Surge Protection Devices Market is projected to be worth USD 5.33 billion by 2030, registering a CAGR of 6% during the forecast period (2022 - 2030)
The surge protection devices market is projected to reach approximately USD 5.33 billion, registering a CAGR of 6% from 2022 to 2030.
A surge protection device is a tool or appliance to protect electrical equipment from voltage spikes. By shorting to the ground or blocking any undesirable voltages beyond the safe threshold, a surge protector seeks to reduce the voltage delivered to electric equipment. The surge protector device is a key component of electrical installation protection systems used in the electrical power supply, communication, and telephone networks.
The COVID-19 pandemic outbreak has had a negative impact on the market expansion for surge protection equipment. Due to supply chain problems, surge protection device production has been significantly impacted. The lack of supply chain and site access limitations caused manufacturers of different electronic components, including surge protector devices, to have short-term operational difficulties. In the wake of the pandemic's breakout, they were still worried about the security of their employees and busy analyzing numerous risk variables. On the other hand, the pandemic epidemic significantly reduced consumer purchasing power, which led to a slow fall in electronic equipment sales and, to a certain extent, limited the need for surge protection systems.
The market is predicted to rise significantly over the next few years. The ongoing changes that various governments are making to their policies for public safety are anticipated to aid in the market's expansion. For instance, to keep up with the rapid advancements in technology, the national electrical code in the United States, produced and supported by the national fire protection association in Quincy, Massachusetts, is changed every three years. A new obligation to ensure surge protection for the entire house is included in the code's recently updated 2020 edition. The modified service panel makes the new rule relevant to existing residences even though it only applies to newly constructed dwellings. The updated national electrical code calls for safeguarding electronics, computers, and appliances from electrical surges.
One of the primary drivers of the market's expansion is the rising demand for smart power strips. Customers are very interested in Wi-Fi-equipped power strips since they can monitor energy use, set timers and schedules automatically, and more. As a result, numerous businesses are working to offer power strips with Wi-Fi capabilities.
High maintenance cost of the device high maintenance cost of the surge protector device has created a threat to the market growth as installation of the luminaire for better functioning of SPD is crucial and needed. The components used in SPDs, such as gas discharge tubes, cartridges, wiring, and LED, need time-to-time checking. Replacement, thus, adds to the maintenance cost of SPDs.
Surge protection plug-in devices can connect directly to the appliance or to a grounded electrical outlet. The market is expected to increase in this sector due to the expanding use of surge protection devices in industrial applications for lighting circuits, motor controllers, and power distribution. Additionally, some of the top market players offer surge protection devices and support the expansion of the industry.
Based on product, the market has been divided into hard-wired, plug-in, line cord, and power control devices. In 2021, the hard-wired market segment dominated with a share of more than 44.0% of worldwide sales. Hard-wired SPDs are frequently put on power lines to safeguard devices and outlets downstream from the device. Additionally, they can guard against damage caused by transients, surges, and other AC power-induced events for connected systems and equipment powered by AC. Lighting circuits, motor controllers, and power distribution are examples of 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 may be hard-wired SPDs with the track system. Rapid industrialization and commercialization in developing regions are supporting market growth.
The surge protection devices market segmentation, based on type, is divided into type 1, type 2, type3, type 4. The surge protection devices market growth was prominently high under the type 2 category in 2021. For industrial and commercial applications, Type 2 SPDs are created. The safety of electrical equipment and distribution panels at a factory or commercial site 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 typically positioned on the load side of the main service equipment. On the other side, 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, is 0-50 kA, 50.1-100 kA, 100.1-200 kA, 200.1 kA and above. In 2021, the market was dominated by the 100.1-200 kA segment, with the highest revenue share. Higher kA factors in SPDs do not result in greater protection but rather longer product life. Therefore, the best SPDs for industrial and data center applications 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 worldwide.
Based on end use, the market is divided into commercial complexes, data centers, industries & manufacturing units, medical, residential buildings & spaces, telecommunication, transportation and others. The industry and manufacturing units segment dominated the market in 2021, which accounted for a share of more than worldwide revenue. Companies are deploying various automation systems and top-of-the-line electronics due to technological advancements and a strong focus on increasing profitability. However, businesses that use electrical equipment are frequently exposed to irregular power lines and severe lightning, which can cause the equipment to fail.
By region, the surge protection devices market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. In 2021, North America dominated the market with the highest revenue share. Asia Pacific is expected to grow at the highest CAGR over the forecast period.
In 2021, North America dominated the market with the highest revenue share. The region 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. The power used for residential and commercial purposes in the United States makes up around 37% of all electricity.
Asia Pacific is anticipated to grow at the highest CAGR over the forecast period. The increase can be attributed to a greater understanding of SPDs' advantages in nations like China, India, and Japan. Additionally, the rising levels of disposable income in Asia are enabling people to spend money on high-end consumer equipment, like refrigerators, washing machines, and LED television sets.
Due to numerous notable market players, the market can be described as extremely competitive. New product development is one of the primary strategies used by these market participants, such as ABB, General Electric, and Schneider Electric. The participants are focusing their efforts on promoting R&D. Additionally. They support strategic expansion activities, including product launches, joint ventures, and partnerships to expand their client base and boost their market position.
Prominent players in the surge protection devices market research include ABB, General Electric, Schneider Electric, Eaton, Legrand, Emerson Electric Co., Siemens, cg.com, Tripp Lite, and Vertiv Group Corp.
Outlook By Product
Outlook By Type
Outlook By Power Rating
Outlook By End-use
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Surge Protection Devices Market Forecast & Size:
To identify and estimate the surge protection devices market size for the surge protection devices market report segmented by product, type, power rating and end-use by value (in US dollars). Also, to understand the consumption/ demand created by consumers of surge protection devices market forecast between 2022 and 2030
Market Landscape and Trends:
To identify the surge protection devices market growth and infer the drivers, restraints, opportunities, and challenges.
Market Influencing Factors:
To find out the factors which are affecting the surge protection devices market size
Impact of COVID-19:
To identify and understand the various factors involved in the market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
|Market Size||2030: USD 5.33 billion|
|CAGR||6% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Product, Power Rating, and End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ABB, General Electric, Schneider Electric, Eaton, Legrand, Emerson Electric Co., Siemens, cg.com, Tripp Lite, Vertiv Group Corp..|
|Key Market Opportunities||Rising preference for plug-in devices that protect against the effects of surges.|
|Key Market Drivers||Growing demand for smart power strips.|
The surge protection devices market growth factors till 2030 are, Rising preference for plug-in devices that protect against the effects of surges Growing demand for smart power strips
The market is expected to register a CAGR of 6% over the next 10 years, according to the surge protection devices market research.
Asia Pacific is expected to register the highest CAGR during 2022 - 2030
North America held the largest share in 2021
The market size is expected to be USD 5.33 billion by 2030.
ABB, General Electric, Schneider Electric, Eaton, Legrand, Emerson Electric Co. are the major companies operating in the market.