Surge protection devices (SPDs) are electrical devices designed to protect electronic equipment and appliances from voltage spikes and surges caused by lightning strikes or power fluctuations. These devices play a crucial role in safeguarding sensitive equipment, such as computers, televisions, and industrial machinery, from damage caused by electrical overloads. The global surge protection devices market has witnessed significant growth over the years, driven by the increasing demand for reliable power supply and the growing adoption of electronic devices across various industries.
The surge protection devices market is primarily driven by the need for uninterrupted power supply and the rising awareness about the importance of protecting electronic equipment from voltage surges. With the increasing deployment of electronic devices in residential, commercial, and industrial sectors, the risk of power disturbances also escalates. This has led to a rise in the demand for surge protection devices to ensure the safety and longevity of electronic equipment.
On the other hand, the market is restrained by the high cost associated with surge protection devices and the lack of awareness among end-users about the benefits of using such devices. The initial investment required for installing surge protection devices can be perceived as a significant barrier, especially for budget-conscious consumers. Additionally, the lack of knowledge about the potential damage caused by voltage surges hinders market growth.
However, the surge protection devices market presents several growth opportunities. The increasing demand for reliable power supply in industries such as manufacturing, healthcare, and telecommunications is expected to drive the market. Additionally, the growing construction industry, especially in developing economies, presents lucrative growth prospects for surge protection device manufacturers.
Key features of the study:
- This report provides in-depth analysis of the global surge protection devices market, and provides market size (US$ Billion) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2022 as the base year.
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market.
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
- It profiles key players in the global surge protection devices market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies.
- Key companies covered as a part of this study include ABB, Belkin, Eaton, Emerson, General Electric, Hubbell, Littelfuse, Mersen, Schneider Electric, Siemens.
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
- The global surge protection devices market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global surge protection devices market.
- Surge Protection Devices Market by Type
- Hardwired Surge Protection Devices
- Plug-in Surge Protection Devices
- Line Cord Surge Protectors
- Power Control Center
- Surge Protection Devices Market by Power Range
- Below 100 kA
- 100 kA to 500 kA
- 500 kA to 1000 kA
- Above 1000KM
- Surge Protection Devices Market by End user
- Surge Protection Devices
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Top companies in Surge Protection Devices Market:
- General Electric
- Schneider Electric