Surge Protection Devices Market By Type (Hard-Wired, Plug-in, Line Cord), End-User (Industrial, Commercial, Residential), Discharge Current (Below 10 kA, 10 kA–25 kA, Above 25 kA), & Region for 2024-2031

Surge Protection Devices Market Valuation – 2024-2031

Surge protection devices serve to reduce the risks by protecting equipment from power quality issues, ensuring business continuity even in harsh situations. Organizations understand the vital relevance of data security and continuous operations. Data loss and downtime can have serious effects, thus key IT equipment should be protected. Thus, data security and continuous operation are surging the market size surpassing USD 3.12 Billion in 2024 to reach a valuation of USD 4.75 Billion by 2031.

Industries like healthcare and telecommunications have strict laws requiring the deployment of surge protection devices to assure equipment safety and performance. Compliance with these laws is critical for meeting legal requirements and ensuring operational integrity. Furthermore, following surge protection safety requirements improves a company’s reputation while also increasing client trust and confidence in its products and services. Thus, the regulatory requirements and safety standards are enabling the market to grow at a CAGR of 5.40% from 2024 to 2031.

Surge Protection Device MarketDefinition/ Overview

Surge Protection Devices (SPDs), also known as surge protectors, spike suppressors, surge diverters, or transient voltage surge suppressors (TVSS), are electronic devices that protect electrical equipment from harmful voltage spikes. Surge protection devices (SPDs) are intended to safeguard electrical devices against voltage spikes, also known as transient overvoltages. These devices regulate the voltage supplied to electrical equipment by either blocking or redirecting any voltages that exceed a safe threshold limit to the ground. SPDs are widely used in a variety of applications, including automatic control buses, electric power supply networks, telephone networks, and numerous communication systems. They serve an important role in protecting sensitive equipment.

While the installation of surge protection devices may be cost-constrained, particularly in specific applications, rising economies are expected to present significant potential for market expansion. However, issues such as poor design specifications, misconceptions, insufficient testing, and safety concerns are projected to stymie the surge protection device market’s growth. Addressing these difficulties will involve SPDs’ ability to protect electrical equipment from voltage fluctuations is critical to their long-term growth and effectiveness.

How the Increasing Adoption of Electronic Devices is Surging the Growth of the Surge Protection Devices Market?

The increasing adoption of reliance and electronic devices globally is surging the growth of the surge protection devices market. As electronic devices become more integrated into different elements of daily life, ranging from cellphones and laptops to complex industrial equipment and crucial infrastructure, people’s reliance on them grows. However, voltage surges can destroy electronic devices, stressing the importance of surge protection in preserving their functionality and durability. As people’s reliance on electronic devices grows throughout industries, so does the necessity for reliable surge protection solutions.

Lightning strikes represent a significant threat to electronic equipment, as they can cause surges that can harm delicate electronics. Lightning-related surges can jeopardize the integrity of electrical devices, either directly or indirectly, such as through induced voltages. Surge protection devices operate as the first line of defense, directing hazardous currents away from sensitive electronics. As the frequency and intensity of lightning strikes grow to endanger electronic systems, the significance of surge protection becomes more evident, prompting the use of surge protection devices.

Many power grids throughout the world are aging and prone to power quality issues such as voltage swings and transients. The full revamp of entire grid infrastructures incurs enormous expenses, making it a difficult task for utility corporations. In this context, surge protection devices are a more cost-effective way to protect electronic equipment from power quality issues. Surge protection devices serve to reduce the risk of damage to electronic devices linked to aging power networks by protecting them from voltage fluctuations and transients effectively.

The growth of smart homes and IoT devices has resulted in an exponential increase in the number of interconnected electronics in both residential and business environments. These networked devices ranging from smart Appliances and IoT sensors are frequently more vulnerable to voltage surges due to their sophisticated electrical components. As a result, surge protection becomes critical to avoiding damage and disturbances inside these interconnected ecosystems. As smart technologies become more popular, the demand for surge protection devices is likely to increase, driven by the requirement to protect interconnected electronic systems from voltage surges and assure their reliable operation.

