Who are the key vendors in the Surge Protection Devices Market?

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. 'Eaton Corporation', 'Schneider Electric SE', 'ABB Ltd.', 'Siemens AG', 'Emerson Electric Co.', 'GE Industrial Solutions', 'Legrand SA', 'Mitsubishi Electric Corporation', 'Littelfuse Inc.', 'Belkin International, Inc.', 'Leviton Manufacturing Co., Inc.', 'Raycap Corporation S.A.', 'Tripp Lite', 'Phoenix Contact GmbH & Co. KG', 'Larsen & Toubro Limited', 'DEHN + SÖHNE GmbH + Co KG', 'Crompton Greaves Ltd.', 'Honeywell International Inc.', 'Toshiba Corporation', 'Panamax'.

What is the key driver of Surge Protection Devices Market?

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.

What is the key market trend for Surge Protection Devices Market?

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.

Which region accounted for the largest share in Surge Protection Devices Market?

In 2021, North America held the largest share in the 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.

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.

Surge Protection Devices Market Report Snapshots

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FAQs

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.

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