Market News
Recent Developments:
New product launches:
- In June 2023, Raycap is a technology innovator and manufacturer of connectivity, industrial surge protection, power management, and custom enclosure/cabinet solutions, launched a surge protection device for PV power systems and electric vehicle charging stations, ProTec PV Box 7y. It stands out as the most compact three-string solution available in the market, providing a notable advantage when it comes to installing solar panels on rooftops with limited space.
- In January 2022, Eaton Corporation plc is an American-Irish multinational power management company, announced the launch of its arc flash relay to enhance electrical safety. The product provides remote triggering and switching capabilities to reduce risks.
- In September 2022, Siemens is a German multinational technology conglomerate, introduced Sivacon S8 low-voltage switchboard with integrated surge protection. It optimizes plant availability and minimizes risks.
Acquisition and partnerships:
- In December 2023, Blackstone, the world’s largest alternative asset manager,announced that private equity funds affiliated with Blackstone have closed the acquisition of Power Grid Components, Inc. (“PGC”), is a leading domestic designer and manufacturer of a wide range of critical components for protection, monitoring, and safety applications in electrical substations, from Shorehill Capital LLC.
- In January 2021, Emerson provides the engineering services for industrial, commercial, and consumer markets has acquired Progea Group is an international sales and distributor network, an industrial IoT company, to enhance its surge monitoring and predictive analytics capabilities.
- In November 2020, nVent connect and protect with inventive electrical solutions, acquired CIS Global, a provider of surge protection systems, to strengthen its position in critical infrastructure markets.
Surge Protection Devices Market Drivers:
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