Surge Protection Devices Market Size Projected to Garner USD 6.1 Billion by 2032 growing at 8.1% CAGR - Exclusive Report by Acumen Research and Consulting
The Global Surge Protection Devices Market Size is predicted to reach USD 6.1 Billion by 2032 from USD 2.8 Billion in 2022, at a CAGR of 8.1% between 2023 and 2032, as per the Acumen Research and Consulting
Surge protection devices (SPDs) are electrical devices designed to protect electronic equipment and systems from voltage surges or transients. These surges can occur due to various reasons such as lightning strikes, power grid fluctuations, or switching of electrical loads. SPDs act as a barrier, diverting excess voltage away from sensitive equipment and preventing damage to them.
The market for surge protection devices has been witnessing significant growth in recent years. This can be attributed to the increasing reliance on electronic devices and the growing awareness about the importance of protecting them from power surges. The proliferation of smart homes, the adoption of Internet of Things (IoT) devices, and the expansion of industrial automation and telecommunications sectors are some of the key factors driving the demand for SPDs.
The rising number of power quality issues and the need for an uninterrupted power supply have further contributed to the Surge Protection Devices Market growth. As businesses and individuals become more dependent on sensitive electronic equipment, the risk of damage from power surges becomes a critical concern. Consequently, there is a growing demand for robust surge protection solutions across various sectors, including residential, commercial, industrial, and healthcare.
Surge Protection Devices Market Statistics
- Global Surge Protection Devices Market value was worth USD 2.8 Billion in 2022, with an 8.1% CAGR from 2023 to 2032
- North America Surge Protection Devices Market share occupied around 38% in 2022
- By product, the hard-wired segment captured the majority of the market
- By end-use, the commercial complexes segment is expected to show noticeable growth during the predicted period
- Growing demand for reliable power quality and protection against power surges, propel the Surge Protection Devices Market revenue
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Surge Protection Devices Market Trends
The surge protection devices (SPDs) market is entering an evolving era driven by several key trends and developments. One of the prominent trends is the increasing integration of SPDs into smart homes and smart buildings. As the adoption of IoT devices and home automation systems grows, the need to protect these interconnected devices from power surges becomes critical. This trend is fueling the demand for advanced SPDs that can seamlessly integrate with smart infrastructure and provide comprehensive protection.
Another significant factor driving the evolving era for surge protection devices is the rapid advancement in technology. Manufacturers are continuously innovating and introducing new features and capabilities in SPDs. These advancements include enhanced surge handling capacity, faster response times, improved diagnostics, and compatibility with various communication protocols. Additionally, the integration of surge protection into power distribution systems and circuit breakers is becoming more prevalent, allowing for more efficient and integrated protection solutions.
Furthermore, the surge protection devices market is witnessing a shift towards more sustainable and energy-efficient solutions. With the increasing focus on environmental sustainability, there is a growing demand for SPDs that not only offer effective surge protection but also consume less energy and have a smaller carbon footprint. This trend is driving the development of energy-efficient SPDs that comply with energy standards and regulations.
Surge Protection Devices Market Segmentation
Acumen Research and Consulting has segmented the global Surge Protection Devices Market by product, power rating, end-use, and region.
- By product, the industry is categorized into hard-wired, line cord, plug-in, and power control devices.
- By power rating, the market is divided into 0-50 kA, 50.1-100 kA, 100.1-200 kA, and 200.1 kA and above.
- By end-use, the market is bifurcated into commercial complexes, industries & manufacturing units, data center, transportation, medical, telecommunication, residential buildings & spaces, and others.
- By region, the market is classified into Asia-Pacific, Latin America, North America, Europe, and the MEA.
Surge Protection Devices Market Regional Overview
According to the surge protection devices industry analysis, the Asia-Pacific is emerging as a growing region in the surge protection devices market due to several key factors. One of the primary drivers is the rapid industrialization and urbanization in countries like China, India, and Southeast Asian nations. These countries are experiencing significant growth in sectors such as manufacturing, construction, and infrastructure development, which increases the demand for surge protection devices to safeguard critical equipment and ensure uninterrupted operations. Moreover, the increasing adoption of electronic devices, including consumer electronics, IT equipment, and communication systems, is fueling the demand for surge protection devices in the residential, commercial, and industrial sectors. As more households and businesses in Asia-Pacific integrate advanced electronics into their daily lives and operations, the need to protect these devices from power surges becomes essential, driving the market growth for surge protection devices.
Surge Protection Devices Market Players
Some of the prominent Surge Protection Devices Market companies are 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.
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