Predictions Point to Surge Protection Devices Market Reaching USD 7.9 Billion by 2032 in ABS Market Growth Drivers: A Comprehensive Analysis

Surge protection devices market was valued at USD 3.3 billion and is anticipated to grow to USD 7.9 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.2%.

This growth trajectory reflects the escalating demand for protection against voltage fluctuations and transient over voltages across diverse industries. The surge in reliance on electronic devices coupled with the proliferation of sensitive equipment in residential and commercial setups underscores the critical need for robust surge protection solutions.

Moreover, the expanding telecommunications sector, the emergence of smart grids, and the increasing adoption of renewable energy sources contribute significantly to the market’s expansion. These factors collectively drive the surge protection devices market toward substantial growth and innovation.

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Market Factors:

Rising Adoption of Electronics: Increased usage of electronic devices and sensitive equipment across residential, commercial, and industrial sectors drives the demand for surge protection devices.

Growing Awareness: Increasing awareness among consumers and businesses about the risks associated with power surges and the importance of surge protection contributes to market growth.

Technological Advancements: Ongoing developments in surge protection technology, such as smart and IoT-enabled devices, enhance efficiency and monitoring capabilities, driving market expansion.

Industrialization and Infrastructure Development: Rapid industrialization and infrastructure development in emerging economies lead to a higher demand for surge protection devices to safeguard critical equipment and infrastructure.

Stringent Regulations: Implementation of stringent regulations and standards regarding electrical safety and surge protection further boosts market growth by compelling businesses and individuals to invest in reliable surge protection solutions.

Top Companies are:

· General Electric

· Siemens

· ABB

· Schneider Electric

· CG Power and Industrial Solutions Limited

· Mercen

· Infineon Technologies AG

· Philips

· Emerson

· Legrand

· GEYA Electrical Equipment Supply

Market Segmentations:

By Product-

· Hard-wired

· Plug-in

· Line Cord

By Type

· Type 1

· Type 2

· Type 3

· Type 4

By Power Rating

· 0–50 kA

· 51–100 kA

· 101–200 kA

· More than 200 kA

By Application

· Commercial

· Data Center

· Industrial

· Residential

· Medical

· Telecom

· Others

Regional Analysis:

In 2023, North America emerged as the dominant force in the surge protection device market, driven by escalating demand for electronics amidst increasing automation across residential and industrial sectors. Leading industry players such as Advanced Protection Technologies, Emerson Electric, and General Electric have been instrumental in offering cutting-edge solutions, further fueling market growth.

The region’s surge protection device market is further bolstered by the rising adoption of renewable energy sources, necessitating the protection of electronic appliances from potential damage. Moreover, the prevalence of lightning-prone states in the U.S. underscores the significance of surge protection, with approximately 40 million lightning strikes reported annually, according to the Center for Disease Control and Prevention.

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Last updated March 21, 2024