By 2030, the surge protection devices market is expected to be worth USD 5.33 billion, growing at a CAGR of 5.72%. (2022 - 2030). Global Surge Protection Devices Market growth is anticipated to be driven by rising demand for electrical and power equipment.
Power demand requirements, as well as the technical demands on power supply and storage systems, are continuously increasing due to the significant growth of the power sector. Major losses in electricity networks are primarily caused by improperly built equipment and devices that cannot handle heavy loads and by outdated systems that are expensive to maintain. Industries and business sectors are seeking specialised devices that can shield electrical equipment from load imbalance and are suitable for high switching rate applications.
Adoption from communication and telephone network to drive the Surge protection devices market growth
One of the key elements of electrical installation protection systems used in communication and telephone networks, as well as electrical power supply networks, is a surge protection device. In general, they are the best kind of overvoltage protection. By obstructing or shorting the excess voltage, the surge protector restricts the voltage supply to an electric equipment. As one of the benefits of surge protection devices, low voltage distribution systems are shielded from direct lightning strikes into overhead power lines or external lightning protection systems, and hot ionised gases are not a concern.
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One of the primary drivers of the market's expansion is the rising demand for smart power strips. Due to their ability to automatically create schedules and timers as well as monitor energy usage, Wi-Fi enabled power strips are in high demand from customers. As a result, numerous businesses are working to offer power strips with Wi-Fi capabilities. For instance, TP-consumer Link's smart home brand Kasa Smart announced the release of the Kasa Smart Wi-Fi Power Strip in September 2018. Devices are protected against unexpected power spikes by the ETL-certified surge protection in this power strip.
Usage of alternative energy resources to drive the Surge protection devices market growth
Due to the increasing use of alternative energy sources, rising need for electronic device safety, and problems with power quality, the surge protection devices market is expanding significantly. According to the National Lightning Safety Institute, lightning is typically to blame for 30% of all power outages each year, with associated expenditures close to $1 billion. The manufacturers are boosting the production of lightning surge protection systems to shield homes and structures from lightning damage. For instance, ABB's surge protection devices are specifically made to provide main protection against numerous lightning strikes even during the strongest surge circumstances in the event of any lightning transient surge conditions.
The need for smart house enabling surge protection devices is anticipated to increase due to the rising advancements being made in smart homes around the world. By 2023, smart devices are anticipated to be used in more than half of American homes, per the data provided by Wonder. The usage of smart devices is anticipated to increase in 2023 compared to the previous few years. Thus, it is anticipated that these smart devices would make smart home technology more practical and simpler.
One of the key reasons enhancing the market's growth is the rising demand for smart power strips. Due to their features that enable users to monitor their power usage automatically and remotely, Wi-Fi-enabled power strips are in high demand among consumers.
North America to hold significant market share
The regions of North America and Europe are anticipated to have the biggest market shares. The Surge Protection Devices Market is anticipated to be dominated by Europe and North America due to growing urbanisation initiatives like smart cities. The ambition to digitally alter the production sectors of the automotive, industrial, and IT industries is another factor driving the market. Similar trends are observed in the Asia-Pacific regions, where there is a surge in industrial and infrastructure projects, particularly in nations like China and India. Over the course of the projected period, the region is anticipated to have faster growth.
The key players of surge protection devices market are Schneider Electric SE, ABB Ltd., Mitsubishi Electric Corporation, Alstom SA, Siemens AG, and Toshiba. Additionally, Larsen & Turbo, Hyundai heavy industries, Hitachi, Fuji Electric, Nissin Electric, Xian XD, Hyosung, Bharat Heavy Electric Ltd., Eaton, and Meidensha.