SURGE PROTECTION DEVICES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

The Surge Protection Devices Market size is expected to reach US$ 6.77 billion by 2030, from US$ 3.8 billion in 2023, at a CAGR of 8.6% during the forecast period.

Surge protection devices are equipment used to protect electrical devices and systems from voltage spikes and electromagnetic disturbances. They monitor fluctuations in power supply and divert excess current to the grounding wire to prevent damages to connected equipment. The growth in the market is driven by increasing demand from industrial sectors due to the need for preventing downtime and equipment failure.

The Surge Protection Devices Market is segmented by type, discharge current, end-user, and region. By type, the market is segmented into hardwired surge protection devices, plug-in surge protection devices, line cord surge protectors, power control centers, and others. The hardwired surge protection devices segment accounted for the largest market share in 2022. The growth is attributed to their ability to provide dedicated protection for sensitive electrical systems and networks in industries.

Surge Protection Devices Market Regional Insights:

• North America is expected to be the largest market for Surge Protection Devices Market during the forecast period, accounting for over 38% of the market share in 2022. The growth of the market in North America is attributed to the high adoption of surge protection devices in industrial and commercial sectors.
• The Asia Pacific market is expected to be the second-largest market for Surge Protection Devices Market, accounting for over 28% of the market share in 2022. The growth of the market in is attributed to rapid industrialization and urbanization in emerging economies such as China and India.

• The Europe market is expected to be the fastest-growing market for Surge Protection Devices Market, with a CAGR of over 9% during the forecast period. The growth of the market in Europe is attributed to the presence of stringent standards for surge protection in the region.

Figure 1. Global Surge Protection Devices Market Share (%), by Region, 2023

Surge Protection Devices Market Drivers:

• Increasing demand from industrial sector: The industrial sector is expected to be a major driver for the surge protection devices market. Rapid industrialization and adoption of automation technologies have increased the need for protecting sensitive electrical equipment and systems from voltage fluctuations. Industries such as oil & gas, power, manufacturing, and chemicals extensively use surge protection devices to minimize downtime and operational risks caused by surges. For instance, oil rigs, refineries, and pipelines rely on hardwired and power control center surge protectors to ensure smooth functioning of motors, pumps, generators, and other critical equipment. Similarly, manufacturing facilities utilize surge protection for Programmable Logic Controllers (PLCs), robotics, conveyors, and HVAC systems. The demand is further driven by the growing emphasis on predictive maintenance and remote monitoring capabilities.
• Rising investments in renewable energy infrastructure: Investments in renewable energy infrastructure such as solar and wind farms are expected to stimulate the demand for surge protection devices. The integration of renewable energy into existing grids requires protection against surges and transients caused by weather disruptions and faults in power electronics equipment. Hardwired and plug-in surge protectors are being deployed extensively in solar and wind farms to safeguard inverters, transformers, switchgears, and cable connections. 
• Expansion of electric vehicle charging infrastructure: The rapidly growing electric vehicle market and initiatives to build EV charging networks across the globe are likely to propel the adoption of surge protection devices. High-powered fast EV charging stations rely extensively on surge protection to ensure uninterrupted operation. Surge protectors safeguard charging station components such as rectifiers, transformers, and power electronics from hazardous transients caused by grid fluctuations and lightning. Leading EV markets such as China, the US, and Europe are expected to make substantial investments to install fast charging points over the coming decade. This is likely to fuel the installation of surge protection equipment.
• Development of smart city infrastructure: Smart city initiatives by governments worldwide focusing on the deployment of communication networks, smart power grids, and intelligent transportation systems are expected to accelerate the adoption of surge protection devices. Advanced power, lighting, and traffic control infrastructure require protection against voltage anomalies to reduce equipment failures. Moreover, smart meters, sensors, controllers, and IoT devices being deployed under smart city development programs also require surge protectors. 

Surge Protection Devices Market Opportunities:

• Growing HVAC and building management systems market: The steadily rising global HVAC and building management systems market presents significant growth opportunities for the surge protection devices industry. HVAC systems contain complex controls, circuits, motors, and compressors that are highly susceptible to electrical surges. Hardwired and stand-alone protectors are being integrated extensively into HVAC equipment as well as building electrical service panels to safeguard them from voltage anomalies. 
• Rising investments in telecom infrastructure: Telecom networks consist of expensive equipment such as routers, switches, antennas and controllers that are vulnerable to electrical surges which can cause signal interference and downtime. Telecom providers across the globe are expected to upgrade their networks to 5G over the coming years. 5G infrastructure relies heavily on small cell towers with sensitive radio electronics that require surge protectors. Moreover, the expansion of fiber optic networks to support 5G creates the need for high performance protection against transients for terminal boxes and cabling. These trends are likely to provide growth opportunities for surge protection manufacturers.
• Growing rack power protection market for data centers: Surge protection devices such as rack PDUs integrated with panels, cords and receptacles are vital for protecting mission-critical computing infrastructure in data centers. The surge in data center construction globally is expected to propel the adoption of rack-level protection solutions. Data center investments are estimated to exceed $200 billion annually over the next few years. Colocation providers are also deploying more scalable prefabricated data centers consisting of modular surge-protected rack systems. These trends are likely to propel long term demand for rack-mounted surge protection solutions.
• Residential sector demand growth: While the residential sector accounts for a relatively small share of the global surge protection market, it is expected to exhibit steady demand growth. Factors such as smart home automation, proliferating consumer electronics and appliances ownership, and DIY culture are catalyzing the adoption of plug-in and connected surge protectors. Advancements such as mobile app-based monitoring, predictive analytics, and smart features are likely to further encourage consumer demand. North America and Europe are likely to be key regional markets, while Asia Pacific holds long term growth potential.

