![Global Surge Protection Devices Market](https://res.cloudinary.com/devmoveo/image/upload/v1677846413/skyquest/gallery/Global-Surge-Protection-Devices-Market.jpg)
Report ID: SQMIG45N2014
Report ID:
SQMIG45N2014 |
Region:
Global |
Published Date: October, 2024
Pages:
278
|
Tables:
90 |
Figures:
76
North America held the largest share of the surge protection devices (SPD) industry sales in 2023, accounting for more than 38.0%. The region is also a leader in applying cutting-edge technologies. Knowledge regarding the advantages of SPDs is also prevalent in the region. Approximately 37% of all the power consumed in the United States is used for residential and commercial purposes. Countries that are highly susceptible to lightning strike are Florida, Louisiana, Mississippi, and Alabama in the United States. Thus, SPDs have been widely applied in those scenarios to protect electronic products from sudden energy fluctuations. All these factors have made North America the largest regional market.
Contrarily, Asia-Pacific is expected to grow at the highest CAGR during the forecast period. This increase can be attributed to countries such as China, India, and Japan being more aware of the benefits that SPDs offer. In addition, Asia Pacific is now able to afford expensive consumer appliances, including refrigerators, washing machines, and LED television sets, because of the higher disposable income levels. During the forecast period, the growth of the regional market is expected to be stimulated by great attention from consumers towards keeping up these consumer devices.
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Report ID: SQMIG45N2014