How the Lack of Awareness and Substitute Products in the Market are Limiting the Growth of the Surge Protection Devices Market?

Lack of awareness and misconception are limiting the growth of the surge protection devices market. Many consumers underestimate the prevalence and potential damage caused by voltage surges, resulting in reduced adoption. Furthermore, the emphasis on short-term expenses may discourage some consumers from investing in surge protection systems, since they prefer instant savings over long-term benefits. Misconceptions about the functionality of surge protectors impede adoption rates, emphasizing the need for customer education.

Substitute products in the market and high competition are hindering the growth of the market. Some customers rely on alternate solutions, such as built-in surge protection in electronic gadgets or power strips that include surge protection. While these solutions provide basic safety, they may not be sufficient to defend against all forms of surges, thereby exposing devices to damage.

The existence of counterfeit surge protection devices on the market raises questions regarding their quality and safety. These products may fail to meet safety requirements, endangering both users and their electronic devices. Furthermore, differences in international regulations for surge protection devices might make it difficult for consumers to compare the level of protection provided by various SPDs.

In some industrialized countries, the surge protection device market may be nearing saturation, resulting in slower growth. Consumers with rudimentary surge protection in place may be less likely to upgrade to newer products. Furthermore, while SPDs have a limited lifespan, consumers may procrastinate replacing worn-out devices, exposing their gadgets to surges.

Category-Wise Acumens

How User-Friendly, Affordability, and Versatility of Plug-in SPD is Escalating the Growth of Plug-in Segment in the Surge Protection Devices Market?

The plug-in segment is significantly dominating the surge protection devices market owing to the plug-in SPDs being extremely user-friendly, with minimal installation processes. Consumers can simply connect them to a wall socket and plug their electrical devices into the surge protector. This simple setup eliminates the need for sophisticated wiring or professional installation, making it more convenient for consumers with a variety of technical backgrounds.

Affordability offered by plug-in SPD is contributing to the growth of the plug-in segment. Compared to other types of surge protection devices, such as whole-house surge protectors or hardwired units, plug-in SPDs are typically less expensive. This lower price makes them more affordable to a broader range of consumers, particularly those on restricted budgets or looking for cost-effective surge protection options.

Plug-in surge protection devices provide versatility through a diverse set of alternatives.

Consumers can select from a variety of configurations, which include varying outlet counts, power ratings, and optional features like USB charging ports or Ethernet connections. This diversity enables customers to choose the plug-in SPDs that best meet their unique requirements, such as additional outlets for multiple devices or specialized connecting options for their electronic equipment.

How the Largely Automated Machinery and Improved Efficiency are Surging the Growth of Surge Protection Devices Market?

The industrial segment is showing significant growth in the surge protection devices market and is anticipated to continue its growth throughout the forecast period. Industrial facilities rely largely on automated machinery and control systems to streamline operations and improve efficiency. However, these systems are especially susceptible to voltage surges, which can disrupt operations and cause substantial damage to equipment. As industrial processes grow more automated, robust surge protection solutions become increasingly important to prevent disruptions and equipment failures.

Downtime in industrial processes can result in significant financial losses, including missed productivity, maintenance costs, and reputational harm. Surge-related damage might cause unforeseen downtime, aggravating the financial repercussions. Industrial facilities that invest in surge protection equipment can reduce the risks associated with downtime, assuring uninterrupted operation and avoiding financial losses.

Many industries, including manufacturing, energy, and telecommunications, have severe rules in place to ensure equipment safety and operating reliability. These rules frequently require the deployment of surge protection devices to protect vital equipment and maintain compliance with safety standards. Industrial establishments must follow these laws to reduce potential liabilities and assure the safety and dependability of their operations. As a result, the demand for surge protection devices in the industrial segment is driven not only by operational concerns but also by regulatory compliance requirements.

