USD 2.47 billion
Surge Protection Devices Market Size, Share, Growth Analysis, By Type(Hard-Wired, Plug-In, Line Cord), By End User(Industrial, Commercial, Residential), By Discharge current(Below 10 kA, 10 kA–25 kA, Above 25 kA), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45N2014 |
Region:
Global |
Published Date: October, 2024
Pages:
278
|Tables:
90
|Figures:
76
Surge Protection Devices Market Insights
Surge Protection Devices Market size was valued at around USD 2.8 billion in 2022 and is expected to rise from USD 2.9 billion in 2023 to reach a value of USD 4.6 billion by 2031, at a CAGR of 5.7% over the forecast period (2024–2031).
The growing need to protect the high-tech electrical and electronic equipment installed in homes and workplaces is predicted to increase the demand for surge protection devices, thus boosting the surge protection devices market growth. Apart from this, the aggressive global pursuit of alternative energy programs and the increased operational expenses resulting from power quality problems and the ensuing frequent equipment failure are some other reasons that are expected to drive the market. Surge protection devices' ability to reduce electricity bills by reducing the amount of power consumed by appliances is also expected to be one of the major drivers for the growth of this market in the forecast period. The market will grow due to the new changes that various governments are implementing in their public safety standards. The National Electrical Code of the United States, for instance, is updated every three years and published and supported by the National Fire Protection Association in Quincy, Massachusetts, to keep up with the fast pace of technological change. One of the main driving elements for market expansion is the increasing demand for smart power strips. Wi-Fi-equipped power strips are needed by most customers for their auto-establish timers and schedules and tracking of energy consumption. As such, some firms try to provide Wi-Fi-based power strips.
US Surge Protection Devices Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024–2031
Global Market Size
Largest Segment
Hard-Wired
Fastest Growth
Plug-In
Growth Rate
9.2% CAGR
Global Surge Protection Devices Market ($ Bn)
Country Share for North America (%)
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Surge Protection Devices Market Segmental Analysis
Global Surge Protection Devices Market is segmented by Type, End User, Discharge current, and region. Based on Type, the market is segmented into Hard-Wired, Plug-In, and Line Cord. Based On End user, the market is Segmented into Industrial, Commercial, and Residential. Based On Discharge current the market is Segmented into Below 10 kA, 10 kA–25 kA, and Above 25 kA. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Product
As per the 2023 surge protection devices market analysis, the market was dominated by the hard-wired category, which accounted for more than 44.0% of revenue globally. Typically, hard-wired SPDs are installed on power lines to protect outlets and equipment downstream of the device. They can also protect against damage from transients, surges, and events caused by AC power for connected systems and equipment. Surge protection devices have commercial, industrial, and residential applications such as power distribution, motor controllers, and lighting circuits, all of which require hard-wired installation. Hard-wired SPDs may thus be the best option for surge protection to ensure reliable operation and long performance.
However, the plug-in category is projected to grow at the highest CAGR during the forecast period. Plugs surge protectors are mainly installed in the intermediate panels and at the source of the network to prevent indirect lightning hits on the equipment. As such, plug-in surge protective devices are used to protect sensitive electrical appliances, such as televisions and refrigerators. The demand for plug-in SPDs will be enhanced by the need for using surge protective devices at various ends and the benefits that surge protective devices might provide at such ends. External overcurrent protection might be required for a plug-in SPD, or alternatively, it can be integrated with the SPD itself.
Analysis By Power Rating
Based on the 2023 surge protection devices market forecast, the market was dominated by the 100.1-200 kA segment, which accounted for more than 32.0% of revenue globally. In this range, SPDs are very popular as they offer reliable protection; the greater kA factor does not result in better protection; rather, it prolongs the lifespan of the product. Due to this, they are ideal for demanding applications where endurance and reliable performance are essential in data centers and industrial settings. As a result of the growing dependence of these industries on sensitive electronic equipment, the demand for SPDs with 100.1-200 kA power ratings is increasing. If businesses continue to place high value on equipment protection, the global market is predicted to grow steadily.
Over the projection period, the 50.1-100 kA category is expected to grow at the highest CAGR. The major consumers of SPDs in the power range of 50.1 kA and 100 kA are manufacturing plants, along with residential and commercial areas. Only for applications that are less sensitive to price and frequently experience large power surges will higher-rating SPDs, such as those with ratings of 100.1 kA and above, be practical since SPDs with power ratings between 50.1 and 100 kA can provide the necessary protection and lifespan. Thus, during the forecast period, the 50.1-100 kA segment is expected to grow at the fastest rate.
Global Surge Protection Devices Market By Product
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Surge Protection Devices Market Regional Insights
North America held the largest share of the surge protection devices (SPD) industry sales in 2023, accounting for more than 38.0%. The region is also a leader in applying cutting-edge technologies. Knowledge regarding the advantages of SPDs is also prevalent in the region. Approximately 37% of all the power consumed in the United States is used for residential and commercial purposes. Countries that are highly susceptible to lightning strike are Florida, Louisiana, Mississippi, and Alabama in the United States. Thus, SPDs have been widely applied in those scenarios to protect electronic products from sudden energy fluctuations. All these factors have made North America the largest regional market.
Contrarily, Asia-Pacific is expected to grow at the highest CAGR during the forecast period. This increase can be attributed to countries such as China, India, and Japan being more aware of the benefits that SPDs offer. In addition, Asia Pacific is now able to afford expensive consumer appliances, including refrigerators, washing machines, and LED television sets, because of the higher disposable income levels. During the forecast period, the growth of the regional market is expected to be stimulated by great attention from consumers towards keeping up these consumer devices.
