Surge Protection Devices Market Size, Share & Industry Analysis, By Type (Hard Wired, Plug-In, Line Cord), By Discharge Current (Upto 10kA, 10kA-25kA, Above 25kA), By Application (Residential, Commercial, Industrial) and Regional Forecast, 2024-2032

The modern era of technological life mainly depends upon the availability of electricity. Everyone is surrounded by numerous electronic equipment in this tech world. The electricity supplied must be at a level of quality to facilitate performance of sensitive electronic equipment. But due to climatic conditions and technical glitches, disruptions occur. Surge is common problem which disrupts the electricity supply and hampers the performance of consumer electronics.

It mainly occurs from utility companies, while power grid switching and lighting also causes surge. Surge protection devices are used to limit transient voltages by limiting surge current to protect the electronic equipment. It is an economical solution to prevent downtimes, improve system and data reliability by eliminating equipment damages due to transient current or surges.

Surge protection devices find several applications in power distribution, HVAC equipment, UPS, medical equipment, lighting circuits, and so on. Therefore, the rising consumption of electricity along with growing consumer electronics is expected to accelerate the growth of the surge protection devices.

Key Market Driver -

Key Market Driver – Elevated consumption of consumer electronics and incessant demand for electricity

Key Market Restraint -

Key Market Restraint – Limited operational capability

Surge protection devices market is segmented into type, discharge current, and application. Different types of surge protection devices are used, which include hard-wired, plug-in, and line cord. Hard wired surge protecting devices accounts for the largest market share due to its capability to protect varied consumer electronics and accommodate in a number of applications. The discharge current is divided into up to 10kA, 10kA-25kA, and more than 25kA. The industrial segment is expected to dominate the surge protection devices market owing to expansion of manufacturing units and massive automation.

The surge protection devices market is driven by extensive consumption consumer electronics such as refrigerators, TV, air conditioners, microwaves, computers, etc. entails the use of surge protection devices to avoid damages. Capital expenditure on enhancing the power distribution network along with immense electricity demand is expected to drive the surge protection devices market.

Surge protector devices won't be able to provide full protection against higher than the expected current from the power grid or extreme direct lightning strike. This would account for damage to equipment and hamper the production, which retards the growth of the surge protection devices market.

Key Players Covered:

The major companies manufacturing surge protection devices are ABB, Littelfuse, Eaton, Emerson, Siemens, GE, Belkin International, Leviton, Panamax, ASCO Power Technologies, Raycap, Legrand, Mersen, Citel, and MCG Surge Protection.

Regional Analysis:

The global surge protection devices market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is expected to dominate the surge protection devices market owing to high consumption of electronic goods along with the expansion of information and communication technology. The United States is the hub for many tech companies that consume numerous electronic equipment.

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Surge protection devices demand would certainly accelerate to protect the equipment and avoid damages. Europe is the second-largest market for the growth of surge protection devices. Increased investment in automation, along with rising consumption of household electronic equipment, is expected to leverage the demand for surge protection devices. The Asia Pacific witnessing robust growth in surge protection devices market due to replacement of aging transmission and distribution network. The government is interestingly working on microgrid and smart grid to provide electricity in villages. These factors drive the surge protection devices market in Asia Pacific.

Segmentation

Key Industry Developments

• In June 2019, Littelfuse announced the launch of new surge protection device SPD2 which is more advanced in protecting surge by limiting the fault current. The new series SPD2 comes in a wide range of operating voltages including DC power for solar applications.


• In March 2019, Hamilton unveils its new surge protection device in accordance with the 18th Edition of the Wiring Regulations providing safeguarding against the harmful transient current. The new surge protection device has improved ergonomics and aesthetics.