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 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Surge protection devices help protect electrical/electronic equipment from power surges and overvoltage transients. They prevent high voltage surges from damaging sensitive equipment and appliances.
Market key trends:
One of the key trends in the surge protection devices market is the growing demand from data centers. The rising data center density and criticality has increased the need for reliable and robust power protection. Surge protectors help provide backup power during outages and protect server equipment from damages due to voltage fluctuations, lightning strikes, etc. They ensure seamless operations of data centers and prevent downtime and data losses. Furthermore, the growing adoption of renewable energy is propelling the demand for surge protection. The intermittent nature of renewable power sources like solar and wind increases the chances of voltage fluctuations. Surge protectors play a vital role in stabilizing power quality from renewables.
SWOT Analysis
Strength: Surge protection devices offer protection from power surges and spikes that can damage sensitive electronic equipment. They help protect investments in IT infrastructure and prevent costly downtime.
Weakness: Surge protectors with metal oxide varistor-based technology can degrade over time with repeated surges, reducing their effectiveness. Their lifespan depends on frequency and magnitude of surges.
Opportunity: Increasing use of smart devices, electric vehicles, renewable energy systems widen the scope for surge protection devices. Growth in data centers and focus on business continuity also drives demand.
Threats: Presence of cheaper alternatives can reduce profits. Substitutes like UPS systems, isolation transformers provide backup power in addition to surge protection.
Key Takeaways
The global Surge Protection Devices Market Growth is expected to witness high growth, exhibiting CAGR of 8.6% over the forecast period, due to increasing reliance on digital connectivity and proliferation of smart home appliances. Surge protectors help safeguard electronics and home entertainment systems from power fluctuations.
Regional analysis: North America currently dominates the market, driven by stringent regulations regarding implementation of surge protection systems. Asia Pacific market is poised to grow at a high rate owing to growing IT infrastructure, electrical networks and industrialization in countries like China and India. Growing construction industry and investments in data centers would drive the demand from the region.
Key players operating in the surge protection devices market are ABB, Schneider Electric, Eaton, Siemens, Emerson, Vertiv, Raycap, Hager, Legrand, Tripp Lite, Leviton, Phoenix Contact, Citel, General Electric, Rockwell Automation, nVent, Belkin. They offer comprehensive portfolio of surge protection solutions for various end-use sectors like industrial, commercial and residential applications. Strategic partnerships for product innovation and expansion into emerging markets will be the focus of major players to gain increased market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