Surge Protection Devices Market Trends:

• Integration with remote monitoring systems: The integration of surge protection devices with remote monitoring and predictive analytics is an emerging trend. Built-in sensors and IoT connectivity allow surge protectors to transmit real-time performance data to the cloud. Predictive analytics can help anticipate failures, while remote diagnostics enables timely maintenance. This minimizes downtime and avoids catastrophic failures by taking protection devices offline before they fail. Companies such as ABB, Eaton, Schneider Electric, Siemens offer surge protection solutions with remote analytics capabilities.
• Rising adoption of integrated rack-level power systems: Integrated rack-level power systems combining UPS, PDUs, and surge suppressors into unified rack enclosures are witnessing rising adoption in data centers and edge facilities. By consolidating multiple power protection capabilities, they enhance space utilization. Rack-based systems also allow for scalability to accommodate increasing power densities and computing capacity. Leading providers including Vertiv, Schneider Electric, and Eaton offer integrated rack systems combining lithium-ion UPS, intelligent PDUs and surge protection.
• Growing use of gas discharge tubes in low voltage applications: Gas discharge tubes are gaining traction as a compact, low-cost alternative to bulky MOVs in low voltage residential, commercial and USB surge protection devices. Their high surge current rating, fast response time, and long service life make GDTs effective for protecting consumer electronics and 120V AC power connections. Key suppliers such as Littelfuse offer a wide range of compact GDT-based surge protection solutions designed for role outlets, power strips and USB chargers.
• Shifting preference for plug-in and portable surge protectors: End-users across residential, commercial and industrial sectors are increasingly using plug-in and portable surge suppressors. Their ease of deployment, flexibility, and affordability provide cost-effective protection without requiring major electrical rewiring. Moreover, compact form factors allow plug-in protectors to be installed at multiple access points close to appliances. Portable protectors also enable temporary protection during events and outdoor activities. Leading brands offer surge strips with rotating or spaced outlets to accommodate transformers.

Surge Protection Devices Market Restraints:

• Presence of low-quality and counterfeit products: The presence of low-quality and counterfeit surge protection devices poses a major challenge for the market. Inferior components and flawed designs limit their effectiveness in handling surges leading to premature failures. Counterfeits bearing brands of reputed manufacturers also damage end-user trust. This has led companies to incorporate security features such as holographic labels and RFID tags to help buyers identify genuine products. Strict quality control and after-sales support are crucial for suppliers to tackle this restraint.
• Lack of awareness among residential consumers: Many residential users remain unaware of electrical surge risks and the importance of protectors for consumer electronics and appliances. The lack of knowledge leads consumers to believe their equipment is already protected or underestimate potential hazards. Moreover, the notion that surges are infrequent discourages adoption. Suppliers need to enhance educational marketing highlighting surge occurrence data and potential costs of electronics damage to increase awareness. Lucrative warranty offerings also help attract consumers.
• High costs hampering adoption in developing regions: While industrial and commercial facilities drive most of the demand, high costs of surge protection devices constrain adoption in smaller enterprises and residential users, especially in developing economies. Installing dedicated hardwired or power control center surge protection requires substantial upfront investment, which is challenging for budget-constrained end-users. Suppliers need to provide low-cost plug-in and portable protectors to suit developing world markets. Local manufacturing and partnerships with utilities for discounted offerings can improve affordability.

Recent Developments:

New product launches:

• In January 2022, Eaton announced the launch of its arc flash relay to enhance electrical safety. The product provides remote triggering and switching capabilities to reduce risks.
• In November 2021, Schneider Electric launched Square D SurgeLogic surge protective devices featuring integrated communication capabilities. It helps prevent downtime and data loss.
• In September 2022, Siemens introduced Sivacon S8 low-voltage switchboard with integrated surge protection. It optimizes plant availability and minimizes risks.

Acquisition and partnerships:

• In March 2022, Belkin acquired the consumer electronics business from MSI to expand its portfolio of surge protection solutions.
• In January 2021, Emerson acquired Progea Group, an industrial IoT company, to enhance its surge monitoring and predictive analytics capabilities.
• In November 2020, nVent acquired CIS Global, a provider of surge protection systems, to strengthen its position in critical infrastructure markets.

Figure 2. Global Surge Protection Devices Market Share (%), by End User, 2023

Top companies in Surge Protection Devices Market:

• ABB
• Schneider Electric
• Eaton
• Siemens
• Emerson
• Vertiv
• Raycap
• Hager
• Legrand
• Tripp Lite
• Leviton
• Phoenix Contact
• Citel
• General Electric
• Rockwell Automation
• nVent
• Belkin
• REV Ritter
• Littelfuse
• MARS Sicherheit

Definition: The Surge Protection Devices Market refers to the industry and products related to protecting electrical and electronic devices and systems from voltage spikes and electromagnetic disturbances. Surge protection devices monitor fluctuations in power supply and divert excess currents safely to ground, preventing damages to connected equipment and infrastructure. Key product types include hardwired devices, plug-in devices, line cord protectors, and power control centers. Surge protection is critical for industries, commercial facilities, and residences to minimize downtime and failure of sensitive electronics due to surges. Rapid industrialization, smart grid adoption, and focus on power infrastructure resilience are key factors driving the growth of the global market.

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