Global Surge Protection Devices Market is valued at approximately USD 2.89 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 6.80% during the forecast period 2024-2032. Surge Protective Devices (SPDs) safeguard electrical installations, including consumer units, wiring, and accessories, from transient overvoltage, commonly referred to as electrical power surges. Additionally, they shield sensitive electronic equipment, such as computers, televisions, and safety circuits such as fire detection systems and emergency lighting, which are susceptible to damage from excessive voltage. The market's expansion is predominantly propelled by the rising demand for Surge Protection Devices (SPDs) aimed at safeguarding contemporary electrical and electronic equipment utilized in residential and commercial environments. Additionally, the ability of surge protection devices to reduce electricity costs by mitigating the power consumption of electronic devices further augments market growth.
The utilization of contemporary electrical and technological equipment necessitates electricity at diverse levels according to their specifications, a requirement unattainable without Surge Protective Devices (SPDs). According to Ember, In 2022, global electricity demand in the first half rose by 3% compared to the same period the previous year 2021, closely following the historical average trend. The increasing adoption of advanced technologies within smart homes worldwide, requiring substantial power consumption, is expected to fuel the demand for surge protection devices customized for smart home applications on a global scale. Concurrently, ongoing revisions to regulatory frameworks by governments worldwide, with a focus on improving public safety, are forecasted to stimulate market growth. However, Poor designs and misleading assumptions which can lead to equipment failure and fatigue accidents can happen due to the explosion of these devices when the energy is not equally dissipated through parallel components, This represents the foremost challenge likely to impede market progression, contingent upon the adherence to market standards by the involved market players. Furthermore, the limited awareness regarding surge protection devices in emerging countries and regions is expected to challenge the market's growth.
The key regions considered for the Global Surge Protection Devices Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022. The region exhibits early adoption of advanced technologies and possesses a high awareness of Surge Protective Devices (SPDs). Moreover, states such as Florida, Louisiana, Mississippi, and Alabama in the U.S., known for their susceptibility to lightning strikes, witnessed a widespread adoption of SPDs to safeguard electronic appliances against abrupt energy fluctuations. Asia Pacific is expected to grow significantly over the forecast period, The increasing awareness of Surge Protective Devices (SPDs) in countries such as China, India, and Japan, coupled with rising disposable incomes in the Asia Pacific region, enables individuals to invest in high-quality consumer electronics, including LED television sets, washing machines, refrigerators, and other premium devices, consequently the driving needs to protect these devices after purchase for efficient utilization makes them to install SDPs.
Major market player included in this report are:
ABB Ltd.
General Electric Company
Schneider Electric
Eaton Corporation plc
Legrand
Emerson Electric Co.
Siemens AG
CG Power and Industrial Solutions Limited
Littelfuse, Inc.
Bourns, Inc.
Recent Developments in the Market:
In March 2024, Siemens pioneered a highly innovative circuit protection device featuring state-of-the-art electronic switching technology. Known as SENTRON ECPD (Electronic Circuit Protection Device), it swiftly disables circuit faults and, if required, triggers the mechanical isolating contact downstream. This advancement presents numerous advantages and holds the promise of transforming the landscape of circuit protection in the Surge Protection Devices market.
In February 2021, Eaton introduced the Power Xpert SPD, the newest member of its surge protective device lineup designed to safeguard essential equipment. Featuring an advanced monitoring display, communication capabilities, and historical surge logging, It is especially well-suited for industrial environments where operational disruptions resulting from surge events are intolerable
In January 2021, Emerson unveiled enhancements to its SolaHD Surge Protective Devices and Power Filters, providing users with additional methods to mitigate damage to vital electronics that support the advancement of the Industrial Internet of Things (IIoT) within their facilities.
Global Surge Protection Devices Market Report Scope:
Historical Data - 2020 - 2021
Base Year for Estimation - 2022
Forecast period - 2024-2032
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered - Product, Type, Power Rating, End User, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Customization Scope - Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product:
Hard-wired
Plug-in
Line Cord
Power Control Devices
By Type:
Type 1
Type 2
Type 3
Type 4
By Power Rating:
0-50 kA
50.1-100 kA
100.1-200 kA
200.1 kA and above
By End User:
Commercial Complexes
Data Center
Industries & Manufacturing Units
Medical
Residential Buildings & Spaces
Telecommunication
Transportation
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa
