NEWARK, Del, Nov. 22, 2023 (GLOBE NEWSWIRE) -- The surge protection device market is expected to be worth US$ 2,864.50 million in 2024. By 2034, the market is projected to be valued at US$ 6,256.50 million. The adoption of surge protection devices is likely to expand at a steady CAGR of 8.10% from 2024 to 2034.
The surge protection device market is experiencing a surge due to the electrification of transportation. With the rapid growth of electric vehicles and charging infrastructure, there is a heightened need for robust surge protection solutions to safeguard EV charging stations, ensuring their reliability and safety.
The proliferation of 5G technology fuels the demand for surge protection device in telecommunications. The deployment of 5G networks requires enhanced protection against power surges to safeguard sensitive equipment and ensure uninterrupted connectivity. The rise of edge computing drives the demand for surge protection solutions. As more computing moves closer to the data source, edge computing facilities demand adequate surge protection to shield critical hardware from electrical disturbances.
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The adoption of precision agriculture technology presents a unique driver for surge protection device. Agricultural machinery and smart farming equipment increasingly rely on electronic systems that require protection against power surges, ensuring uninterrupted farm operations. The surge influences the surge protection device market in space exploration activities. Satellite systems and space based technology necessitate high performance surge protection to shield sensitive electronics from radiation and space based electrical fluctuations.
Key Takeaways from the Surge Protection Device Market:
- The Type 2 segment commands a substantial market share of 44.50% in 2024, emerging as the predominant choice.
- The Industrial segment secures a robust market lead, claiming a solid 43.98% market share in 2024.
- The surge protection device industry in the United States is predicted to grow at a stable CAGR of 4.43% through 2034.
- The surge protection device market in United Kingdom is predicted to rise at a sluggish 3.60% CAGR through 2034.
- The surge protection device industry in France has the potential to increase at a modest 3.50% CAGR through 2034.
- China surge protection device market is estimated to develop at a CAGR of 9.30% through 2034.
- The demand for surge protection device in India is anticipated to expand at a 10.30% CAGR through 2034.
“Surge protection device market shows steady growth driven by technological advancements and increasing need for safeguarding sensitive electronics across industries,” opines Sudip Saha, managing director and MD at Future Market Insights (FMI) analyst.
Competitive Landscape of the Surge Protection Device Market:
Market players are revolutionizing the surge protection device market by innovating advanced technologies and comprehensive solutions. These key players continually introduce sophisticated surge protection device tailored for various applications, enhancing reliability and efficiency. Their strategic initiatives focus on R&D, investing in innovative designs, and incorporating IoT integration, elevating the market trajectory.
Mergers, acquisitions, and collaborations among significant industry players reshape the competitive landscape, fostering global expansion and diversified product portfolios. Through these dynamic strategies and forward thinking approaches, market players are propelling the surge protection device market toward robust growth, catering to evolving demands and fortifying electronic infrastructures worldwide.
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Recent Developments in the Surge Protection Device Market
- In October 2023, Emerson Electric Co. finalized the acquisition of NI, a top provider of software connected test and measurement systems, at an equity value of $8.2 billion.
- In November 2023, Littelfuse, Inc. introduced the FDA117 Optically Isolated Photovoltaic Driver, offering a floating power source for versatile isolated switching applications across industries.
Restraints:
Despite the promising growth prospects, factors such as high installation costs of surge protection devices and varying product standards across different regions pose challenges to market expansion. Additionally, the lack of awareness regarding surge protection solutions in certain underdeveloped regions acts as a restraint to market growth.
Product Portfolio
- Littelfuse offers a diverse portfolio of circuit protection, power control, and sensing products. Their range includes fuses, varistors, and semiconductor device, ensuring reliability and safety across various industries, from automotive to industrial applications.
- Philips delivers an extensive portfolio featuring healthcare solutions, consumer lifestyle products, and lighting innovations. Their offerings span medical imaging systems, personal care appliances, and innovative lighting solutions, driving global health and well-being advancements.
Key Companies Profiled:
- Eaton Corporation
- Schneider- electric. Co
- Siemens AG
- ABB Group
- General Electric
- Emerson Electric Co.
- Littelfuse Inc.
- Koninklikes Philips N.V
- Rockwell Automation Inc.
- Honeywell International Inc.
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More Insights Available
Future Market Insights offers an unbiased analysis of the surge protection device market, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand opportunities in the surge protection device market, the report is segmented on the basis of Type (Type 1, Type 2 and Type 3), End-User (Industrial, Commercial and Residential), across 7 major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and Middle East & Africa).
Segmentation Analysis of the Surge Protection Device Market:
By Type:
- Type 1
- Type 2
- Type 3
By End-User:
- Industrial
- Commercial
- Residential
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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