According to the research report titled ‘Global Surge Protection Device System Market Size study, by Type (Hard-Wired, Plug-In, and Line Cord), by Discharge Current (Below 10 kA, 10 kA-25 kA, and above 25 kA) by end-use (Industrial, Commercial, and Residential) and Regional Forecasts 2021-2027’, available with Market Study Report, global surge protection device system market was assessed at USD 2.5 billion in 2020 and is anticipated to amass USD 3.6 billion by 2027, growing at 5.5% CAGR between 2021-2027.
 

Escalating demand for protection systems for electronic devices, increasing equipment failures due to voltage spikes, and ongoing power quality issues are the key growth stimulants for global surge protection device system market.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/4006453/
 

For the unversed, surge protection devices are primarily used to protect electrical devices from voltage spikes in alternating current circuits. They are designed in a manner which limits amplitude of transient overvoltage to an extent where it is not hazardous for electric installation, control gear, and switchgear.
 

While increasing implementation of alternative energy programs will aid revenue inflow, high cost of installation of surge protection device systems will act as a challenge for businesses in this domain.  
 

The research report analyses the market at a granular level by dividing it into sub segments. Market share captured, revenue garnered, and growth rate estimates for each segment are incorporated as well.
 

Based on type, worldwide surge protection device system market is divided into line cord, plug-in, and hard-wired. Speaking of discharge current, the industry is split into above 25kA, 10kA-25 kA, and below 10 kA. Moving on to end user spectrum, the business sphere is bifurcated into industrial, residential, and commercial.
 

Regionally speaking, Asia Pacific market is slated to expand rapidly between 2021-2027, owing to increasing efforts to adopt clean energy in Japan and China, and growing government efforts for urbanizing and modernizing the populace in India and China.
 

Key players profiled in global surge protection device system industry report are ABB Ltd., Schneider Electric SE, Siemens AG, Emerson Electric Co., Littelfuse Inc., Eaton Corporation plc, Belkin International Inc., Tripp Lite, Hubbell Incorporated, and Panamax Inc.