According new research, the surge protection devices market is expected to grow from 2.06bn in 2017 to 2.68bn by 2022.A release notes that the global market is set to witness significant growth due to growing demand for protection systems for electronic devices, power quality issues, a rise in alternative energy programmes, and cost escalation due to frequent equipment failures.
[quote] It adds that while some cost bearing constraints in the installation of surge protection devices are being observed, emerging economies are expected to create better opportunities for the surge protection devices market. Poor design parameters and misleading assumptions, inappropriate testing, and safety issues are expected to be major challenges for growth in the surge protection devices market. [Trends in metering components: Industry overview]
Plug-in surge protection devices primarily consist of DIN rail type mounting as well as other form factor SPDs without extension cords. These surge protection devices are designed to be installed at the service entrances of facilities, typically on the main switchboards, or close to sensitive equipment in facilities without lightning protection systems.
Plug-in SPDs are suitable for installation at the origin of the network, in intermediate panels, and by the terminal equipment, protecting from indirect lightning strikes.
Asia-Pacific fastest growing market
The surge protection devices market is projected to grow faster in the Asia-Pacific region, especially in China and Japan. The Asia-Pacific region is moving towards clean energy on a large scale in order to meet its growing energy needs in an efficient way. India, China, and Singapore are some of the potential growing markets in the power and utilities sector. Also, Asia-Pacific offered the biggest potential gains for foreign direct investment, and attracted 45% of all capital investment, globally, in 2015. Increased investments in modernising infrastructure and urbanising populations, especially in developing economies such as China and India, is expected to drive the Asia-Pacific surge protection device market. [Round-up: UK smart meters, smart devices and asset protection]
The Chinese market was, by far, the largest in the world in terms of infrastructure development in 2015. A rise in investments in smart grid technologies and smart cities that include distribution grid automation, smart meters, and demand response systems in countries such as Japan, South Korea, and Australia would create opportunities for the surge protection devices market.
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