Surge Protection Devices Market Size, Share, Growth, and Industry Analysis, By Type (Panel-type SPD, DIN-rain SPD & Other), By Application (Residential, Commercial & Industrial) and Regional Forecast to 2032

• 

  Request a Free Sample to learn more about this report

SURGE PROTECTION DEVICES MARKET REPORT OVERVIEW

The Surge Protection Devices Market size was USD 3396.89 Million in 2023 and is projected to reach USD 8349.93 Million by 2032, exhibiting a CAGR of 10.51% during the forecast period 2024-2032.

These devices (SPDs), commonly referred to as surge protectors, are protective barriers for your electronic devices. They are intended for voltage fluctuations due to lightning or increased loads or faults. SPDs can operate on the basis of the method that they sense the presence of variation in voltage and then reject excess voltage to the ground channel, which protects the devices connected to it. They are available in different categories, from basic ones that are equipped with protection packages to more complex ones that protect a house or home.

GLOBAL CRISES IMPACTING SURGE PROTECTION DEVICES MARKET - COVID-19 Impact

"Market Growth Restrained due to Inaccessibility of Critical Supply Components"

The Global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Consequently, the COVID-19 pandemic had several negative effects on this market. Supply chain disruptions occurred mainly by having critical supply components inaccessible, stagnating production, and delaying product releases. From various segments and industries, lockdowns and economic uncertainties led customers to cut back their spending, especially on industries that use much electronic equipment, such as hospitality and retail. Sales of consumer-grade surge protection devices reduced due to a decline in consumer spending levels triggered by the pandemic.

LATEST TRENDS

"Smart Home Systems to Propel the Market Growth"

There are so many new trends that are evident in this market. One clear trend is the ability of the SPDs to connect to smart home/smart building systems to allow for remote monitoring and controlling of the surge protections. The world market is interested in small-sized, low-profile, and high-performance SPDs for portable electronics applications. The other emerging trend is usage of SPDs with more functionalities of surge energy dissipation and periodic monitoring of the voltage changes. The need for strong surge protection solutions is also developing due to the growing use of renewable energy sources and electric automobiles.

• 

  Request a Free Sample to learn more about this report

SURGE PROTECTION DEVICES MARKET SEGMENTATION

By Type

Based on type the market can be categorized into Panel-type SPD, DIN-rain SPD & Other

• Panel-type SPD: They are larger, more flexible devices usually found in distribution panels or subpanels. They provide very good levels of protection over the whole building or certain circuits.

• DIN-rail SPD: These compact devices are installed on the new diminutive rails known as DIN rails, which are normally used in electrical control sections. They are appropriate to be used for individual devices or a system that is not very large.

By Application

Based on application the market can be categorized into Residential, Commercial & Industrial

• Residential: appliances like power strips, wall outlets, and whole-home surge protection circuits for homes.

• Commercial: For commercial uses like offices, shops, or restaurants to protect computers, servers, and other important electronic appliances.

• Industrial: SPDs for industrial structures, such as factories and manufacturing plants, data centres to protect important equipment and control systems.

MARKET DYNAMICS

Market Dynamics Include Driving and Restraining Factors, Opportunities and Challenges Stating the Market Conditions.

DRIVING FACTORS

"Increasing Adoption of Electronic Devices to Expand the Market"

One of the key driving factors of Surge Protection Devices Market growth is the Increasing adoption of electronic devices. The increase in the usage of electronic devices in residential and industrial applications is putting pressure on the importance of surge protection products.

"Rising Frequency of Power Surges and Lightning Strikes to Advance the Market"

Utility rate fluctuations combined with an increase in lightning strikes and overall ageing of electrical systems due to climate change have spurred demand for effective surge protection devices.

RESTRAINING FACTOR

"High initial cost of installation to Pose Potential Impediments on this Market"

The up-front cost of the devices, their installation, and, especially, the additional cost of surge protection for industrial and commercial customers are a problem for many consumers.

OPPORTUNITY

"Electric Cars to Create Opportunity in this Market"

An advantage is generally bound up with the growth of renewable power sources and electric cars; all of these are a promising area for the development of this market. These technologies are sensitive to both voltage fluctuations and power surges, mainly arising from the need for surge protection.

CHALLENGE

"Power Surges to Pose Potential Challenge for this Market"

A major threat to this market is the relatively low level of understanding about the need for surge protection among consumers and businesses and dangers related to power surges. Some people may not consider surge protection by purchasing products until they have experienced a lot of loss in their equipment, which acts as a hindrance to the market.

• 

  Request a Free Sample to learn more about this report

SURGE PROTECTION DEVICES MARKET REGIONAL INSIGHTS

• North America

North America is largely a prominent market. for these protection devices, owning to increased usage of electronic devices and growth in awareness within the population regarding the potential threats of electrical surges. They also have the latest technological innovation in surge protection techniques in this region. The United States Surge Protection Devices Market dominates this global market and contributes an extremely high percentage to the total growth of the market. Being one of the largest markets for electronics and technology, the U.S. represents the surge protection market driven by technological development.

• Europe

Europeans show robust demand for these protection devices, particularly from Germany, the United Kingdom, and France, among others. This region, in particular, has developed specific laws and requirements that relate to electrical safety; therefore, the market demands good-quality surge protection solutions.

• Asia

Currently, Asia has been embracing the devices, particularly China and India. The growth in economies of regions like Asia and the Pacific, the higher population rate of urbanisation factor, along with higher disposable income to invest on products such as electronic items, has resulted in higher demand for electronic devices and thus surge protection.

KEY INDUSTRY PLAYERS

"Key Players Transforming the Surge Protection Devices Market through Development"

Some of the market players in this market on the basis of industrial output have a major role to play in shaping up the market. As competition intensifies, top management companies put more effort and resources into developing new products capable of performing excellent functions. They also concentrate on steps towards widening their networks to penetrate deeper into the markets of consumers. Also, these companies work together with other companies in the industry in formulating synchronised solutions and platforms.

LIST OF MARKET PLAYERS PROFILED

• Citel (France)
• Eaton (Ireland)
• ABB (Switzerland)
• Legrand (France)
• Mersen (France)

INDUSTRIAL DEVELOPMENT

2024: Legrand, the international company dedicated to electrical and digital technologies in buildings, announced the new line of these protection devices for smart homes and buildings. These devices are incorporated with smart home systems; it enables the user to monitor and manage surge protection from a distance.

REPORT COVERAGE

This report is based on historical analysis and forecast calculation that aims to help readers get a comprehensive understanding of the global Surge Protection Devices Market from multiple angles, which also provides sufficient support to readers’ strategy and decision-making. Also, this study comprises a comprehensive analysis of SWOT and provides insights for future developments within the market. It examines varied factors that contribute to the growth of the market by discovering the dynamic categories and potential areas of innovation whose applications may influence its trajectory in the upcoming years. This analysis encompasses both recent trends and historical turning points into consideration, providing a holistic understanding of the market’s competitors and identifying capable areas for growth.

This research report examines the segmentation of the market by using both quantitative and qualitative methods to provide a thorough analysis that also evaluates the influence of strategic and financial perspectives on the market. Additionally, the report's regional assessments consider the dominant supply and demand forces that impact market growth. The competitive landscape is detailed meticulously, including shares of significant market competitors. The report incorporates unconventional research techniques, methodologies and key strategies tailored for the anticipated frame of time. Overall, it offers valuable and comprehensive insights into the market dynamics professionally and understandably.