San Francisco, March 01, 2022 (GLOBE NEWSWIRE) -- The global surge protection devices market size is expected to reach USD 5.30 billion by 2030, expanding at a CAGR of 9.2% from 2022 to 2030, according to a new report by Grand View Research, Inc. The growth of the market can be attributed to the growing need to protect electronic devices from any potential surges. The alternative energy programs being pursued aggressively all over the world and the growing instances of lightning strikes stemming from the increase in global warming are some of the other factors that are expected to drive the demand for surge protection devices (SPDs) over the forecast period.
Key Insights & Findings from the report:
- The hard-wired segment dominated the market in 2021. The growing adoption of hard-wired SPDs in commercial, residential, and industrial applications to detect and limit power surges and transient voltages that can potentially damage any equipment connected to signal and power lines are expected to drive the growth of the segment over the forecast period.
- The Type 1 segment is expected to expand at the highest CAGR over the forecast period. Type 1 SPDs are particularly used to protect electronic equipment from lightning surges. Type 1 SPDs are considered the first line of defense for any home or office electrical infrastructure.
- The 50.1-100 kA segment is anticipated to witness significant growth over the forecast period in line with the rapid residential and commercial infrastructure development across the globe.
- Industries and manufacturing units are the major end users of SPDs. SPDs provide industrial and manufacturing machinery with safer interlock circuits that can effectively protect electrical and electronic equipment from any overvoltage stemming from switching or lightning surges.
- Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period owing to the aggressive investments being made to cater to the rising demand for energy in line with the growing population. The increasing residential and commercial construction activities in the region are also expected to contribute to the growth of the regional market over the forecast period.
Read 130-page market research report, “Surge Protection Devices Market Size, Share & Trends Analysis Report By Product (Hard-wired, Plug-in, Line Cord, Power Control Devices), By Type, By Power Rating, By End-use, By Region, And Segment Forecasts, 2022 - 2030”, published by Grand View Research.
Surge Protection Devices Market Growth & Trends
A surge occurs due to voltage imbalances, interferences in transformers, radio interferences, or differences in potential. Electronic devices can be highly vulnerable to transient voltages. At this juncture, surge protection devices are widely used in electrical installation systems to protect electronic devices. Surge protection devices can be considered a cost-effective solution to improve the system and data reliability while preventing any undesirable downtime.
The outbreak of the COVID-19 pandemic took a severe toll on the surge protection devices market. The fluctuations in raw material prices owing to supply chains disruptions stemming from the restrictions on the movement of people and goods and the temporary closures of manufacturing plants as part of the efforts to arrest the spread of coronavirus in wake of the outbreak of the pandemic restrained the growth of the market. However, the growing adoption of protection systems for high technology equipment in various emerging economies is expected to create new growth opportunities for the market over the forecast period.
Surge Protection Devices Market Segmentation
Grand View Research has segmented the global surge protection devices market based on product, type, power rating, end-use, and region:
Surge Protection Devices Product Outlook (Revenue, USD Million, 2017 - 2030)
- Hard-wired
- Plug-in
- Line Cord
- Power Control Devices
Surge Protection Devices Type Outlook (Revenue, USD Million, 2017 - 2030)
- Type 1
- Type 2
- Type 3
- Type 4
Surge Protection Devices Power Rating Outlook (Revenue, USD Million, 2017 - 2030)
- 0-50 kA
- 50.1-100 kA
- 100.1-200 kA
- 200.1 kA and Above
Surge Protection Devices End-use Outlook (Revenue, USD Million, 2017 - 2030)
- Commercial Complexes
- Data Center
- Industries & Manufacturing Units
- Medical
- Residential Buildings & Spaces
- Telecommunication
- Transportation
- Others
Surge Protection Devices Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East & Africa
List of Key Players of Surge Protection Devices Market
- ABB
- General Electric
- Schneider Electric
- Eaton
- Legrand
- Emerson Electric Co.
- Siemens
- cgglobal.com
- Tripp Lite
- Vertiv Group Corp.
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Browse through Grand View Research’s Next Generation Technologies Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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