Surge Protection Devices Market

Market Overview:

The global surge protection devices market size reached US$ 3.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 4.6 Billion by 2028, exhibiting a growth rate (CAGR) of 5.67% during 2023-2028.

Surge protection devices (SPDs) are small electric power supply network, which are extensively deployed in the commercial and residential sectors for protecting electrical devices and appliances from voltage spikes. They operate when the transient voltage transpires on the protected circuit, and then it inhibits the transient voltage by diverting the current back to its source. They are commercially available in varying types, such as voltage limiting and switching. The voltage limiting components change in impedance as currents rise whereas, switching components turn on once a threshold voltage is exceeded and instantly drop to a low impedance. 

Surge Protection Devices Market Trends:

The rapid expansion in the automotive industry, along with the escalating demand for slim smart portable appliances with a faster processor, better power densities and enhanced sensitivity, are key factors primarily driving the global surge protection devices market toward growth. Furthermore, the increasing utilization of electrical and mechanical components in the automobile sectors for improving driving assistance, navigation, passenger, telematics, safety and comfort is positively influencing the market. In line with this, the use of these devices for delivering smart and high-performance functionalities by inhibiting the overheating and preventing wires is propelling the market growth. Other than this, the introduction of equipment miniaturization has also led to the growth in the demand for circuit protection solutions in the market across the globe. Additionally, the growing investments and funding made by manufacturers for developing compact and innovative products for dealing with the vulnerable voltages and electrical surges are positively impacting the market. Other than this, the numerous initiatives undertaken by the governments of various nations for enhancing the infrastructure to mandate the safety standards of workplaces are creating a positive outlook for the market. 

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global surge protection devices market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product, type, power rating and end user.

Breakup by Product:

• Hard-wired
• Plug-in
• Line Cord
• Power Control Devices
   

Breakup by Type:

• Type 1
• Type 2
• Type 3
• Type 4
   

Breakup by Power Rating:

• 0-50 kA
• 50.1-100 kA
• 100.1-200 kA
• 200.1 kA and Above
   

Breakup by End User:

• Commercial Complexes
• Data Centre
• Industries and Manufacturing Units
• Medical
• Residential Buildings and Spaces
• Telecommunication
• Transportation
• Others
   

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being ABB Ltd., Belkin International Inc. (Hon Hai Precision Industry Co. Ltd.), Eaton Corporation PLC, Emerson Electric Co., General Electric Company, Havells India Ltd., Hubbell Incorporated, Koninklijke Philips N.V., Legrand, Littelfuse Inc., Mersen, Schneider Electric SE and Siemens AG.

Report Coverage: