The app note is pretty clear in it's explanation that the ESD rating and the ESD voltage clamping level are the critical parameters.
If your product is going to be sold, most likely the market expectation will be that it will meet class 4 (8kV / 15kV), as the app note says.
You must choose a TVS that will not activate during 'normal' operation but prevent damage when the simulated ESD pulse is applied.
The only way to know for sure if your ESD solution is robust is to either have the IEC 61000-4-2 test done at a lab, or rent/buy an ESD tester and do the test yourself.
TVS diodes are used for transient overvoltage protection. You should not use a TVS for clamping a voltage continously. It is only for protection against voltage transients,
A TVS diode is placed in parallel (not in series) with the power input that you want to protect, so, the 15A that you mention will not cross the TVS.
You can see a TVS as a big resistor (one lead of the resistor connected to the voltage and the other one connected to GND) which, when the voltage that is being monitored is normal, it puts an infinite resistence value, and when the voltage reaches its breakdown voltage threshold, the TVS changes its internal resistence to near 0Ohm achieving with this to drive the overvoltage to GND.
Breakdown voltage: This is a threshold. If the voltage that is being monitored reaches this value, the TVS will turn on (decreasing its resistence) and driving to GND the overvoltage detected.
Clamping voltage: When the breakdown voltage is reached, the TVS goes to its on state and it will try to clamp the voltaje to this value (clamping voltage). While the TVS is trying to do this, it will be responsible of absorving (drive to GND) all the current that is generated due to the difference of voltages [it's something like (Vtransient - Vclamp)/Rtvs].
Maximum Peak Pulse Current: This is the maximun current capacity that the TVS can drive before failing due to excessive heat dissipasion.
If you want to clamp the voltage to 5.5V continously, you should use other element and not a TVS. For example a zenner diode with its proper resistor.
If you are plannig to use the TVS only for protection against transients, so you should take into account these steps to choose the right one:
Choose a breakdown voltage higher than the maximum normal operation voltage. For example, if you voltage range is up to 5V, you could use a TVS whose minimum breakdown voltage is 5.5V. If you voltage range is up to 5.5V, you could use a TVS with breakdown of 6V.
After choosing the breakdown voltage, you will see that the TVS diodes that are available for your app is reduced.
Choose a TVS with a high heat dissipation capacity (Watts). This will prevent your TVS diode from being damaged when activated. This feature is important because the price and the size of the TVS depending on it.
Choose the TVS whose clamping voltage is the lower (from the TVSs that you will have to choose at this point).
Follow the previous steps in that specify order.
Also, consider the idea of adding a PTC resetteable fuse to your design. The pair TVS+PTC fuse is perfect. First, you should put the fuse in series with the input and then the TVS. The PTC fuse will reduce the amount of current that the TVS must dissipate.
I hope this helps.
Best Answer
If the circuit can only cope with 5.5V and the threat potential is 1500V then the upstream protection must ensure no more than 5.5V is presented to the circuit.
The voltage at which the TVS will clamp at. TVS's generally have a minimum breakdown, maximum breakdown and a maximum clamping voltage. These are all current dependent so the specific clamping voltage is dependent on what is being presented to the TVS (source impedance, clamping voltage etc...)
The voltage at the cathode will be held at some voltage between minimum breakdown and maximum clamping. The interaction of the source impedance and this voltage determines the resultant clamping voltage.
Well... IF the source impedance is such that the pulse current is below the maximum stated then it will clamp the voltage at the maximum clamping voltage. If the source impedance permits more current to flow OR the duration is longer then the power dissipating capability then the TVS will break. They tend to fail open-ciruit due to the power blowing them off the card.
In short. Understand the threat characteristics (double-exponental, source impedance etc...), understand your circuit (can normal operation cope with slewed signals) and finally run the calculations on the dissipation needs of the TVS to ensure it is suitable