Transient Protection Device Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The Transient Protection Device market is expected to grow at a CAGR of over 5.1% during 2022-2027. The market's growth can be attributed to the increasing demand for transient protection devices to protect the new, innovative electrical and electronic gadgets installed in homes and offices. The devices' capacity to reduce electricity bills by reducing the power utilized by gadgets is also predicted to play a significant role in the development of the market during the forecast period. The increasing operating costs stemming from power quality issues, alternative energy programs being pursued aggressively worldwide, and frequent equipment failure are some of the other factors contributing to the market growth.
Key HighlightsThe Transient Protection Device market is highly fragmented, as the market is highly competitive and consists of several major players. The competitive rivalry in the market depends on the company’s aggressive strategies in new product development, capacity expansion, mergers and acquisitions, strategic collaborations, partnerships, and agreements, as well as investment in R&D activities.
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