Surge Protection Devices Market Size was valued at USD 3.5 Billion in 2022. The Surge Protection Devices market industry is projected to grow from USD 3.71 Billion in 2023 to USD 5.91 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.00% during the forecast period (2023 - 2032). Smart home technology's ongoing development and smart devices expanding use which is the key market driver enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for surge protection devices is being driven by rise in the demand for electronic device protection systems and a surge in the use of high-voltage machinery and equipment in manufacturing facilities. For the protection of equipment, valuable appliances, and electronics surge protection systems are widely utilized in both commercial and domestic settings. The demand for protective systems for electronic gadgets has grown rapidly during the past few years. This is linked to rising protection system demand, which in turn fuels the expansion of the surge protector devices market.
Additionally, expanding economies in developing nations and rising population levels, there is an increase in demand for electrical goods which is anticipated to boost the market growth. Increasing industrialization and availability of cash raised the standard of living. As a result, consumption and spending on electronic items have substantially expanded. The increase in equipment damage is a result of both the expanding use of microprocessors in a wider range of products and the increasing shrinkage of microelectronic parts. The expanding nations' adoption of high-tech goods including LCD, LED, laptops, washing machines, and televisions is one of the primary factors driving the growth of the global market for surge protection devices.
Moreover, the rapid growth of the automotive industry and the increasing need for smart, small portable appliances with better power densities, faster processors, and greater sensitivity are the two main factors driving the global market for surge protection devices. The expanding usage of electronic and mechanical components in the automotive industry to improve passenger safety, comfort, and telemetric as well as driver assistance and navigation is also having a favorable impact on the market. As a result, the market is expanding due to the use of these devices to provide intelligent and high-performance functionalities by preventing overheating and wiring.
For instance, in June 2021, the Indian Brand Equity Foundation reports that India produced 22.65 million cars in FY21, with 13 million of those being constructed between April and October of that same year. In the third quarter of FY22, sales of electric vehicles (EVs) reached a new high of 5,592 units. The total number of electric cars (EVs) sold in India was 329,190, an increase of 168% year over year from the 122,607 units sold in the prior year. Significant increase is anticipated for the major economies faster adoption of EVs. Thus, driving the Surge Protection Devices market revenue.
The Surge Protection Devices Market segmentation, based on product, includes hard-wired, plug-in, line cord, and power control devices. The hard-wired category dominates the market during the forecast period (2.4 billion). In order to safeguard devices and outlets downstream from the device, hard-wired SPDs are frequently put on power lines. Additionally, they can guard against damage caused by transients, surges, and other AC power-induced events for connected systems and equipment that are powered by AC. Lighting circuits, motor controllers, and power distribution are just a few examples of the commercial, industrial, and residential uses for hard-wired surge protection devices. So, the most practical surge protection option to guarantee dependable operations and increased performance are hard-wired SPDs.
Figure 1: Surge Protection Devices Market, by Product, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Surge Protection Devices Market segmentation, based on type, includes type 1, type 2, type 3, and type 4. The type 2 category is anticipated to hold the highest market share in the coming years. For industrial and commercial applications, Type 2 SPDs are created. At a factory or commercial site, the safety of electrical equipment and distribution panels is crucial because equipment damage or power outages can significantly reduce output. Limiting transient voltage and protecting delicate electronics and Mp/Mc-based boards are the primary duties of type 2 surge protection devices. Type 2 SPDs are therefore typically positioned on the load side of the main service equipment.
Over the projected period, the type 1 category is anticipated to develop at the quickest rate. Electronic equipment is generally protected from lightning surges by Type 1 SPDs.
The Surge Protection Devices Market segmentation, based on power rating, includes 0-50 KA, 50.1-100 KA, 100.1-200 KA, 200.1 KA, and above. The 100.1-200 KA segment dominated the market share during the forecast period. Â Higher kA factors in SPDs do not result in greater protection, but rather longer product life. The best SPDs for industrial and data centre applications therefore have a greater kA factor. As a result, there is an increase in demand for SPDs with a power rating of 100.1-200 kA all around the world.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Surge Protection Devices market is anticipated to dominate the market. The area has a history of embracing cutting-edge technology early on. The region also has a very high level of awareness of the advantages of SPDs. In the United States, the amount of power used for residential and commercial purposes makes up around 37% of all electricity used. States like Florida, Louisiana, Mississippi, and Alabama are among those in the U.S. that are particularly vulnerable to lightning strikes. As a result, these states have relatively high adoption rates for SPDs, which safeguard electronic gadgets from abrupt energy swings. Due to all of these factors, North America has thus become the largest regional market.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Surge Protection Devices Market Share By Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Asia-Pacific Surge Protection Devices market accounts for the second-largest market share due to rising knowledge of the advantages provided by SPDs in nations such as China, India, and Japan. Additionally, the rising levels of disposable income in the Asia Pacific area are enabling people to spend money on high-end consumer equipment, such as washing machines, refrigerators, and LED television sets. The regional market is anticipated to increase as a result of the high consumer attention on protecting these consumer devices.
