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.

 

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Comments

Post a Comment

Popular posts from this blog

Drug Addiction - Pipeline Review, H1 2017 Market Overview and trends research report

Radiant insights, inc latest Pharmaceutical and Healthcare disease pipeline guide Drug Addiction - Pipeline Review, H1 2017, provides an overview of the Drug Addiction (Central Nervous System) pipeline landscape. Drug addiction, also called substance dependence or chemical dependency, is a disease that is characterized by a destructive pattern of drug abuse that leads to significant problems involving tolerance to or withdrawal from the substance. Drug addiction symptoms or behaviors include recurrent drug use that results in a lack of meeting important obligations at work, school, or home, inability to sleep, awake at unusual times, unusual laziness, loss of or increased in appetite, changes in eating habits, cold, sweaty palms; shaking hands., red, watery eyes; pupils larger or smaller than usual and unusual smells on breath, body or clothes. Report Highlights Radiant insights, inc Pharmaceutical and Healthcare latest pipeline guide Drug Addiction - Pipeline Review, H1 2017, p...
Read more

All Countries Dialyzer Industry 2013-2028 - Market Size, Share, Outlook, Growth, Key Players and Forecast

The global Dialyzer market was valued at $XX million in 2018, and Radiant Insights, Inc analysts predict the global market size will reach $XX million by the end of 2028, growing at a CAGR of XX% between 2018 and 2028. This report provides detailed historical analysis of global market for Dialyzer from 2013-2018, and provides extensive market forecasts from 2019-2028 by region/country and subsectors. It covers the sales volume, price, revenue, gross margin, historical growth and future perspectives in the Dialyzer market. Download Free Sample Report @ https://www.radiantinsights.com/research/2013-2028-report-on-global-dialyzer-market/request-sample Leading players of Dialyzer including: • Fresenius Medical Care • Baxter • Nipro • Asahi Kasei • Toray • B.Braun • Nikkiso • Medtronic • Kawasumi • Medica • Wego • Lengthen • Peony Medical • Chengdu OCI • Bain Medical Equipment Market split by Type, can be divided into: • Flat Type Dialyzer • Coil Tube Dialyzer • Ho...
Read more

Insights into the Medical Waste Disposal Category: A Comprehensive Procurement Intelligence Report

  Medical Waste Disposal Category Overview The medical waste disposal category is anticipated to grow at a CAGR of 6.0% from 2023 to 2030. Appropriate disposal of medical trash is the key challenge for healthcare providers across the globe. Rising awareness about the benefits of proper medical waste management for treatment, recycling, and disposal of medical trash has boosted the growth of the category. According to the World Health Organization Study Report 2022, countries with low income generate over 0.2 kg of medical trash per day per hospital bed, whereas countries with high income generate hazardous waste of up to 0.5 kg per hospital bed each day. Moreover, rising government initiatives and strict rules and regulations for waste management are also expected to drive the category. For instance, in December 2022, an MOU was signed between the Center for Health Environment Research and Development and Can Tho Central General Hospital under USAID’s Reducing Pollution Project. T...
Read more