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According to a new report Global Surge Protector Market, published by KBV research, The Global Surge Protector Market size is expected to reach $5 billion by 2027, rising at a market growth of 5.6% CAGR during the forecast period.
The Type 1 market acquired maximum revenue share in the Global Surge Protector Market by Type 2020, achieving a market value of $2.1 billion by 2027. Type 1 is designed to be installed permanently at the service door. It might even occur prior to the major disconnect. A UL1449 Type 1 device can be put on the primary or first disconnect of a building. The primary purpose of Type 1 SPDs is to safeguard electronic devices from lightning surges. Lightning strikes have increased in recent years as a result of climate change.
The Medium market shows high growth rate of 5.8% during (2021 - 2027). Deploying Medium Voltage Surge Protectors can provide a huge return on investment. When employing the Right SPD in the Right Location, it's also the finest surge protector alternative. They're designed for optimal strength, simplicity of installation, and performance. These specialised devices use a unique, compact, durable, multistage protection technique to protect mission-critical equipment.
The Offline market is generating high revenue in the Global Surge Protector Market by Sales Channel 2020, achieving a market value of $3.6 billion by 2027. For 2020, the offline sales channel segment accounted for the largest the market share, which may be related to the fact that consumers are considerably more comfortable acquiring such gadgets after learning more about them, particularly technical information.
The Industrial market segment has high growth rate of 5.1% during the forecast period. SPDs are utilised to protect machinery in industrial applications with safety interlock circuits, control systems, and crucial telecommunications linkages that keep the plants safe at all times. Companies are using different automation systems and high-end electronics as a result of technological advancements and a strong emphasis on increasing profitability. As a result, SPD demand is expected to rise throughout the projection period.
The North America market is the fastest growing region in the Global Surge Protector Market by Region 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $1.8 billion by 2027. The Europe market is expected to witness a CAGR of 5.4% during (2021 - 2027). Additionally, The Asia Pacific market is expected to witness a CAGR of 5.9% during (2021 - 2027).
Full Report: https://www.kbvresearch.com/surge-protector-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Havells India Ltd., ABB Group, Honeywell International, Inc., Schneider Electric SE, Eaton Corporation PLC, Vertiv Holdings Co., General Electric (GE) Co., Siemens AG, Johnson Controls International PLC, and Legrand S.A.
By Sales Channel