Global Surge Protection Devices (SPDs) Market Size Is Set to Achieve USD 6 Billion by 2030 with 9.3% CAGR

New York, NY, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Surge Protection Devices (SPDs) Market By Product (Hardwired, Line Cord, And Plug-In), By Type (Type 1 And Type 2), By Power Rating (50kA- 100kA And 100.1kA-200kA), By End-Use (Commercial Complexes, Industries & Manufacturing Units, Data Center, Medical, Residential Buildings, Transport, Telecommunications, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the demand of global Surge Protection Devices (SPDs) Market size & share in terms of revenue was valued at USD 3 billion in 2022 and it is expected to surpass around USD 6 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 9.3% during the forecast period 2023 to 2030.”

What are Surge Protection Devices (SPDs)? How big is the Surge Protection Devices (SPDs) Industry?

Surge Protection Devices (SPDs) Report Coverage & Overview:

Surge Protection Devices, often known as SPDs, are manufactured with the purpose of shielding electronic equipment from an increase in voltage. In addition, the apparatus regulates the supply of voltage to the electric device by stopping or blocking any undesirable voltage that exceeds the safe threshold voltage limit. This is accomplished by preventing the voltage from crossing over. To set the record straight, these devices are utilised in a wide variety of contexts, including but not limited to communication systems, automatic control buses, telephone networks, and power supply networks.

The market report serves as an essential and comprehensive guide, providing valuable insights into the global market space. It encompasses growth factors, challenges, restraints, and opportunities in the surge protection devices market. The report not only covers the geographical market but also includes an extensive analysis of the competitive landscape. Various analyses, such as cash flow analysis, profit ratio analysis, market basket analysis, market attractiveness analysis, PESTEL analysis, SWOT analysis, Porter’s five force analysis, and value chain analysis, are incorporated to offer a thorough understanding of the industry. Moreover, the surge protection devices industry report delves into the investor and stakeholder space, aiding companies in making well-informed decisions based on data-driven approaches.

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Global Surge Protection Devices (SPDs) Market: Growth Dynamics

The global market expansion is being driven by an increase in voltage fluctuations and the growing need to protect electric equipment.

The surge protection devices market is experiencing significant growth due to the rising usage of electric and electronic equipment in both residential and commercial constructions. As power utility bills continue to be a concern, there is a substantial demand for surge protection devices to reduce power usage by electrical devices globally. Furthermore, the surge protection devices market is benefiting from the increasing demand for technologically advanced electric equipment, driven by higher per capita income among consumers worldwide. The market is witnessing a surge in sales of electronic devices like LED televisions, printers, microwaves, personal computers, and washing machines, leading to a substantial increase in market demand in the forthcoming years.

The introduction of new products is expected to play a pivotal role in boosting global market revenue. For example, in June 2023, Littelfuse, Inc., a U.S.-based electronic manufacturing firm, launched a NEMA-style surge protection device series designed to safeguard equipment from overvoltage. This innovative device finds application in various sectors such as food & beverages, oil & gas, construction, HVAC, and wastewater, where it helps reduce equipment damage costs and minimize downtime expenses. Such initiatives are expected to significantly drive product demand across various end-use industries, ultimately expanding the global market size.

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Report Scope

Surge Protection Devices (SPDs) Market: Segmentation Analysis

The global surge protection devices (SPDs) market is sectored into product, type, power rating, end-use, and region.

In product terms, Hardwired, line cable, and plug-in surge protectors are the three submarkets that make up the global surge protection devices market. In addition to this, the hardwired segment, which acquired around 33 percent of the global market share in 2022, is expected to register the highest CAGR over the course of the projected period. Because of the necessity of installing hardwired surge protection devices on power lines in order to safeguard electronic devices, the market for these products is expected to expand in the years to come. In addition to this, the items can provide robust protection against power fluctuations and power surges to connected equipment such as air conditioners and other electric appliances. In addition, as a result of their capacity to enhance operational efficiency and performance, these components find extensive use in a wide variety of applications, including lighting circuits, power distribution equipment, transformers, and motor controllers.

On the basis of the type, The market for surge protection devices around the world is broken down into type 1 and type 2 categories, respectively. In addition, the type2 segment, which had already amassed a sizeable industry share of the worldwide industry by the year 2022, is anticipated to take the lead in the application sector in the years to come. The segmental surge in the predicted timeline may be affected by the increasing utilisation of surge protection devices (SPDs) of type 2 in commercial and industrial settings.

Based on the power rating, The 50 kA-100 kA sector and the 100.1 kA-200 kA segment both make about one half of the global surge protection devices market. In addition, the segment that ranged from 100.1 kA to 200 kA was the most dominant in terms of segmental growth in 2022, and it is quite likely that it will continue to be the most dominant even in the near future. The enormous demand for surge protection devices with greater kiloampere ratings in the industrial sector and data centres may be responsible for the anticipated expansion of this market segment over the next few years.

