According to IMARC Group’s latest report, titled “Surge Protection Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.’ offers a detailed analysis of the global surge protection devices market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
How Big is the Surge Protection Devices Market?
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.
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What is Surge Protection Devices?
Surge protection devices (SPDs) represent small electric power supply networks, which are extensively deployed in the commercial and residential sectors to protect 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. SPDs are commercially available in varying types, including 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. Consequently, SPDs find extensive applications in numerous sectors, such as medical, telecommunication, transportation, etc.
Surge Protection Devices Market Trends:
The expanding automotive sector and the escalating demand for slim smart portable appliances with faster processors, better power densities, and enhanced sensitivities are among the key factors stimulating the surge protection devices market. Moreover, the rising usage of electrical and mechanical components in the automobile sector to improve driving assistance, navigation, passenger, telematics, safety, and comfort is acting as another significant growth-inducing factor. Besides this, the increasing utilization of these devices to deliver smart and high-performance functionalities by inhibiting overheating and preventing wires is positively influencing the global market.
Furthermore, the introduction of equipment miniaturization has led to the elevating demand for circuit protection solutions in the market, which is also propelling the market growth. Apart from this, the inflating investments and funds by manufacturers in developing compact and innovative products to deal with vulnerable voltages and electrical surges are further fueling the global market. Additionally, the launch of initiatives undertaken by the government bodies of several nations for enhancing the infrastructure to mandate the safety standards of workplaces is anticipated to fuel the surge protection devices market over the forecasted period.
Leading Companies Operating in the Global Surge Protection Devices Industry:
- 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
- Siemens AG.
Key Market Segmentation:
The report has segmented the global surge protection devices market on the basis of product, type, power rating, end user and region.
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
- 1-100 kA
- 1-200 kA
- 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
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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