Further, the Chinese Surge Protection Devices market held the largest market share, and the India Surge Protection Devices market was the fastest growing market in the European region
The Europe Surge Protection Devices Market is expected to grow at the fastest CAGR from 2023 to 2032 due to the expanding demand from the agricultural, building, and industrial sectors. Significant increase in demand for numerous pieces of equipment, including lawnmowers, portable generators, and snowblowers estimated to propel the market growth.
Moreover, German Surge Protection Devices market held the largest market share, and the UK Surge Protection Devices market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Surge Protection Devices market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Surge Protection Devices industry must offer cost-effective items.
The government and private businesses are making significant investments in R&D for technological advancements in the global Surge Protection Devices industry to benefit clients and increase the market sector. In recent years, the Surge Protection Devices industry has advantages such the increasing growth of the industrialization and construction of infrastructure. Major players in the Surge Protection Devices market, including ABB General Electric, Schneider Electric, Eaton, Legrand, Emerson Electric Co., Siemens, cg.com, Tripp Lite, Vertiv Group Corp, and others are attempting to increase market demand by investing in research and development operations.
Leading provider of power and automation technologies, ABB, General Electric provides a variety of goods, services, and systems, including transformers, high-voltage goods, power transmission systems, grid integration systems, and others. Power grids, electrification products, process automation, and discrete automation and motion make up the company's four business segments. Under its electrification products division, which contributed 26% of the company's total net sales in 2016, it provides surge protection devices. Switches and sockets, robots, massive transformers, and control systems that oversee entire power networks and factories are just a few of the company's many products.
Schneider Electric drive digital transformation by integrating industry-leading process and energy technologies that link end-points to the cloud, connecting products, controls, software, and services across the full lifecycle, enabling integrated business management for homes, buildings, data centers, infrastructure, and industries. The digital risk strategy of Schneider Electric acknowledges that cyber security goes beyond being a "feature" of hardware and software. As an alternative, it is a fundamental, continuing business practice that secures the entire digital ecosystem, including people, processes, and technology, by applying standards and good practices to identify risks and reduce them. Schneider's approach adheres to the ISA/IEC 62443 and ISO 2700x standards and is in line with the NIST cyber security framework. In February 2023, At the 15th edition of ELECRAMA 2023, the greatest gathering of the power sector ecosystem, Schneider Electric unveiled its broad range of energy management and next-generation automation technologies.
July 2023:Â Easy UPS 3-Phase Modular is offered by Schneider ElectricTM, a world pioneer in the digital transformation of energy management and automation. This reliable uninterruptible power supply (UPS) offers third-party validated Live Swap capabilities while being built to safeguard essential loads. Easy UPS 3-Phase Modular supports the EcoStruxureTM architecture and comes in capacities ranging from 50 to 250 kW with N+1 expandable design.
June 2018: ABB declared that it has successfully acquired GE Industrial Solutions (GEIS), GE's global electrification solutions business. The $2.6 billion deal gives ABB significant value creation potential, including growth opportunities to be leveraged from combining the massive GEIS installed base with ABB's digital offering, ABB AbilityTM.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 3.5 Billion |
| Market Size 2023 | USD 3.71 Billion |
| Market Size 2032 | USD 5.91 Billion |
| Compound Annual Growth Rate (CAGR) | 6.00% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Type, Power Rating and Region. |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | ABB General Electric, Schneider Electric, Eaton, Legrand, Emerson Electric Co., Siemens, cg.com, Tripp Lite, Vertiv Group Corp. |
| Key Market Opportunities | Technological advancement of surge protection devices. |
| Key Market Dynamics | Leading players expanding regional presence. |
Surge Protection Devices Market Highlights:
Frequently Asked Questions (FAQ) :
The Surge Protection Devices Market size was valued at USD 3.5 Billion in 2022.
The global market is projected to grow at a CAGR of 6.00% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are ABB General Electric, Schneider Electric, Eaton, Legrand, Emerson Electric Co., Siemens, cg.com, Tripp Lite, Vertiv Group Corp.
The hard-wired category dominated the market in 2022.
The type 2 had the largest share in the global market
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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