Surge protection devices (SPDs) provide protection to electronic devices and systems from power surges caused by transient overvoltages. SPDs suppress or limit the voltage surging and thereby mitigate the damage. They are widely used across residential, commercial and industrial applications to safeguard critical systems and equipment. Major types of SPDs include voltage surge arresters, surge arresters, surge protectors and transient voltage surge suppressors.
The global surge protection devices market is estimated to be valued at US$ 3.8 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Rising demand from the renewable power generation industry is one of the key drivers augmenting the surge protection devices market growth. The growing installation of solar and wind farms globally necessitates the deployment of SPDs to shield the renewable energy equipment and systems from high voltage transients. According to the report of World Bank Group, renewable power capacity additions increased by over 150 GW in 2020 alone. This rapid expansion of clean energy infrastructure will propel the need for SPDs in the coming years.
Further, increasing penetration of industrial automation and new age machines relying on electronic components has heightened the requirement for protection against voltage surges and spikes. SPDs play a crucial role in maintaining continuity of operations and avoiding costly damage to automated production systems. The trend towards Industry 4.0 and widespread adoption of IoT technologies across factories are anticipated to boost the sales of SPDs during the forecast period.
The surge protection devices market can be segmented into transient voltage suppression (TVS) devices, surge protectors, and surge arresters based on product type. The TVS devices segment dominated the market in 2020 and accounted for over 35% of the total share. TVS devices offer robust protection from voltage transients caused by lightning strikes, electrostatic discharge, or inductive load switching. They are widely adopted across various industrial sectors to safeguard expensive electronic equipment from high voltage surges.
Political: Regulations regarding installation of surge protection equipment in industrial facilities and commercial buildings have been strengthening globally which is positively impacting the market demand. Many countries have made surge protectors mandatory for electrical equipment to reduce fire hazards.
Economic: Growing industrialization and infrastructure development activities are major drivers of the surge protection devices market. Industries procure these devices on a large scale to shield industrial automation systems and control equipment from power surges.
Social: Widespread use of consumer electronics devices in households and offices has raised awareness about the importance of surge protection. This is contributing to the sales of small surge protectors for personal computers and appliances.
Technological: Advancements in protection technologies have led to development of compact TVS diode-based devices with ultra-fast response times of less than 1 nanosecond. Miniaturization of surge protection components is also expanding the application scope.
The Global Surge Protection Devices Market Size is expected to witness high growth over the forecast period, driven by factors such as increasing investments in industrial automation, expanding IT & telecom sector, and rapid urbanization. The global surge protection devices market is estimated to be valued at US$ 3.8 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030.
The Asia Pacific surge protection devices market accounted for around 35% of the global revenues in 2023 and is estimated to grow at a CAGR of over 6% during the forecast period. Proliferating manufacturing industries, heavy engineering projects, and speedy infrastructure development are fueling the demand in Asia Pacific countries. China has emerged as the largest market, driven by the country’s position as a pivotal electronics and industrial goods manufacturing hub.
Key players operating in the surge protection devices market are Karl Storz SE & Co. KG, Olympus Corporation, Endo Med Systems GmbH, HOYA Corporation, Getinge AB, Avantis Medical Systems, Boston Scientific Corporation, and FUJIFILM Holdings Corporation, among others. Devices offered by these players offer robust protection from power surges with industry-leading response times and compact form factors well-suited for various industrial and commercial applications.
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it