Global Surge Protection Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The Global Surge Protection Device market is expected to register a CAGR of 5.36% over the forecast period (2022 - 2027). Power demand requirements and technical demands on the power supply and storage systems are continuously increasing due to the significant growth of the power sector. Major losses in electricity networks are primarily caused by improperly built equipment and devices that cannot handle heavy loads and by outdated systems that are expensive to maintain. Industries and business sectors seek specialized devices that shield electrical equipment from load imbalance and are suitable for high switching rate applications.
Key HighlightsThe global surge protection device market is moderately consolidated, with the presence of a few major companies. The firms are continuously investing in making strategic partnerships and product developments to gain more market share. Some of the recent developments in the market are:
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