Surge Protection Devices Market Trends, Industry & Size 2031

Report Description

Surge Protection Devices Market Outlook 2031

The global surge protection devices market size was valued at USD 2.89 Billion in 2022 and is expected to reach USD 5.22 Billion by 2031, expanding at a CAGR of 6.8% during the forecast period, 2023–2031. The growth of the market is attributed to the critical necessity to adequately protect sensitive consumer gadgets from power fluctuations.

Surge protective devices (SPD) are sort of accessories to safeguard the electrical installation, which includes the wiring, consumer unit, and accessories against transient overvoltage’s (electrical power surges). High-voltage machinery and equipment are being rapidly deployed by manufacturing units.

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SPD can save machinery and preventing equipment downtime, equipment from surges and transients, as well as enhancing system and data reliability for both signal and power lines at this point. The number of lighting incidents has been increasing as a result of climate change and extreme weather environment. Power surges caused by lightning is often considered to be the most powerful when compared to power surges caused by other causes.

The COVID-19 pandemic has had a negative influence on the market. Supply chain interruptions have caused a particularly negative impact on surge protection device due to delay of production. As rising concerns during the pandemic, manufacturers of various electrical components including surge protection devices are busy assessing risk concerns and remain concerned about the safety of their employees.

Surge Protection Devices Market Trends, Drivers, Restraints, and Opportunities

• Increasing use of various consumer electronics and electrical equipment in both household and business settings are key factors driving the market growth.
• Climate change and the resulting increase in lightning incidences are expected to drive the market expansion during the projected period.
• Rising importance of workplace safety and security of employees within organizations are another drivers of the market.
• Residential and commercial end-users are becoming increasingly conscious of the importance of protecting electrical equipment, which is projected to contribute significantly to the market's growth.
• Proper installation of SPD is unknown to end users and lack of awareness of the products’ benefits are key challenges, which are expected to hinder the market expansion in the coming years.
• Significant industrial setups and increasing infrastructure investments for the device production is expected to create lucrative opportunities for the market growth.

Scope of Surge Protection Devices Market Report

The report on the global surge protection devices market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Surge Protection Devices Market Segment Insights

Power Ratings Segment Analysis

On the basis of power ratings, the surge protection devices market is segmented into 0-50 kA, 50.1-100 kA, 100.1-200 kA, and 200.1 kA & above. The 100.1-200 kA segment is projected to expand at a considerable CAGR during the forecast period due to wide applications of the power type among industrial and data center units.

On the other hand, the 50.1-100 kA segment is anticipated to account for a major market share during the forecast period as it is often used by manufacturing units as well as household and commercial uses.

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Type Segment Analysis

In terms of types, the market is divided into type 1, type 2, type 3, and type 4. The type 2 segment is expected to account for significant share of the market as it is suited for both industrial and commercial use. However, the type 1 segment is projected to hold significant market share as the primary purpose of Type 1 SPDs is to safeguard electronic equipment from lightning surges.

Product Segment Analysis

Based on products, the surge protection devices market is segregated into line cord, power control devices, hard-wired, and plug-in. The hard-wired segment is expected to grow at a significant rate during the projected period.

Hard-wired SPDs are frequently put on power lines to safeguard downstream devices and outlets. However, the plug-in segment is expected to be a fast-growing segment during the forecast period due to their use and the benefits they can provide at various endpoints.

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Regional Outlook

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period owing to their high level of awareness regarding the benefits of SPDs.

As per a report, residential and commercial electricity usage accounts for around 37% of overall electricity consumption in the United States. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period due to the region's increased demand for consumer electronics.

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