Surge Protection Devices Market Analysis
Surge Protection Devices Market is projected to be worth USD 5.33 billion by 2030, registering a CAGR of 5.72% during the forecast period (2022 - 2030).
Increasing Demand for Power and Electrical Equipment
The surge protection device market is expanding rapidly as a result of the increased usage of alternative energy, increased need for electronic device protection, and power quality issues. According to the National Lightning Safety Institute, lightning causes 30% of all power outages on average each year, with total expenditures surpassing $1 billion. Manufacturers are boosting the production of lightning surge protection devices to protect buildings and residents from lightning damage. ABB's surge protection devices, for example, are carefully engineered such that in the event of a lightning transient surge condition, the products provide main protection against repeated lightning strikes even in the most severe surge.
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Report Attribute | Details |
Forecast Period | 2022 - 2030 |
Market Growth value | 5.72 % CAGR |
Revenue forecast in 2022-2030 | USD 5.33 billion |
Base year for estimation | 2021 |
Historical data | 2019 – 2020 |
Unit | USD Billion, CAGR (2022 – 2030) |
Segmentation | By Application, By End-Use, and By Region |
The Global Market to Recover Post COVID-19 Pandemic
The COVID-19 pandemic has had an influence on global demand and supply for surge protection devices. The fluctuating supply and pricing of raw materials have also had an impact on the worldwide surge protection devices market's growth. Furthermore, the WHO declared the COVID-19 outbreak a global pandemic in March 2020, prompting many governments to implement lockdowns. The COVID-19 pandemic is very likely to have long-term repercussions on consumer lifestyles and purchasing behavior. China is a major supplier of raw materials and related items used in the production of surge protection systems around the world. The surge protection devices market in the Asia Pacific region is likely to pick up steam in the post-lockdown phase, with lucrative potential in countries such as China, Japan, India, and South Korea.
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Market Segmentation
The global surge protection devices industry has been segmented based on application, type, and voltage.
Based on application, the global surge protection devices market has been segmented into residential, commercial, and industrial.
On the basis of type, the worldwide surge protection devices market has been segmented into plug-in protection devices, hard-wired, line cord, and power control devices.
On the basis of voltage, the worlwide surge protection devices market has been segmented into high voltage and low voltage.
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Regional Analysis
North America and Europe to Lead the Global Market
North America and Europe are likely to account for the majority of the market share. Europe and North America are likely to dominate the market due to rising urbanization projects such as smart cities. The market is also driven by the plan to digitally change the automobile, industrial, and IT manufacturing industries.
APAC to Follow North America and Europe
A similar trend can be seen in the Asia Pacific region, where infrastructure developments and manufacturing are on the rise, particularly in China and India. During the forecast period, the region is expected to expand at a faster rate.
Key Players
Schneider Electric SE (France), ABB Ltd. (Switzerland), Mitsubishi Electric Corporation (Japan), Alstom SA (France), Siemens AG (Germany), and Toshiba (Japan). Larsen Turbo (India), Hyundai heavy industries (South Korea), Hitachi (Japan), Fuji Electric (Japan), Nissin Electric (Japan), Xian XD (China), Hyosung (China), Bharat Heavy Electric Ltd. (India), Eaton (Ireland), and Meidensha (Japan).
