Power Protection Solutions Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
All systems, ranging from home theaters and desktops to IT equipment in data centers, are susceptible to downtime, damage, and data loss, when left exposed without a reliable power protection system in place. A significant rise in the usage of electrical equipment across the globe has been increasing the demand for power protection solutions. Momentary power glitches or long-term outages can cause equipment degradation or instantaneous loss of data, resulting in economic and operational setbacks. In the recent years, the need for power protection solutions has increased significantly, on the back of growing reliance upon high tech equipment and microprocessor-based systems which are highly susceptible to power issues such as high voltage spikes, brownouts, frequency variations, and others. Increasing popularity and adoption of effective solutions and related products such as uninterruptible power supply (UPS) and voltage conditioners to protect electronic equipment and prevent cost prohibitive power incidents have been influencing the growth of global power protection solutions market.
Power Protection Solutions Market – Notable Developments
Founded in 1922, Tripp Lite is headquartered in Chicago, Illinois, and is a leading manufacturer of power protection and connectivity solutions. The company offers over 4000 products to power and connect computers, electronic devices, and networking equipment.
Power Protection Solutions Market Dynamics
Power Protection Solutions Demand to Grow with Rising Usage of Electrical Equipment
Increasing number of datacenters along with growing use of mission-critical equipment and sensitive tooling and machinery has been remarkably influencing the demand for power protection solutions to provide good quality power and ensure continuous operation. Power protection solutions are also of great importance in semiconductor industry that often faces typical problems such as voltage sags and current issues. As loss or fluctuation of power can be damaging for various facilities, products, and processes, most companies and organizations are relying on effective solutions to manage their power distribution system, which is likely to translate into the growth of power protection solutions market. According to ABB’s outlook for power protection, with adoption of power protection products, businesses can save thousands of dollars that would otherwise be wasted when a power surge or voltage spike occurs. Further, growth prospects of power protection solutions market will remain promising, as companies worldwide continue to rely on power to keep their data available, systems cooled, and production lines running.
Asia Pacific to Contribute Significant Share to Power Protection Solutions Market
Mass urbanization and rapid industrialization in emerging economies along with increasing automation in manufacturing and processing industry have led to a surge in demand for different types of electrical equipment, which in turn is likely to drive the growth of power protection solutions market in Asia Pacific. In addition, growing investments in power management systems such as UPSs, power and voltage conditioners to improve the quality of operations will continue to create lucrative opportunities for key stakeholders in the power protection solutions market.
Power Protection Solutions Market Segmentation
Based on devices, power protection solutions market can be segmented into:
Based on application, power protection solutions market can be segmented into:
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