Surge Protection Devices Market to Grow at 8.1% CAGR and Reach USD 6.1 Billion by 2032
Acumen Research and Consulting recently published report titled “Surge Protection Devices Market Forecast, 2023 – 2032”
TOKYO, Aug. 21, 2023 (GLOBE NEWSWIRE) — The Global Surge Protection Devices Market Size accounted for USD 2.8 Billion in 2022 and is projected to achieve a market size of USD 6.1 Billion by 2032 growing at a CAGR of 8.1% from 2023 to 2032.
A surge protector is a device that protects your electronic devices from power surges. Power surges can be caused by a number of things, such as lightning strikes, power outages, and even switching on or off a large appliance. When a power surge occurs, it can cause a sudden increase in voltage that can damage your electronic devices. A surge protector works by diverting the excess voltage away from your devices, protecting them from damage. Surge protectors are a relatively inexpensive way to protect your valuable electronic devices from power surges. They are available in a variety of sizes and styles to fit your needs.
The surge protection devices market remains upbeat, driven by increasing vulnerabilities to voltage spikes, surging deployment of electrical infrastructure, and rising consumer electronics demand. This article provides a thorough surge protection devices market analysis including size, share, latest trends, drivers, restraints and key companies.
Surge Protection Devices Market Statistics and Highlights:
- Global Surge Protection Devices Market size to hit USD 6.1 billion by 2032, rising from the current value of USD 2.8 billion, registering a CAGR of 8.1% during 2023-2032.
- North America captured a dominant revenue share of over 38% in 2022.
- Hardwired SPDs accounted for over 43% share among different types in 2022.
- Rising industrial and commercial installations underpin demand for SPDs.
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Surge Protection Devices Market Report Coverage:
|Market||Surge Protection Devices Market|
|Surge Protection Devices Market Size 2022||USD 2.8 Billion|
|Surge Protection Devices Market Forecast 2032||USD 6.1 Billion|
|Surge Protection Devices Market CAGR During 2023 – 2032||8.1%|
|Surge Protection Devices Market Analysis Period||2020 – 2032|
|Surge Protection Devices Market Base Year||2022|
|Surge Protection Devices Market Forecast Data||2023 – 2032|
|Segments Covered||By Product, By Power Rating, By End-use, And By Geography|
|Surge Protection Devices Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Schneider Electric, Eaton Corporation, ABB Ltd., Siemens AG, Emerson Electric Co., Leviton Manufacturing Co., Inc., Tripp Lite, Belkin International, Inc., Legrand SA, Phoenix Contact GmbH & Co. KG, Raycap Corporation SA, and Citel Inc.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Analysis of Key Surge Protection Devices Market Dynamics:
The Surge Protection Devices Market is expected to grow at a healthy rate in the coming years, driven by a number of factors. These include the increasing prevalence of electrical surges, which can cause equipment damage and downtime, as well as the growing adoption of stringent safety standards. The rapid pace of electrification globally is also expected to boost demand for SPDs. However, there are some challenges that could limit the growth of the market. These include a lack of awareness about the benefits of SPDs and price competitiveness from low-cost local manufacturers. Ongoing product developments focused on size reduction and modularity are expected to create new opportunities for market players in the future. Overall, the surge protection devices market is expected to remain positive in the coming years, driven by the factors mentioned above.
Latest Innovations and Trends:
- Miniaturized and modular SPD designs for ease of installation.
- SPDs with remote monitoring capabilities and predictive analytics.
- Application-specific and low-voltage SPDs for consumer electronics.
- EMP-hardened SPDs for mission-critical systems.
- Eco-friendly SPD technologies to minimize environmental impacts.
Major Factors Propelling Market Growth:
- Rising instances of electrical surges causing equipment damage.
- Expanding electrical infrastructure and growing consumer appliances market.
- Stringent electric safety regulations across industries.
- Increased manufacturing automation and process electrification trends.
- Advancements in SPD components such as MOVs and smarter controllers.
Key Challenges Hindering Market Potential:
- Lack of awareness among smaller enterprises regarding SPD benefits.
- Presence of low-quality, low-priced products from local players.
- Requirement of specialized technical expertise for optimal SPD selection.
- Improper installation practices affecting SPD performance and safety.
- Periodic technology upgrades needed to keep up with evolving electrical networks.
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Surge Protection Devices Market Segmentation:
As per the Product
- Line Cord type
- Hard-wired type
- Power Control Device type
- Plug-in type
As per the Power Rating
- 0 to 50 kA
- 50.1 to 100 kA
- 100.1 to 200 kA
- Above 200.1 kA
As per the End-use
- Industrial uses
- Commercial Complexes uses
- Data Center uses
- Transportation uses
- Medical uses
- Telecommunication uses
- Residential Buildings and Spaces uses
- Other uses
Surge Protection Devices Market Regional Outlook:
North America and Europe are mature markets that are focusing on product innovation.
The Asia Pacific region is expected to grow at the highest CAGR during the forecast period. The growth of the market in the Asia Pacific region is attributed to the increasing demand for surge protection devices from the consumer electronics and IT & telecom industries. The Middle East, Africa, and South America are expected to experience significant growth due to the rapid infrastructural development in these regions.
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Leading Companies Offering Surge Protection Devices Market:
Key players include ABB, Eaton, Siemens, Schneider Electric, Emerson Electric, GE, Advanced Protection Technologies, Belkin International, Leviton Manufacturing, and Tripp Lite, among others.
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