Surge Protection Devices Market Worth $5.30 Billion By 2030

 Surge Protection Devices Industry Overview

The global surge protection devices market size is expected to reach USD 5.30 billion by 2030, expanding at a CAGR of 9.2% from 2022 to 2030, according to a new report by Grand View Research, Inc. The growth of the market can be attributed to the growing need to protect electronic devices from any potential surges. The alternative energy programs being pursued aggressively all over the world and the growing instances of lightning strikes stemming from the increase in global warming are some of the other factors that are expected to drive the demand for surge protection devices (SPDs) over the forecast period.

 

A surge occurs due to voltage imbalances, interferences in transformers, radio interferences, or differences in potential. Electronic devices can be highly vulnerable to transient voltages. At this juncture, surge protection devices are widely used in electrical installation systems to protect electronic devices. Surge protection devices can be considered a cost-effective solution to improve the system and data reliability while preventing any undesirable downtime.

 

Surge Protection Devices Market Segmentation

Grand View Research has segmented the global surge protection devices market based on product, type, power rating, end-use, and region:

Based on the Product Insights, the market is segmented into Hard-wired, Plug-in, Line Cord, and Power Control Devices.

• The hard-wired segment dominated the market in 2021 and accounted for a share of more than 44.0% of the global revenue. Hard-wired SPDs are typically installed on power lines for the protection of devices and outlets downstream from the device. They can also protect AC-powered, connected systems and equipment from the damages stemming from transients, surges, and AC power-induced events.
• The plug-in segment is anticipated to expand at the highest CAGR over the forecast period. Plug-in SPDs are mainly installed in intermediate panels and at the origin of the network for protecting the equipment from indirect lightning strikes. As such, plug-in surge protection devices are used for protecting sensitive electrical equipment, such as refrigerators, and television sets, among others.

 

Based on the Type Insights, the market is segmented into Type 1, Type 2, Type 3, and Type 4.

• The type 2 segment dominated the market in 2021 and accounted for a share of more than 30.0% of the global revenue. Type 2 SPDs are designed for industrial and commercial applications. The protection of electrical equipment and distribution panels at a factory or a commercial facility is of foremost importance as power failure or equipment damage can severely hamper productivity.
• The type 1 segment is expected to register the fastest growth over the forecast period. Type 1 SPDs are incorporated primarily to protect electronic equipment from lightning surges. Climatic changes in recent years have led to an increase in lightning strikes.

Based on the Power Rating Insights, the market is segmented into 0-50 kA, 50.1-100 kA, 100.1-200 kA, and 200.1 kA and above.

• The 100.1-200 kA segment dominated the market in 2021 and accounted for a share of more than 32.0% of the global revenue. SPDs with a higher kA factor do not provide enhanced protection but rather deliver a longer product life.
• The 50.1-100 kA segment is projected to expand at the highest CAGR over the forecast period. SPDs with power ratings ranging from 50.1 kA to 100 kA is primarily used by manufacturing units and for residential and commercial applications.

 

Based on the End-use Insights, the market is segmented into Commercial Complexes, Data Center, Industries & Manufacturing Units, Medical, Residential Buildings & Spaces, Telecommunication, Transportation, and Others.

• The industries and manufacturing units segment dominated the market in 2021 and accounted for a share of over 33.0% of the global revenue. Advances in technology and the strong emphasis on augmenting profitability are prompting companies to deploy various automation systems and high-end electronics.
• The commercial complexes segment is anticipated to expand at a promising CAGR over the forecast period. The commercial sector in developing economies, such as India, is growing noticeably owing to the favorable policies, such as Make in India and Startup India, being pursued by the government.
• Commercial establishments are expected to opt for SPDs to safeguard their equipment, prevent any undesired downtimes, save costs, and augment profitability, thereby driving the growth of the segment over the forecast period. The strong emphasis electrical designers are putting on ensuring that commercial SPDs are installed in compliance with the regulatory requirements also bodes well for the growth of the segment.

 

Surge Protection Devices Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

The market can be described as a highly competitive market owing to the presence of several prominent market players. Key strategies adopted by these market players include new product development; capacity expansion; merger & acquisition, strategic collaborations, partnerships, and agreements; and investment in research & development activities. Companies, such as General Electric, are particularly focusing on providing power strips and wall tap surge protectors. Companies are particularly providing 6-outlet, 2-outlet, 4-outlet, and 8-outlet power strip surge protectors.

Having realized that product quality is the key aspect of the market, market players are focusing on enhancing their product portfolios. Market players are primarily focusing on developing sophisticated and innovative products based on extensive research and development. For instance, in May 2019, Tripp Lite launched two new portable models of Protect It surge protectors, namely TLP648USBC, a U-shaped model, and TLP366CUBEUSBB, a power cube model. These models are flexible enough to be used in homes and offices.

Some of the prominent players operating in the global surge protection devices market are:

• ABB
• General Electric
• Schneider Electric
• Eaton
• Legrand
• Emerson Electric Co.
• Siemens
• com
• Tripp Lite
• Vertiv Group Corp.

 

Order a free sample PDF of the Surge Protection Devices Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

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