On the basis of end-use, The global market for surge protection devices can be broken down into the following categories and subcategories: commercial complexes, industries and manufacturing units, data centres, medical, residential buildings, transportation, telecommunications, and others. In addition to this, the commercial complexes sector, which accounted for a significant portion of the global industry share in 2022, is anticipated to post the highest CAGR throughout the course of the forecast year. It's possible that the spike in demand for the product in the commercial complexes market caused the sector to see growth during the course of the evaluation period.

The global Surge Protection Devices (SPDs) market is segmented as follows:

By Product         

• Hardwired
• Line Cord
• Plug-In

By Type

• Type 1
• Type 2

By Power Rating

• 50kA- 100kA
• 100.1kA-200kA

By End-Use

• Commercial Complexes
• Industries & Manufacturing Units
• Data Center
• Medical
• Residential Buildings
• Transport
• Telecommunications
• Others

Browse the full “Surge Protection Devices (SPDs) Market By Product (Hardwired, Line Cord, And Plug-In), By Type (Type 1 And Type 2), By Power Rating (50kA- 100kA And 100.1kA-200kA), By End-Use (Commercial Complexes, Industries & Manufacturing Units, Data Center, Medical, Residential Buildings, Transport, Telecommunications, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/surge-protection-devices-spds-market

Competitive Landscape

Some of the main competitors dominating the global Surge Protection Devices (SPDs) market include - 

• ABB SE
• Schneider Electric
• General Electric Corporation
• Legrand
• Eaton Corporation
• Siemens AG
• Emerson Electric Co.
• Tripp Lite
• Vertiv Group Corp.
• cgglobal.com

Key Insights from Primary Research:

• As per the analysis shared by our research analyst, the global surge protection devices (SPDs)  market is projected to expand annually at the annual growth rate of around 9.3% over the forecast timespan (2023-2030)
• In terms of revenue, the global surge protection devices (SPDs) market size was evaluated at nearly $3000 million in 2022 and is expected to reach $6000 million by 2030.
• The global surge protection devices market is anticipated to record massive growth over the forecast period owing to an increase in the use of electric and electronic equipment in residential as well as commercial constructions.
• In terms of product, the hardwired segment is slated to register the fastest CAGR over the analysis period.
• On the basis of type, the type2 segment is slated to dominate the segmental surge over the forecast period.
• Based on power rating, the 100.1kA-200kA segment is slated to dominate the segmental surge over the forecast period.
• On the basis of end-use, the commercial complexes segment is slated to record the fastest CAGR over the forecast period.
• Region-wise, the Asia-Pacific surge protection devices (SPDs) market is projected to register the highest CAGR during the assessment timeline.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Surge Protection Devices (SPDs) industry?
• What are the main driving factors propelling the Surge Protection Devices (SPDs) Market forward?
• What are the leading companies in the Surge Protection Devices (SPDs) Industry?
• What segments does the Surge Protection Devices (SPDs) Market cover?
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Key Offerings:

• Market Size & Forecast by Revenue | 2023−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Product, By Type, By Power Rating, By End-Use, and By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

Over the anticipated timespan, North America is expected to hold a significant share of the global market.

North America dominated the global surge protection devices (SPDs) market in 2022, accounting for more than 50% of the market share. The region is projected to experience lucrative growth during the assessment period, primarily due to the extensive utilization of surge protection devices in the power utility sector, both in residential and commercial segments, particularly in countries like the U.S. Moreover, states such as Alabama, Florida, Mississippi, and Louisiana in the U.S. are prone to lightning strikes, leading to a high demand for surge protection devices in these areas.

Meanwhile, the surge protection devices (SPDs) industry in the Asia-Pacific region is expected to achieve the highest compound annual growth rate (CAGR) during the assessment timeframe. The industry's growth in this region is driven by an increasing preference for clean energy to meet energy requirements in countries like India, Singapore, Japan, Malaysia, Taiwan, and China. Additionally, the allocation of funds to improve power infrastructure in the region will further boost the industry. The presence of key manufacturers in the Asia-Pacific region will also significantly contribute to the regional market revenue in the coming years.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Opportunities in the Surge Protection Devices (SPDs) Market:

Issues related to electricity supply present promising growth opportunities for the global market.

The surge protection devices (SPDs) market is poised to experience significant growth worldwide, driven by rapid industrialization and persistent power supply problems observed in emerging economies. The escalating demand for smart power strips is expected to unlock untapped growth potential in various countries, providing a boost to the market on a global scale. Notably, in April 2022, Transtector Systems, a prominent provider of end-to-end power and signal integrity solutions, introduced a new DIN-rail direct current surge protection device designed to safeguard electronic instruments from damage caused by voltage fluctuations and lightning strikes. Such strategic initiatives are likely to open up new growth dimensions for the global market.

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