ABB, Ltd. (Switzerland) and Siemens AG (Germany) are the Key Players in the Surge Protection Devices Market
The global surge protection devices market is projected to grow at a CAGR of 5.47%, from 2017 to 2022. Europe is estimated to be the largest market, followed by North America. The market in Asia-Pacific is projected to surpass the North American market by 2022 to become the second-largest market for surge protection devices after Europe. The growth of the surge protection devices market is driven by growing demand for protection systems for electronic devices, power quality issues, a rise in alternative energy programs, and cost escalation due to frequent equipment failures.
The surge protection devices market is dominated by a few global players. Key players operating in the market are ABB, Ltd. (Switzerland), Siemens AG (Germany), Schneider Electric SE (France), and Emerson Electric Company (U.S.).
The major strategies adopted by the players include contracts & agreements, new product developments, expansions, and mergers & acquisitions. New product developments was the most commonly adopted strategy from 2013 to 2016. Industry players also adopted mergers & acquisitions, which was the second most widely followed strategy, during the same period.
ABB, Ltd. is a leading power and automation technology company offering a wide range of products, services, and systems, namely, transformers, distribution automation products, high-voltage products, power transmission systems, grid integration systems, and others. The company operates in four segments, namely, power grids, electrification products, process automation, and discrete automation and motion. It offers surge protection devices under its electrification products division, which accounted for 26% of the company’s total net sales in 2016. The company has a wide array of products ranging from switches and sockets to robots, and from large transformers to control systems that manage entire power networks and factories. The company, through its continuous innovation in the power sector, has been winning numerous awards and scientific accolades. ABB, Ltd. acquired Thomas and Betts (U.S.) in May 2012, a market leader in low voltage surge protection products in the North American region. The company has launched a number of new products in recent years and improved its existing product portfolio. For instance, the company introduced the UL 1449, which offers life-long protection against surges for valuable electronic equipment. The company is likely to focus on continuous innovation through technological advancements. Moreover, ABB emphasized operational excellence by improving its post sales services in the last quarter of 2016.
Eaton Corporation, Plc. is a power management company offering a wide range of products related to fuel-efficient systems and power chain management tools. The company operates through five business segments, namely, electrical products, electrical systems and services, vehicles, hydraulics, and aerospace. Eaton’s electrical business segment offers power distribution, power quality, control and automation, and monitoring products and services. The company offers surge protection devices through its electrical products division, which accounted for 35% of the company’s total net sales in 2016. The principal markets for these products are the industrial, institutional, governmental, utility, commercial, residential, and information technology sectors. These products and solutions are used wherever there is a demand for electrical power in commercial buildings, datacenters, residences, apartments and office buildings, hospitals, factories, utilities, and industrial and energy facilities. The company strongly focuses on R&D and product or technology innovations, which would help it to grow in the surge protector market, and in regions such as China and India. For instance, in October 2016, the company launched the SPC series surge protective devices which provide flexible and configurable surge protection for commercial and light industrial applications. In addition, a wide array of offerings in its surge protector product portfolio helps the company increase its consumer base globally.
Related Reports:
Surge Protection Devices Market by Type (Hard-Wired, Plug-In, and Line Cord), Discharge Current (Below 10 kA, 10 kA–25 kA, and above 25 kA), End-User (Industrial, Commercial, and Residential), and Region - Global Forecast to 2022
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