Global Surge Protection Devices (SPDs) Market is expected to reach USD 3.39 billion by 2025, according to a new study by Hexa Reports. The high costs incurred due to electrical equipment downtime are expected to surge the demand for these devices over the forecast period.
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The Asia Pacific region is one of the key regions for outsourcing services, owing to favorable government policies. This has led to a significant growth in the number of data centers across the region. As these data centers store information of high importance to the user, any failure in their functioning, due to downtime caused by an electrical surge, would lead to heavy losses.
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Further Key Findings From the Study Suggest:
- The type 2 SPD segment was valued at USD 610.1 million in 2016
- The growing number of hospitals in developing economies, such as India and China, along with widespread healthcare network in developed countries, is anticipated to foster market growth
- Increased electrification of rail networks, coupled with the growing popularity of electric vehicles and their required infrastructure, is predicted to boost the growth prospects of SPDs in the near future
- The North American region is expected to significantly contribute to the industry growth and represented the largest market size with USD 778.3 million in 2016, owing to the widespread awareness of the benefits of SPDs
- The key industry participants include ABB Ltd, Advanced Protection Technologies, Inc., G Power and Industrial Solutions Limited, Eaton Corporation PLC, Emerson Electrical Co., General Electric, Legrand S.A., Schneider Electric, Siemens AG, and Tripp Lite
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