Global Surge Protection Devices Market By Geography
- Largest
- Fastest
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Surge Protection Devices Market Dynamics
Surge Protection Devices Market Drivers
Growing Dependency on Electronics
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With enterprises and industries becoming increasingly dependent on very sensitive electronic equipment, the need for higher kA rated SPDs is rising. Higher rated devices of 100.1-200 kA by providing power surge protection of data centers and critical infrastructures ensures dependability while avoiding expensive downtime. In all cases, where loss due to power failure might result, this trend can be identified particularly in manufacturing, IT and telecommunications sectors.
Growing Infrastructure Development and Industrialization
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The growth of businesses across the globe, such as data centers, renewable energy installations, and industrial facilities, is driving the demand for surge protection devices. To cope with frequent voltage spikes, these industries require surge protection devices with higher kA ratings. As countries invest in upgrading their infrastructure, especially in developing economies, strong electrical protection systems such as SPDs are increasingly becoming essential.
Surge Protection Devices Market Restraints
High Initial Costs
-
The higher the kA rating of the SPD, the more expensive its cost as an upfront investment. These might deter some organizations like smaller and medium-sized businesses. Even though these devices deliver long-term reliability, an initial cost of installing expensive-higher kA SPDs proves a significant deterrent to its vast scale implementation in cost-sensitive industries.
Installation and Maintenance Complexity
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Higher-rated SPDs may require professional installation and maintenance to ensure optimal operation. The complexity of integrating high-kA surge protection solutions into their existing electrical systems might discourage some businesses from implementing them. The need for professional maintenance will also hinder their broad adoption in some areas or businesses with little technical know-how.
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Surge Protection Devices Market Competitive Landscape
The competitive scenario of the surge protection devices market is such that it has a number of large competitors, including companies that offer a range of products available across sectors, including commercial, residential, and industrial. Most multinational corporations would rather invest their time and resources in developing advanced SPDs that boast features such as green designs and IoT connectivity. The competitors have launched several marketing campaigns to increase their market penetration and respond to the growing worldwide demand for efficient surge protection systems through various innovative strategies; these include product differentiation, strategic alliances, and building up distribution networks.
Surge Protection Devices Market Top Player’s Company Profiles
- ABB Ltd.
- Eaton Corporation
- Emerson Electric Co
- Siemens AG
- Schneider Electric SE
- General Electric Company.
- Littelfuse, Inc.
- Advanced Protection Technologies, Inc.
- Belkin International.
- Leviton Manufacturing Company, Inc.
- Tripp Lite.
- Panamax.
- Rev Ritter GmbH.
- Raycap Corporation S.A.
- Phoenix Contact GmbH.
- Hubbell Incorporated.
- Legrand SA.
- Mersen Electrical Power.
- Citel, Inc.
- MVC-Maxivolt.
- Koninklijke Philips N.V.
- Pentair Electrical & Fastening Solutions.
- MCG Surge Protection.
- JMV.
- ISG Global
Surge Protection Devices Market Recent Developments
- Bourns has recently released the 1420A family of high-performance DC surge protectors, launched in July 2023. The device offers surge protection up to 50 kA in a variety of configurations and was designed for DIN Rail applications. It serves high-risk electrical service panels and entries, including solar energy generating systems, battery energy storage systems (BESS), and EV fast chargers.
- Raycap launched the ProTec PV Box 7y, the surge protection device for the PV power systems and EV charging stations in June 2023. In comparison with other market products, it provides real advantage because it is a smallest three-string option that may be mounted on rooftops where there is little space.
- Littelfuse, Inc., an industrial technology manufacturer, unveiled the NEMA-style Surge Protective Device (SPDN) series in June 2023 to protect equipment from brief overvoltage events lasting but a few microseconds and prevent costly damage and downtime.
Surge Protection Devices Key Market Trends
- Transition to Smart Surge Defense: The business world is more inclined to introduce smart features to surge protection devices as they turn towards more advanced systems. Current SPDs have IoT connectivity that gives customers the means to maintain remotely, keep track of performance, and get messages about any kind of issue that may arise in them. On account of such a tendency, SPDs are far more reliable and efficient for businesses that greatly rely on automation.
- Environment-Friendly and Sustainable Design: More and more people are focusing on creating SPDs that boast ecologically friendly features. These companies are emphasizing devices that have longer lifetimes, sustainable materials, and even less energy usage. These are in tune with a broader global trend toward greener technology, as companies look to acquire products that will serve to enhance sustainability without coming at the cost of utility.
Surge Protection Devices Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the surge protection devices market is growing steadily with factors such as increasing industrialization, dependence on sensitive electronics, and the need for reliable power protection in critical infrastructures such as data centers. Since these devices provide long-term protection for high-demand applications, the 100.1-200 kA segment remains on top. However, other industries still face challenges with expensive startup costs and complicated installation. The manufacturers are responding by focusing on innovative solutions such as smart and inexpensive designs that are environmentally friendly. With the sectors evolving and the need for protection from power surges with each passing day, the market is bound to grow even more and further open opportunities for established firms and new entrants.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 2.8 billion |
| Market size value in 2031 | USD 4.6 billion |
| Growth Rate | 5.7% |
| Base year | 2023 |
| Forecast period | 2024–2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Surge Protection Devices Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Surge Protection Devices Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Surge Protection Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Surge Protection Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Surge Protection Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Surge Protection Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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