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Country/Region-wise Acumens

How Industries, Automation, and Smart Homes are Escalating the Growth of the North America Surge Protection Device Market?

North America is showing substantial growth in the surge protection device market and is projected to continue its growth throughout the forecast period driven by the industrial automation to smart homes, North American economies rely significantly on electronics. This reliance highlights the vital requirement for strong surge protection to protect against voltage surges and ensure the continuous operation of electronic devices. Data security and business continuity are critical for North American businesses. Investments in surge protection are emphasized to reduce the danger of data loss and downtime caused by voltage spikes, in line with the region’s emphasis on continuous operations.

Industries such as healthcare and telecommunications have rigorous laws requiring the usage of surge protection devices. These requirements assure the safety and functionality of essential equipment, which increases the demand for surge protection systems. The growing awareness among consumers and organizations about the hazards of voltage surges drives demand for surge protection technologies. As awareness develops, so does the demand for robust surge protection.

North America has a well-established electrical grid. However, aged infrastructure in some areas emphasizes the need for surge protection systems to reduce power quality issues and provide a dependable electricity supply.  North American manufacturers are at the forefront of developing sophisticated surge protection systems. Their emphasis on innovation yields a wide range of solutions customized to the varying needs of consumers and industries.While the residential industry in North America may be saturated in some locations, there are still chances to promote improved surge protection technologies. Educating consumers about the benefits of surge protection is still critical for industry growth.

How Rapid Urbanization and Industrialization are Enabling the Asia Pacific Surge Protection Device Market During the Forecast Period?

Asia Pacific has emerged as the fastest growing region during the forecast period owing to rapid industrialization and urbanization.  Rapid industrialization and urbanization necessitate advanced electronic equipment, making surge protection critical for securing these assets. As disposable incomes rise, so does consumer spending on gadgets, increasing the demand for surge protection solutions to safeguard these important investments. While understanding of surge hazards may be lower than in developed countries, educational programs and government laws are increasingly improving awareness of the significance of surge prevention.

Government measures to improve energy efficiency indirectly create a demand for surge protection devices as additional precautions. Developing infrastructure causes more frequent power fluctuations, emphasizing the importance of surge protection systems. Manufacturers are working on developing cost-effective solutions to cater to price-sensitive consumers, while the introduction of domestic firms diversifies the market and increases access to surge prevention options.

The growing use of smart home gadgets and Internet of Things (IoT) technology creates prospects for surge protection solutions suited to these networked ecosystems. As the installed base of electronic devices grows, there is an increased emphasis on aftermarket sales. This aftermarket category, which provides replacement and upgrade options for surge protection devices, has the potential to be a substantial growth driver. Furthermore, developing distribution routes to rural areas with increasing consumer electronics usage has the potential to broaden the market reach beyond major cities.

Competitive Landscape

The surge protection device market can build effective competitive strategies. Focusing on innovation, value-added features, and catering to certain market segments will be crucial to achieving a competitive advantage. Building good partnerships with distributors and retailers, as well as conducting targeted marketing initiatives, will assist manufacturers in reaching their target customers and solidifying their market position.

The organizations are focusing on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in the surge protection device market include

• ABB
• General Electric
• Schneider Electric
• Eaton, Legrand
• Emerson Electric Co.
• Siemens, cgglobal.com
• Tripp Lite
• Vertiv Group Corp

 Latest Developments

• In July 2020, ABB completed the planned divestiture of 80.1% of its Power Grids division to Hitachi, marking a critical milestone in the company’s transformation into a decentralized global technology organization.
• In March 2021, Siemens announced the acquisition of 99.22% (roughly) of C&S Electric Limited from its promoters for Rs. 2,100 crores.

Report Scope

Surge Protection Device Market, By Category

Type

• Hard-Wired
• Plug-in
• Line Cord

End-User

• Industrial
• Commercial
• Residential

Discharge Current

• Below 10 kA
• 10 kA–25 kA
• Above 25 kA

Region

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Research Methodology of Market Research

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post sales analyst support

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