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 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 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.  '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'

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. 

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.