IT and Data Centres to Play a Crucial Role in Market growth of Voltage Sag Protector
According to recent research conducted, the demand for Voltage Sag Protector is anticipated to witness significant growth over the coming assessment period of 2021-2031. The market is expected to develop at CAGR of over 6% in the forecast period owing to its substantial applications in various end use industries across the globe.
Factors such as growing needs amongst the end-users for controlling electrical power quality, along with the increasing concern amongst business organizations for the burden generated due to the increasing average cost of downtime for each voltage sag event, are anticipated to act as vital growth drivers for the growth of the global Voltage Sag Protector market. The market witnessed significant dip in the year over year growth in 2020 owing to nationwide lockdowns and supply chain disruptions caused by COVID-19 pandemic.
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What is Driving Growth for Voltage Sag Protector?
The global market is thriving on account of the numerous beneficial properties of sag protectors over its alternatives, such as uninterrupted power supply (UPS) systems, coupled with the growing digitization of electrical distribution networks, which raises numerous challenges in terms of delivering enhanced power quality. Further, the growing focus of governmental bodies for the development of standards for electrical and electronic equipment is additionally anticipated to contribute to the market growth. For instance, the SEMI F47 voltage sag immunity standard was proposed by Semiconductor test equipment and Materials International (SEMI).
This standard requires the tools to be immune to voltage sags. As a result, manufacturers of voltage sag protector are increasingly focused to comply with the standards to deliver enhanced sag protectors, thereby further contributing to the rising demand for sag protectors. According to the statistics by the United States Energy Information Administration, the net electricity demand in the manufacturing sector grew from 2437 trillion Btu in the year 2010 to 2591 trillion Btu in the year 2018. The market is segmented by end-user industry into retail, healthcare, commercial, industrial, IT, manufacturing, and others, out of which, the manufacturing segment is projected to hold the largest market share throughout the forecast period. The growth of the segment can be credited to the significant dependence of manufacturing industries on electrical energy to power the equipment deployed in the factories, along with the increasing concern for power quality issues that significantly hampers their overall productivity.
Asia Pacific Market Overview
Asia Pacific region is projected to witness highest growth over the forecast period, on the back of large scale manufacturing in China and Japan coupled with substantial investments in new technologies. The shift of manufacturing locations in the emerging countries such as Taiwan, China, etc. is paving the way for voltage sag protector market growth in the region.
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Europe Demand Scenario
The developed countries from Western Europe also hold prominent share in the market on the account of increasing electricity demand and technology upgradation. The rapid growth in investments in smart grid technologies with integration of IoT and artificial intelligence is projected to positively influence the growth in demand for voltage sag protector over the forecast period.
Who are the Key Manufacturers and Suppliers of Voltage Sag Protector?
The major companies in the voltage sag protector market are
- ABB
- Rockwell Automation Inc.
- Schneider Electric
- Eaton Corporation plc
- General Electric Company
- SMC Electric
- Others.
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