Surge Protection Devices Market Analysis and Comparison by end-user To 2030

Surge Protection Devices Market Growth & Trends

The global surge protection devices market size is expected to reach USD 5.30 billion by 2030, expanding at a CAGR of 9.2% from 2022 to 2030, according to a new report by Grand View Research, Inc. The growth of the market can be attributed to the growing need to protect electronic devices from any potential surges. The alternative energy programs being pursued aggressively all over the world and the growing instances of lightning strikes stemming from the increase in global warming are some of the other factors that are expected to drive the demand for surge protection devices (SPDs) over the forecast period.

Gather more insights about the market drivers, restrains and growth of the Global Surge Protection Devices Market

Market Segmentation:

Grand View Research has segmented the global surge protection devices market based on product (Hard-wired, Plug-in, Line Cord, Power Control Devices), type (Type 1, Type 2, Type 3, Type 4), power rating (0-50 kA, 50.1-100 kA, 100.1-200 kA, 200.1 kA and Above), end-use (Commercial Complexes, Data Center, Industries & Manufacturing Units, Medical, Residential Buildings & Spaces, Telecommunication, Transportation, Others).

Based on Regional Insights, the market is segmented into North America, Europe, Asia Pacific, and Latin America and Middle East & Africa.

North America dominated the market in 2021 and accounted for a share of over 38.0% of the global revenue.

The region happens to be an early adopter of advanced technologies. The level of awareness about the benefits of SPDs is also very high in the region. When it comes to the U.S., electricity consumption for residential and commercial applications accounts for approximately 37% of the total electricity consumption. The U.S. is also home to states, such as Florida, Louisiana, Mississippi, and Alabama, which are highly prone to lightning strikes. Hence, the adoption of SPDs to protect electronic appliances from sudden energy fluctuations is very high in these states. As such, North America has emerged as the largest regional market owing to all these factors.

Asia Pacific is expected to grow at the highest CAGR over the forecast period.

The growth can be attributed to the growing awareness in countries, such as China, India, and Japan, about the benefits offered by SPDs. Moreover, the rising levels of disposable income in the Asia Pacific region are also allowing individuals to spend on premium consumer electronics, such as LED television sets, washing machines, and refrigerators, among others. The strong consumer emphasis on protecting these consumer electronics is expected to drive the growth for the regional market over the forecast period.

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Key Companies

The key players in the global surge protection devices market include – ABB, General Electric, Schneider Electric, Eaton, Legrand, Emerson Electric Co., Siemens, cgglobal.com, Tripp Lite, Vertiv Group Corp.

The market can be described as a highly competitive market owing to the presence of several prominent market players. Key strategies adopted by these market players include new product development; capacity expansion; merger & acquisition, strategic collaborations, partnerships, and agreements; and investment in research & development activities.

Market Share Insights

• May 2019: Tripp Lite launched two new portable models of Protect It surge protectors, namely TLP648USBC, a U-shaped model, and TLP366CUBEUSBB, a power cube model.

Order a free sample PDF of the Surge Protection Devices Market Intelligence Study, published by Grand View Research.