The new surge protection devices market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Surge Protection Devices Market 2020-2024 (Graphic: Business Wire)
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the surge protection devices market.
"One of the primary growth drivers for this market is the increasing use of electronics in the residential sector," says a senior analyst for the industrials industry at Technavio. As the markets recover, Technavio expects the surge protection devices market size to grow by $ 694.30 mn during the period 2020-2024.
Surge Protection Devices Market Segment Highlights for 2020
The surge protection devices market is expected to post a year-over-year growth rate of 3.67%.
Based on the product, the hardwired segment constituted the largest segment in 2019. The rapid growth of the residential sector construction is creating the demand for hardwired surge protectors, which is driving their adoption among end-users.
Market growth in the segment will be significant during the forecast period.
62% of the growth will originate from the North America region.
The US is the key leading country in North America. However, market growth in this region will be slower than the growth of the market in the APAC region.
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The surge protection devices market size is expected to accelerate at a CAGR of over 5% during the forecast period.
The surge protection devices market is segmented by product (Hardwired, Line cord, Wall plug, and Power control center), end-user (Industrial, Commercial, and Others), and geography (North America, Europe, APAC, South America, and MEA).
The market is fragmented due to the presence of many established vendors holding significant market share.
The research report offers information on several market vendors, including ABB Ltd., Belkin International Inc., Eaton Corp. Plc, Emerson Electric Co., General Electric Co., Hubbell Inc., Koninklijke Philips NV, Leviton Manufacturing Co. Inc., Siemens AG, and Schneider Electric SE
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