Surge Protection Devices Market Analysis

Surge Protection Devices Market is projected to be worth USD 5.33 billion by 2030, registering a CAGR of 6% during the forecast period (2022 - 2030).

Our Market Overview and Regional Analysis provide an understanding of the industries, companies and products within the market. Our Trends section provides an analysis of how the market is currently performing and looks set to perform in the future. Our Growth Forecast section gives you an idea about how our Market Analysis works, by giving us further details on how we can build our Market Forecast model for a particular domain within this report. Lastly, in our Metrics section we outline important data points relating to each of these sections as well as our current forecasted price range.

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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.

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.

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.

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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).