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
Global 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 market for surge protection devices is expected to grow due to several factors. Firstly, there is a growing demand for these devices to protect the increasing number of new and innovative electrical and electronic gadgets being installed in homes and offices. Additionally, the increasing adoption of alternative energy programs around the world is expected to drive demand for surge protection devices, as is the rising cost of operating equipment due to power quality issues and frequent equipment failure.
Surge protection devices are also expected to play a vital role in reducing electricity bills by reducing the power consumed by gadgets. This energy efficiency is expected to contribute significantly to the growth of the market over the forecast period. Furthermore, the continued amendments being made by various governments to their respective regulations for public safety are also expected to contribute to the growth of the market.
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
hard wired
Growth Rate
9.2% CAGR
Global Surge Protection Devices Market ($ Bn)
Country Share for North America Region (%)
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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.
Surge Protection Devices Market Analysis by Type
In 2021, the hard-wired segment held the largest market share, accounting for more than 40% of global revenue. Hard-wired surge protection devices are typically installed on power lines to protect downstream devices and outlets from transients, surges, and AC power-induced events. They are commonly used in commercial, industrial, and residential applications, including lighting circuits, motor controllers, and power distribution.
Furthermore, the plug-in segment is expected to grow at the highest rate during the forecast period. These devices are primarily installed in intermediate panels and at the origin of the network to protect equipment from indirect lightning strikes. Plug-in surge protection devices are particularly useful for safeguarding sensitive electrical equipment, such as refrigerators and televisions. The demand for plug-in SPDs is expected to rise in the future due to their various benefits and applications at different endpoints. However, it's important to note that a plug-in SPD may require external overcurrent protection or come with built-in protection.
Global Surge Protection Devices Market By Type
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Surge Protection Devices Market Regional Insights
In 2021, North America held the largest share in the global surge protection devices market in terms of revenue due to the high consumption of electronic goods and the expansion of information and communication technology. The United States, being the hub for many tech companies that consume numerous electronic equipment, is expected to contribute significantly to the market growth. Europe is also a significant market for surge protection devices, with increased investment in automation and rising consumption of household electronic equipment. In the Asia Pacific region, the surge protection devices market is witnessing robust growth due to the replacement of aging transmission and distribution networks. The government's focus on microgrid and smart grid to provide electricity in villages is expected to drive the demand for surge protection devices in the region.
Global Surge Protection Devices Market By Region
- Largest
- Fastest
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Surge Protection Devices Market Dynamics
Surge Protection Devices Market Drivers
Increasing investments in smart grid technology is driving market growth
- Countries such as the United States, China, and India are investing heavily in smart grid technology to improve their electricity infrastructure's efficiency and reliability. For instance, the United States Department of Energy has invested more than USD 4.5 billion in smart grid technology to modernize the country's electricity infrastructure.
Surge Protection Devices Market Restraints
Limited compatibility is anticipated to limit market growth
- Not all surge protection devices are compatible with all electronic equipment, and the installation process can be complex. This can limit the adoption of surge protection devices, particularly for consumers who are not familiar with the installation process.
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Surge Protection Devices Market Competitive Landscape
The market is highly competitive with several notable players competing against each other. To gain an edge, these market players are employing various strategies such as expanding their capacities, developing new products, engaging in mergers and acquisitions, and investing in research and development. Companies like General Electric are emphasizing the production of power strips and wall tap surge protectors, with offerings ranging from 2-outlet to 8-outlet surge protectors.
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
- In 2021, Eaton announced the launch of its new complete line of surge protection devices for residential, commercial, and industrial applications. The new products include panel-mounted surge protectors, plug-in surge protectors, and whole-house surge protectors.
- In 2020, Schneider Electric announced the acquisition of ASCO Power Technologies, a company that specializes in power transfer switches, surge protection devices, and other power control and monitoring products.
- In 2019, Leviton announced the launch of its new Load Center with Surge Protective Devices (SPD) for residential applications. The new product provides surge protection for the entire home and includes multiple levels of protection.
Surge Protection Devices Key Market Trends
- Growing emphasis on energy efficiency: There is a growing emphasis on energy efficiency in the surge protector market, with manufacturers developing products that use less energy and are more environmentally friendly. Some surge protectors have features such as automatic shut-off to conserve energy and reduce electricity bills.
- Increasing focus on product safety and reliability: With the increasing importance of protecting sensitive electronic equipment from power surges, there is a growing emphasis on product safety and reliability in the surge protector market. Manufacturers are developing products that meet stringent safety standards and provide reliable protection for electronic devices.
- Growing demand for USB surge protectors: With the proliferation of USB-powered devices such as smartphones, tablets, and portable speakers, there is a growing demand for surge protectors that include USB charging ports. This trend is expected to drive market growth for USB surge protectors in the coming years.
Surge Protection Devices Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global Surge protection devices market analysis, the surge protector market is expected to grow at a steady pace in the coming years, driven by factors such as increasing demand for smart surge protectors, rising adoption of surge protectors in developing countries, and the growing emphasis on product safety and reliability. The market is also likely to benefit from the increasing focus on energy efficiency and the growing demand for USB surge protectors. Market players are focusing on product innovation and expanding their product portfolios to meet the evolving needs of consumers. They are also investing in research and development activities to develop more sophisticated and innovative products that offer enhanced protection for electronic devices.
Overall, the surge protector market is expected to remain competitive, with several notable players competing against each other. Companies that can offer high-quality products, strong brand recognition, and effective distribution channels are likely to gain a competitive advantage in the market.
In conclusion, the surge protector market is poised for growth, driven by various market trends and technological advancements. The market players are expected to continue investing in product innovation and research and development to stay competitive and meet the evolving needs of consumers.
| 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 |
|
| 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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