The surge protection devices market size was valued at USD 3.3 Billion in 2023 and is expected to reach a market size of USD 7.9 Billion by 2032 at a CAGR of 10.2%.
The surge protection devices market has experienced significant growth in recent years, driven by the increasing demand for protection against voltage fluctuations and transient over voltages across various industries.
With the growing reliance on electronic devices and the proliferation of sensitive equipment in both residential and commercial settings, the need for robust surge protection solutions has become paramount. Factors such as the expanding telecommunications sector, the rise of smart grids, and the increasing adoption of renewable energy sources have further fueled market growth.
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Market Factors:
Rising Adoption of Electronics: Increased usage of electronic devices and sensitive equipment across residential, commercial, and industrial sectors drives the demand for surge protection devices.
Growing Awareness: Increasing awareness among consumers and businesses about the risks associated with power surges and the importance of surge protection contributes to market growth.
Technological Advancements: Ongoing developments in surge protection technology, such as smart and IoT-enabled devices, enhance efficiency and monitoring capabilities, driving market expansion.
Industrialization and Infrastructure Development: Rapid industrialization and infrastructure development in emerging economies lead to a higher demand for surge protection devices to safeguard critical equipment and infrastructure.
Stringent Regulations: Implementation of stringent regulations and standards regarding electrical safety and surge protection further boosts market growth by compelling businesses and individuals to invest in reliable surge protection solutions.
Top Companies are:
· General Electric
· Siemens
· ABB
· Schneider Electric
· CG Power and Industrial Solutions Limited
· Mercen
· Infineon Technologies AG
· Philips
· Emerson
· Legrand
· GEYA Electrical Equipment Supply
Market Segmentations:
By Product-
· Hard-wired
· Plug-in
· Line Cord
By Type
· Type 1
· Type 2
· Type 3
· Type 4
By Power Rating
· 0–50 kA
· 51–100 kA
· 101–200 kA
· More than 200 kA
By Application
· Commercial
· Data Center
· Industrial
· Residential
· Medical
· Telecom
· Others
Regional Analysis:
In 2023, North America emerged as the dominant force in the surge protection device market, driven by escalating demand for electronics amidst increasing automation across residential and industrial sectors. Leading industry players such as Advanced Protection Technologies, Emerson Electric, and General Electric have been instrumental in offering cutting-edge solutions, further fueling market growth.
The region’s surge protection device market is further bolstered by the rising adoption of renewable energy sources, necessitating the protection of electronic appliances from potential damage. Moreover, the prevalence of lightning-prone states in the U.S. underscores the significance of surge protection, with approximately 40 million lightning strikes reported annually, according to the Center for Disease Control and Prevention.
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