by The Surge Protection Devices Market is estimated to be valued at US$ 3.8 Bn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Surge protection devices protect electronic equipment and facilities from voltage transients. They find applications in power transmission and distribution, telecommunication networks, radio frequency equipment, and data lines to safeguard expensive electronic systems and sensitive components from voltage irregularities and spikes. Surge protection devices include surge protection devices (SPDs), lightning arrestors, isolation switches, air terminals, and earth termination systems.
Market Dynamics:
Rising investments in upgrading and strengthening transmission and distribution infrastructure are expected to boost the demand for surge protection devices over the forecast period. Furthermore, the growth of the renewable energy sector and installation of new power plants is also anticipated to contribute to market growth. Growing need for electricity supply reliability and network security among industrial and commercial users is also estimated to fuel the demand for surge protection devices. In addition, surge protection devices help in increasing the lifespan of high-value assets and critical infrastructure by protecting them from voltage fluctuations and spikes caused by weather and other external factors. Thus, the need to protect expensive electronic equipment is expected to drive the surge protection devices market growth during the forecast period.
Segment Analysis
The surge protection devices market can be segmented into cable-based and direct-attached based on type. The cable-based segment dominates the market as they provide strong protection and are easy to install in large facilities and industrial spaces with multiple points of entry for power cables.
PEST Analysis
Political: Surge protection regulations and building codes in many countries mandate installation of surge protection equipment, driving market growth.
Economic: Investments in industrialization and infrastructure development are increasing globally, boosting demand for protection of heavy industrial machinery and critical facilities.
Social: Rising needs for uninterrupted power supply and protection of electronics from voltage fluctuations is a key social factor.
Technological: Advancements in surge protection technologies such as thermally protected metal-oxide varistors (MOVs) offer robust protection against wide ranges of over-voltages, enhancing market opportunities.
Key Takeaways
The global Surge Protection Devices Market Growth is expected to witness high growth, exhibiting CAGR of 8.6% over the forecast period 2023 to 2030, due to increasing investments in electrification and industrial automation globally. The market size for 2023 is estimated at US$ 3.8 Bn.
Regional analysis: North America dominates the market currently due to strong presence of manufacturing and mining industries in the region and stringent safety regulations. Asia Pacific is expected to witness the fastest growth over the forecast period with growing industrialization, infrastructure development and electrification in China, India and Southeast Asian countries.
Key players operating in the surge protection devices market are ABB, Schneider Electric, Eaton, Siemens, Emerson, Vertiv, Raycap, Hager, Legrand, Tripp Lite, Leviton, Phoenix Contact, Citel, General Electric, Rockwell Automation, nVent, Belkin, REV Ritter, Littelfuse, MARS Sicherheit. Key players are focusing on developing innovative surge protection solutions for industrial, commercial and residential applications to capitalize on market opportunities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
