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Surge Protection Device (SPD) Market: Safety Concerns across Industrial and Residential Sectors to Harness Fresh Revenue Streams across the Global Surge Protection Devices Market
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Over the course of the next decade, the use of surge protection devices is expected to touch unprecedented heights. This assertion is justified by the consummate use of electrical systems in high-risk operations across key industries. Voltage fluctuations can be caused by a spectrum of factors including failure of utility grids, use of heavy loads machines, and discrepancies with the transformer. Therefore, the vulnerability of electric systems to fluctuating currents or voltages has created palpable demand for surge protection devices across leading sectors.
Residential Sector Acing the Use of Surge Protection Devices to Avoid Equipment Failure
Unanticipated surge in voltage poses a severe threat to relatively low-voltage equipment used in the residential sector. An average household has roughly $15,000 worth of electrical or electronic equipment that can be damaged by voltage surge. Therefore, the cost loss caused by such a surge can have abysmal consequences for the residential sector. In recent years, individuals have become more aware of the causes of a surge across the residential sector. 80% of these causes pertain to internal sources such as faulty wiring, power recovery, and overloaded circuits. Therefore, it is extremely vital for the residential sector to ensure perpetual use of large and small electronic equipment by using surge protection devices.
North America to Witness Sustained Inflow of Revenues into the Surge Protection Device Market
The National Electrical Code - NFPA 2020 has been adopted across 50 states in the US. The code is meant to uphold the safety of people, property, and systems by following regulated practices for installation, inspection, and design of electrical systems. The 2020 National Electrical Code mandates the use of surge protection devices across new homes and residential spaces. This factor, coupled with a general consensus on following safety protocols in the US, has created headways for growth in the North America market. Growing sophistication of power grids and utilities across Asia Pacific is expected to raise awareness related to the use of surge protection devices in the region.
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Some of the notable names in the global surge protection device market are Emerson Electric Co., GE, Eaton Corporation, Schneider Electric, Siemens AG, Raycap GmbH, and Havells India Limited. These companies are thriving at the back of their excellence in research and assessment. The scale of investments in R&D activities for these companies is projected to escalate in the times to follow. Besides, the global presence of these players has also given an impetus to their growth prospects.
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