Experiencing substantial growth, the surge protection devices market witnessed a valuation of USD 3.3 Billion in 2023. Forecasts indicate a notable expansion, projecting the market to attain a size of USD 7.9 Billion by 2032, reflecting a Compound Annual Growth Rate (CAGR) of 10.2%.
This growth surge is attributed to escalating demands for safeguarding against voltage fluctuations and transient overvoltages observed across diverse industries. The mounting dependence on electronic devices coupled with the proliferation of delicate equipment in residential and commercial domains underscores the critical necessity for robust surge protection solutions.
Moreover, factors such as the burgeoning telecommunications sector, the advent of smart grids, and the escalating uptake of renewable energy sources contribute significantly to the market's upward trajectory.
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Market Factors:
Rising Adoption of Electronics: Increased usage of electronic devices and sensitive equipment across residential, commercial, and industrial sectors drives the demand for surge protection devices.
Growing Awareness: Increasing awareness among consumers and businesses about the risks associated with power surges and the importance of surge protection contributes to market growth.
Technological Advancements: Ongoing developments in surge protection technology, such as smart and IoT-enabled devices, enhance efficiency and monitoring capabilities, driving market expansion.
Industrialization and Infrastructure Development: Rapid industrialization and infrastructure development in emerging economies lead to a higher demand for surge protection devices to safeguard critical equipment and infrastructure.
Stringent Regulations: Implementation of stringent regulations and standards regarding electrical safety and surge protection further boosts market growth by compelling businesses and individuals to invest in reliable surge protection solutions.
Top Companies are:
· General Electric
· Siemens
· ABB
· Schneider Electric
· CG Power and Industrial Solutions Limited
· Mercen
· Infineon Technologies AG
· Philips
· Emerson
· Legrand
· GEYA Electrical Equipment Supply
Market Segmentations:
By Product-
· Hard-wired
· Plug-in
· Line Cord
By Type
· Type 1
· Type 2
· Type 3
· Type 4
By Power Rating
· 0–50 kA
· 51–100 kA
· 101–200 kA
· More than 200 kA
By Application
· Commercial
· Data Center
· Industrial
· Residential
· Medical
· Telecom
· Others
Regional Analysis:
In 2023, North America emerged as the dominant force in the surge protection device market, driven by escalating demand for electronics amidst increasing automation across residential and industrial sectors. Leading industry players such as Advanced Protection Technologies, Emerson Electric, and General Electric have been instrumental in offering cutting-edge solutions, further fueling market growth.
The region’s surge protection device market is further bolstered by the rising adoption of renewable energy sources, necessitating the protection of electronic appliances from potential damage. Moreover, the prevalence of lightning-prone states in the U.S. underscores the significance of surge protection, with approximately 40 million lightning strikes reported annually, according to the Center for Disease Control and Prevention.
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