Surge protection is an important element of electronic devices and electricity supply. While a steady flow of electricity is required to recharge batteries, a shot of excess electricity can damage appliances if they aren’t built to withstand it. The growing use of electronic devices is the main driver boosting the global surge protection devices, as an increasingly smart and tech-savvy user base of advanced electronics has come to realize the value of surge protection.
Surge protection devices can be of various types, such as line cord devices, hard wired devices, plug-in devices, and power control centers. According to leading market research company Transparency Market Research (TMR), the main applications of these surge protection devices are in the commercial, residential, and industrial sectors. As stated before, the rising use of electronic equipment such as desktops, laptops, refrigerators, and washing machines in the developed and the developing world is boosting the sale of surge protection devices in the residential and commercial markets. The global market for surge protection devices is expected to grow at a healthy 5.6% CAGR from 2014 to 2020, according to TMR.
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Incorporation in Existing Electronics: Boon to the Surge Protection Devices Market
Surge protection devices have traditionally been sold as standalone devices to be added on to electronic devices. However, as witnessed by Belkin’s launch of a unified charger-battery-surge protector combo in August 2015, surge protection devices are being incorporated into the existing charging mechanisms as an inbuilt feature. While portable battery packs that could recharge smartphones and laptops aren’t exactly news, Belkin has one trick up its sleeve.
The “Travel Rockstar” combines two traditional three-pin ports with one USB port, making it possible to charge up a smartphone alongside a camera and/or a laptop. This is where the built-in surge protection device kicks in, ensuring smooth and uniform power supply to all three outlets. The division of the electric current is carried out by the surge protection device, making it crucial in the working of the Travel Rockstar. Demand for such combinations is expected to grow, due to the high convenience they provide to the user.
Growing Application of Smart Grids: The Bane of the Market?
While surge protection devices have an important place in the current technological scenario, their standing in the future is far from assured. Smart grids, which are power grids that are programmed to ensure a safe and adaptable power supply, could be the downfall of the surge protection devices market. Smart grids, which are computer-controlled and thus carry an extremely low risk of failure, could eliminate the need for surge protection devices by virtually eliminating the chances of unexpected power surges in the first place.
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While this may become a significant factor for the growth trajectory of the global surge protection devices market in the long run, the market is expected to reach a total valuation of more than US$2.8 bn by the end of the ongoing decade, making a leap of more than US$900 million over its 2013 value.