What is the global market size of Surge Protection Devices Market?

Surge Protection Devices Market size was valued at USD 2.47 billion in 2021 and is poised to grow from USD 2.7 billion in 2022 to USD 5.45 billion by 2030, growing at a CAGR of 9.2% in the forecast period (2023-2030).

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 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.

Surge Protection Devices Market Report Snapshots

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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 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. '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'

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.

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.

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.

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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

Surge Protection Devices Market Dynamics

Surge Protection Devices Market Report Snapshots

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