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%.
Fort Collins, Colorado, May 05, 2024 (GLOBE NEWSWIRE) —
Rising demand for surge protection devices propels the industry growth.
The surge protection devices (SPD) market is experiencing significant growth, driven by the escalating demand for current-sensitive electronics in both residential and commercial sectors. The proliferation of consumer electronics like refrigerators, washing machines, televisions, printers, and computers, fueled by increasing disposable incomes, underscores this trend. Given the susceptibility of electronic devices to damage from current or voltage fluctuations, there’s a heightened need to shield them from potential failure due to sudden surges. Consequently, leading players and new entrants are diversifying their product portfolios to capture market share. For instance, in March 2022, ELAC, a renowned German loudspeaker manufacturer, introduced a range of surge protectors and power conditioners under the Protek brand, featuring modern functionalities such as Wi-Fi, Bluetooth, and compatibility with Alexa/Google Assistant.
Moreover, in industries where machine downtime resulting from damages caused by line faults or transient voltage is a concern, the demand for surge protection devices remains high. In the industrial sector, machines rely heavily on embedded microprocessors, programmable logic controllers (PLCs), computers, and other sensitive electronics to drive sophisticated manufacturing systems and ensure continuous productivity.
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Segmentation Overview:
The surge protection devices market has been segmented into product, type, power rating, application, and region.
Industrial segment accounted for a significant market share in 2023.
- Based on application, the surge protection devices market segmentation includes commercial, data center, industrial, residential, medical, telecom, and others. The industrial segment held the major market share in 2023. Industries now have advanced electronics and a variety of automation systems in place due to technological advancements.
Type 2 is the leading segment and is projected to register massive growth in forecast period.
- Based on type, the surge protection devices market segmentation comprises type 1, type 2, type 3, and type 4. The type 2 segment held the largest market share in 2023. These SPDs are the main protection system for low-voltage electric installation and are installed at the load side of the service equipment overcurrent device.
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Surge Protection Devices Market Report Highlights:
- The surge protection devices market growth is anticipated at a CAGR of 10.2% by 2032.
- The high demand for surge protection devices due to the growing usage of current sensitive electronics in residential and commercial sectors is a major factor driving the market growth.
- North America dominated the surge protection device market share in 2023. This can be attributed to the growing demand for electronics with increasing automation in residential and industrial sectors. Several prominent players such as Advanced Protection Technologies, Emerson Electric, and General Electric are also providing innovative solutions in the market.
- Some prominent players in the surge protection devices market report include General Electric, Siemens, ABB, Schneider Electric, CG Power and Industrial Solutions Limited, Mercen, Infineon Technologies AG, Philips, Emerson, Legrand, GEYA Electrical Equipment Supply, Rockwell Automation, Hubbell, Belkin International, and Havells India Ltd.
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