Wilmington, Delaware, United States, Nov. 20, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The global surge protection device market was estimated to have acquired US$ 2.9 billion in 2021. It is anticipated to register a 5.3% CAGR from 2022 to 2031 and by 2031; the market is likely to gain US$ 4.9 billion.
The proliferation of IoT devices and their integration into various sectors increases the vulnerability of interconnected systems to electrical disturbances, driving the need for robust surge protection.
The growing adoption of electric vehicles leads to increased infrastructure for charging stations. Surge protection devices play a crucial role in ensuring the reliability and safety of these charging stations.
Government and private sector investments in critical infrastructure projects, including power distribution and transmission, contribute to the demand for surge protection devices.
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The increasing use of sensitive electronic devices in homes, such as smart home appliances and entertainment systems, creates a demand for surge protection devices in residential settings.
Global Surge Protection Device Market: Key Players
The following companies are well known participants in the global surge protection device market:
- ABB Ltd
- Belkin International
- Eaton Corporation
- Emerson Electric
- General Electric
- Havells India Ltd.
- LittleFuse
- PHOENIX CONTACT GMBH
- RAYCAP CORPORATION
- Rev Ritter GMBH
- Schneider Electric
- Siemens AG
- Tripp Lite
Key Findings of Market Report
- The expansion of data centers globally, driven by the increasing demand for cloud computing and data storage, creates a significant market for surge protection devices to safeguard critical IT equipment.
- The increasing awareness of cybersecurity threats extends to the vulnerability of electrical infrastructure. Surge protection devices with integrated cybersecurity features may become more relevant.
- The development of smart grid infrastructure, aimed at improving the efficiency and reliability of power distribution, creates opportunities for surge protection devices to play a crucial role in maintaining grid stability.
- The increasing complexity of electronic devices and systems, especially in industrial automation and control systems, makes surge protection devices essential for preventing damage and downtime.
Trends for Surge Protection Device Market
- Growing awareness about the importance of power quality and the need to protect electronic devices and systems from voltage spikes and surges is expected to drive the demand for surge protection devices.
- There is a higher risk of electrical surges, with the increasing frequency of extreme weather events, including lightning storms, which fuels the demand for surge protection devices to safeguard electronic equipment.
- The proliferation of electronic devices in both residential and industrial settings increases the vulnerability of sensitive equipment to electrical surges. The trend is anticipated to propel the adoption of surge protection devices.
- There is an increased need for reliable power distribution and protection systems, as industrial and commercial infrastructure continues to expand globally, contributing to the demand for surge protection devices.
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Global Market for Surge Protection Device: Regional Outlook
Various reasons are propelling the growth of the surge protection device market in different regions. The regions include,
Asia Pacific
- The continuous expansion of the information technology and telecommunications sectors in the region creates a substantial market for surge protection devices to safeguard sensitive electronic equipment and communication networks.
- The growing middle class population and increasing disposable income contribute to the rising adoption of consumer electronics in the Asia Pacific region. The trend fuels the demand for surge protection devices to protect electronic devices in homes.
- There is an increasing demand for surge protection devices to ensure the reliability and longevity of equipment, as businesses and consumers become more aware of the impact of power quality on electronic devices.
South America
- Ongoing infrastructure development projects in South America, including the construction of commercial and residential buildings, create demand for reliable electrical protection systems, including surge protection devices.
- Efforts to modernize power grids in South America to improve efficiency and reliability contribute to the demand for advanced surge protection devices capable of handling the complexities of modern power distribution systems.
Recent Development:
In 2023, Schneider Electric launched the Easy UPS 3 Phase Modular. The resilient uninterruptible power supply is crafted to safeguard critical loads, featuring third party verified Live Swap functionality. The Easy UPS 3 Phase Modular is accessible in a capacity range of 50 to 250 kW, with N+1 scalable configuration options. It aligns with the EcoStruxureTM architecture, enabling remote monitoring services for enhanced operational efficiency.
Global Surge Protection Device Market Segmentation
- Type
-
- Hard Wired
- Plug In
- Line Cord
- Discharge Current
-
- Below 10 kA
- 10 kA to 25 kA
- Above 25 kA
- End Use
-
- Industrial
- Commercial
- Residential
- Region
-
- North America
- South America
- Europe
- Asia Pacific
- Middle East & Africa
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