will be affected. Therefore, the installation of surge protective devices save on costs by avoiding failure of equipment due to surge voltage.
However, the lack of product awareness and additional costs associated with installing surge protection systems is to hamper the development of the global market for surge protection products. Also, the poor design parameters and inaccurate assumptions, insufficient testing and safety issues are expected to pose major challenges to the growth of the market for surge protection devices.
Some key factors driving the growth of the global market for surge protection products: