June 25, 2024
Surge Protection Devices Market

The Global Surge Protection Devices Market Is Estimated To Propelled By Increasing Need For Protection From Voltage Fluctuations

The surge protection devices market consists of equipment that protect electronics from voltage disturbances originating from both internal and external sources. Surge protection devices shield systems and sensitive equipment from high-voltage transients or surges that can otherwise cause damage. They are commonly used in homes, industrial plants, and commercial buildings to safeguard electronic devices connected to power lines. Growing use of digital equipment that require steady power flow and rising instances of power fluctuations have increased the need for surge protective solutions in recent years.

The global surge protection devices Market is estimated to be valued at US$ 3.8 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Increasing need for protection from voltage fluctuations has been a key factor driving growth of the surge protection devices market. Frequent voltage disturbances arising from occurrences such as lightning strikes, switching transients from heavy loads, and jamming from nearby electric equipment can seriously damage or destroy sensitive electronics like computers, industrial equipment, and digital appliances if not safeguarded through surge protection. Surge protection devices prevent high-voltage sparks and safeguard electronics from sustaining irreversible damage. Growing reliance of industrial facilities and homes on digital infrastructure has heightened the importance of such devices in ensuring uninterrupted operation of vital systems. Technological advances enabling integration of surge protection in smaller and more powerful formats have further supported adoption across wider applications and geographies over the past few years.

SWOT Analysis

Strength: Surge protection devices provide protection against voltage surges or spikes that can damage expensive electronic equipment. They act as the first line of defense.
Weakness: Heavier and bulkier models can be inconvenient for portable use. Some devices may have limited lifespans depending on frequency of surges.
Opportunity: Growth of IoT devices and increasing use of sensitive electronics in both commercial and residential settings is driving demand. Adoption is increasing in emerging markets.
Threats: Threat of substitutes such as surge protection installed directly into wiring systems. Fluctuations in costs of raw materials used in manufacturing.

Key Takeaways

The Global Surge Protection Devices Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2023 is projected to reach US$ 3.8 Bn, growing at a CAGR of 5.2% during the forecast period.

Regional analysis shows that North America currently dominates the market due to high adoption of surge protection for critical infrastructure and industrial automation. However, Asia Pacific is expected to grow at the fastest pace due to rapid industrialization and infrastructure development in countries such as China and India. Usage of sensitive electronics is also increasing among residential users in Asia Pacific economies.

Key players operating in the surge protection devices market include Karl Storz SE & Co. KG, Olympus Corporation, Endo Med Systems GmbH, HOYA Corporation, Getinge AB, Avantis Medical Systems, Boston Scientific Corporation, and FUJIFILM Holdings Corporation, among others. These companies are focusing on development of innovative product features for different end-use industries. For example, portable designs with multiple protection ports are gaining popularity for IT and communications applications.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it