Pune, India -- (SBWIRE) -- 04/25/2019 -- The latest report on Surge Protection Device Market by Infinium Global Research gives complete coverage of the surge protection device Market by type (Type - Type 1 SPD, Type 2 SPD and Type 3 SPD), end user (residential, industrial, and commercial), region (North America, Europe, Asia-Pacific, and Rest of the World) in terms of key trends, market size, forecast and CAGR growth over the period of 2018 to 2024. In addition, the study covers deep dive into key product and applications trends in the regional markets of surge protection device such as North America, Europe, Asia-Pacific and Latin America over the short run and long run. The global surge protection device market is projected to grow at a CAGR of 5.2% over the forecast period of 2018-2024.

Download Exclusive Sample Copy of Report: https://www.infiniumglobalresearch.com/reports/sample-request/1926

Surge Protection Device Market: Insight

The surge protection device is a device or appliance that is designed to prevent electronic equipment or devices from damage from voltage "spikes". The voltage spike is also known as transient voltage, this voltage is nothing but an increase in voltage significantly above the designated level in a flow of electricity. The increase in voltage above the standards level is anticipated to damage electronic equipment. In order to protect these devices from a power surge, Surge protection device are needed. This device is typically installed in process control systems, communications systems, power distribution panels, and heavy-duty industrial systems in order to protect this equipment from any voltage spikes.

Surge Protection Device Market: Drivers and Restraints

Surge protection devices are divided into three types such as Type 1 SPD, Type 2 SPD and Type 3 SPD. According to their types, they are used for the specific application. Type 1 SPD is used in the specific case of service-sector and industrial buildings, protected by a lightning protection system or a meshed cage. Increasing demand for surge protection device in industrial, commercial and service sector buildings, drives the growth of a surge protection device market. The Type 2 SPD is the main protection system for all low voltage electrical installations. Rising usages of Type 2 SPD in low voltage electrical installation is supporting factor boost the market growth. They are widely used in electric power supply networks, telephone networks, and communication and automatic control buses. Additionally, surge protection device also used in refrigerators, dishwashers and laundry units to protect from damage due to a power surge. The market is also driven by factors such as low installation cost and easy installation and rise in demand for usages of electronic equipment in commercial and residential sectors. However, low awareness related to Surge protection device among the small manufacturers and the non-fluctuating power supply system are the factors hampering the growth of the Surge protection device market. Going further, increasing awareness associated with the need for Surge protection device and rapid industrialization in developing countries creates significant opportunities for the global Surge protection device market during the forecast period.

Make an Inquiry for Purchasing this Premium Report @ https://www.infiniumglobalresearch.com/reports/enquiry/1926

Surge Protection Device Market: Regional analysis

On the basis of region, North America is accounted for the largest market share in Surge protection device market and is anticipated to grow at the highest CAGR during the forecast period. The major factors responsible for the growth of the market are a rise in sales of electronic appliances in a residential and industrial sector and growing awareness related to benefits of Surge protection device. Europe is the second largest region for Surge protection device market in terms of revenue. The Asia Pacific region is anticipated to be the fastest growing region during the forecast period owing to the presence of large-scale manufacturing key players in this region. Additionally, investments for infrastructure modernization in countries such as India and China are boosting the Surge protection device market in the Asia Pacific. Moreover, the major factor such as the steady pace of industrialization in Asia Pacific region fuelling the demand for surge protection device market.

Report Findings

1. Drivers

- Rising Usages of Type 2 SPD in Low Voltage Electrical Installation

- Low Installation Cost and Easy Installation of surge protection device

- Rise in Demand of Electronic Equipment in Commercial and Residential Sectors

2. Restraints

- Low Awareness Related to Surge Protection Device Among the Small Manufacturers

3. Opportunities

- Increasing Awareness Associated with the Need of Surge Protection Device

- Rapid Industrialization in Developing Countries

Browse Detailed TOC and Description of this Exclusive Report@ https://www.infiniumglobalresearch.com/ict-semiconductor/global-surge-protection-device-market