Surge Protection Devices Market size is expected to reach USD 5.30 billion by 2030

 Surge Protection Devices Industry Overview

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.

 

Surge Protection Devices Market Segmentation

Grand View Research has segmented the global surge protection devices market based on product, type, power rating, end-use, and region:

Based on the Product Insights, the market is segmented into Hard-wired, Plug-in, Line Cord, and Power Control Devices

  • The hard-wired segment dominated the market in 2021 and accounted for a share of more than 44.0% of the global revenue. Hard-wired SPDs are typically installed on power lines for the protection of devices and outlets downstream from the device. They can also protect AC-powered, connected systems and equipment from the damages stemming from transients, surges, and AC power-induced events.
  • The plug-in segment is anticipated to expand at the highest CAGR over the forecast period. Plug-in SPDs are mainly installed in intermediate panels and at the origin of the network for protecting the equipment from indirect lightning strikes. As such, plug-in surge protection devices are used for protecting sensitive electrical equipment, such as refrigerators, and television sets, among others.
  • The demand for plug-in SPDs is anticipated to increase over the forecast period owing to the application of plug-in SPDs and the advantages they can offer at various end points. A plug-in SPD may require external overcurrent protection or may be included within the SPD.

 

Based on the Type Insights, the market is segmented into Type 1 Type 2 Type 3 Type 4

  • The type 2 segment dominated the market in 2021 and accounted for a share of more than 30.0% of the global revenue. Type 2 SPDs are designed for industrial and commercial applications. The protection of electrical equipment and distribution panels at a factory or a commercial facility is of foremost importance as power failure or equipment damage can severely hamper productivity.
  • The type 1 segment is expected to register the fastest growth over the forecast period. Type 1 SPDs are incorporated primarily to protect electronic equipment from lightning surges. Climatic changes in recent years have led to an increase in lightning strikes. Hence, the growing need to protect electrical equipment used in applications, such as solar plants and smart grids, from lightning surges is expected to drive the growth of the segment over the forecast period.  

 

Based on the Power Rating Insights, the market is segmented into 0-50 kA, 50.1-100 kA, 100.1-200 kA,  200.1 kA and Above

 

  • The 100.1-200 kA segment dominated the market in 2021 and accounted for a share of more than 32.0% of the global revenue. SPDs with a higher kA factor do not provide enhanced protection but rather deliver a longer product life. Hence, SPDs with a higher kA factor is ideal for industrial and data center As a result, the demand for SPDs with a 100.1-200 kA power rating is growing worldwide.
  • The 50.1-100 kA segment is projected to expand at the highest CAGR over the forecast period. SPDs with power ratings ranging from 50.1 kA to 100 kA is primarily used by manufacturing units and for residential and commercial applications.

 

Based on the End-use Insights, the market is segmented into Commercial Complexes, Data Center,  Industries & Manufacturing Units,  Medical,  Residential Buildings & Spaces,  Telecommunication,  Transportation and Others.

  • The industries and manufacturing units segment dominated the market in 2021 and accounted for a share of over 33.0% of the global revenue. Advances in technology and the strong emphasis on augmenting profitability are prompting companies to deploy various automation systems and high-end electronics. 
  • The commercial complexes segment is anticipated to expand at a promising CAGR over the forecast period. The commercial sector in developing economies, such as India, is growing noticeably owing to the favorable policies, such as Make in India and Startup India, being pursued by the government.

 

Surge Protection Devices Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

 

Key Companies Profile & Market Share Insights

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. 

Some of the prominent players operating in the global surge protection devices market are:

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

 

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

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