Surge Protection Devices Market Research Report – Forecast to 2030

Surge Protection Devices Market Research Report by Application (Residential, Industrial, Commercial), by Type (Plug-in surge protection devices, Hard Wired, Line Cord, Power Control Device), by Voltage (Low and High), and Region- Forecast till 2030

ID: MRFR/E&P/2056-HCR | December 2022 | Region: Global | 188 pages

Impact of COVID-19 on the Global Surge Protection Devices Market

The COVID-19 outbreak has impacted the global economy, and numerous sectors have been affected by the current circumstances due to the temporary closure of manufacturing plants. Companies in the surge protection devices industry have faced a lot of challenges during the pandemic due to fluctuations in raw material prices. Due to the COVID-19 outbreak and the containment measures being taken globally, travel has almost come to a halt, which has led to a shift in product and service requirements. These changes are likely to affect the power generation industry, and in turn, the global surge protection devices market over the forecast period. The spread of COVID-19 has not only caused the loss of human lives but has also triggered a global economic recession. The partial or complete lockdowns in many countries have indirectly or directly impacted several industries, causing disruptions in product commercialization, vendor operations, and supply chains, among other activities.

Net Consumption of Electricity Worldwide From 2014 To 2019 (In Billion Kilowatt Hours)

The global demand and supply for surge protection devices have been impacted due to the COVID-19 pandemic. The fluctuating supply and prices of raw materials have also affected the growth of the global surge protection devices market. Furthermore, in March 2020, the World Health Organization (WHO) announced the COVID-19 outbreak as a global pandemic, resulting in numerous countries enforcing lockdowns. There is a high probability that the COVID-19 outbreak will have long-term effects on consumer lifestyles and buying behavior. China is a prominent supplier of raw materials and related products required for manufacturing surge protection devices worldwide. The surge protection devices market in the Asia-Pacific region is expected to regain momentum in the post-lockdown period, with countries including China, Japan, India, and South Korea witnessing lucrative opportunities.

Source: Secondary Sources

Surge Protection Devices Market

Source: Primary Experts, Secondary Sources, and MRFR Analysis