Surge protection devices are designed to protect electrical devices from voltage spikes and surges. They help in preventing damage to electronic equipment caused by power fluctuations. The increasing adoption of electronic devices such as smartphones, laptops, and tablets, coupled with the growing demand for uninterrupted power supply, is driving the surge protection devices market. These devices are essential in residential as well as commercial buildings to protect sensitive electronic equipment from power disturbances. Surge protection devices are easy to install and offer various advantages, such as improved power quality, reduced energy consumption, and increased equipment lifespan.
Market Key Trends:
One key trend driving the surge protection devices market is the rising adoption of smart homes. With the advent of IoT and smart home automation systems, there is a growing need to protect the connected devices from power surges. Surge protection devices offer enhanced safety and security to smart homes by safeguarding the electronic devices from electrical fluctuations. Furthermore, the increasing number of residential and commercial buildings and the rapid urbanization in emerging economies are also contributing to the market growth. The surge protection devices market is expected to witness high demand in the construction sector due to the growing infrastructure development projects. Additionally, the rising awareness about the need for surge protection devices to prevent losses caused by electrical disturbances is further fueling the market growth.
The global Surge Protection Devices Market Growth is estimated to be valued at US$3.8 billion in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period of 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Political: The surge protection devices market is influenced by political factors such as government regulations and policies related to electrical safety standards. Governments across various countries have been enforcing stricter regulations to ensure the safety of electrical infrastructure and equipment. This has led to an increase in the demand for surge protection devices.
Economic: The economic factors affecting the surge protection devices market include the overall economic growth, investment in infrastructure development, and industrial expansion. The market is expected to witness high growth due to rising investments in the construction industry, increasing industrialization, and the need for reliable power supply in developing regions.
Social: The social factors influencing the surge protection devices market include the growing awareness among consumers regarding the importance of protecting electrical equipment from voltage fluctuations. The increasing consumer preference for electronic gadgets and appliances has also contributed to the demand for surge protection devices.
Technological: The surge protection devices market is driven by technological advancements in the field of surge protection. The introduction of advanced devices with features like remote monitoring, surge current capacity, and protection against multiple types of surges has fueled the market growth. Additionally, the adoption of IoT (Internet of Things) technology in surge protection devices has further enhanced their functionality and connectivity.
The global surge protection devices market is expected to witness significant growth, exhibiting a CAGR of 8.6% over the forecast period (2023-2030). This growth can be attributed to the increasing focus on electrical safety, rising investments in infrastructure development, and the growing demand for reliable power supply.
In terms of regional analysis, Asia Pacific is anticipated to be the fastest-growing and dominating region in the surge protection devices market. The region has been witnessing rapid industrialization and urbanization, leading to a surge in electricity demand. Furthermore, government initiatives to improve electrical safety standards and the growing construction industry in countries like China and India are expected to drive the market growth in this region.
Key players operating in the surge protection devices market include ABB, Schneider Electric, Eaton, Siemens, Emerson, Vertiv, Raycap, Hager, Legrand, Tripp Lite, Leviton, Phoenix Contact, Citel, General Electric, Rockwell Automation, nVent, Belkin, REV Ritter, Littelfuse, and MARS Sicherheit. These players are actively involved in product innovation, mergers and acquisitions, and partnerships to strengthen their market position and cater to the growing demand for surge protection devices.