by Surge protection devices provide protection for sensitive electronic equipment from voltage spikes, surges, and electrical interference. Surge protection devices include both plug-in surge protectors that function similar to power strips and whole-home surge protectors that are installed in the main electrical service panel. They prevent voltage spikes and protect against damage from spikes without interrupting power to connected equipment. Surge protection devices are widely used in residential, commercial, and industrial applications to guard expensive electronics and home appliances. The growing digitalization of homes and workplaces along with the proliferation of IoT devices is driving demand for reliable surge protection.
The global surge protection devices market is estimated to be valued at US$ 3.8 billion in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the growth of surge protection devices market is the rapid pace of urbanization and industrialization happening across developing regions. According to the United Nations, over 60% of the world’s population is projected to live in urban areas by 2030 which is substantially increasing demand for commercial and residential infrastructure. The construction of new homes, offices, factories is simultaneously driving the need for reliable power supply and protection of electrical assets. Surge protection devices play a crucial role in safeguarding electronic equipment from voltage fluctuations commonly caused during thunderstorms or due to faulty wiring. Manufacturers are developing advanced offerings with multi-stage protection and monitoring capabilities to meet the needs of various commercial facilities. Furthermore, stringent regulations regarding surge protection of industrial machinery and critical infrastructure will further stimulate market revenue over the forecast period. Rising awareness about energy efficiency and zero downtime operations will also drive demand from end-use industries.
The key drivers mentioned above will continue driving market demand over the forecast period as digitalization and industrial activity increases globally especially across emerging nations. Rising safety standards will necessitate comprehensive protection solutions and boost adoption rates. However, availability of substitute products offering marginally lower levels of protection may restrain market revenue to some extent. Ongoing R&D around novel protection techniques using nanotechnology can present new opportunities for manufacturers.
Segment Analysis
The surge protection devices market can be segmented by type, discharge current, end user, and region. The voltage switching surge protector sub segment dominates the type segment as they can absorb multiple surge events and provide adequate protection to sensitive devices. They also offer protection from transient overvoltages which are common in power lines.
PEST Analysis
Political: Surge protection devices face minimal regulations however periodic safety certifications are required. This offers stability.
Economic: Growth of construction and renewable energy industries drive the market for commercial and industrial devices. Rise in home offices boost residential demand.
Social: Increasing usage of appliances and consumer electronics in households and workplaces increases the need for uninterrupted power supply and surge protection.
Technological: Advancements in semiconductors enable compact designs for portable devices. Integration of surge protection in electronics aids downsizing.
Key Takeaways
The global Surge Protection Devices Market Demand is expected to witness high growth over the forecast period. Regional analysis: The Asia Pacific region dominates the market and is expected to grow at the fastest pace owing to increasing industrialization and infrastructural development. The large population and rising disposable incomes also support residential demand.
Key players: Key players operating in the surge protection devices market are Horizon Therapeutics plc, Ammonett Pharma LLC, Medison Pharma Ltd., Modern Dietetics Inc., Synageva BioPharma Corp., Medison Pharma Ltd., Swedish Orphan Biovitrum AB (Sobi), Entera Health, Inc., Dipharma Francis S.r.l., Ucyclyd Pharma, Inc. Horizon Therapeutics plc provides a wide range of TVSS and component level protection devices for applications across industries. Medison Pharma Ltd offers surge protection modules for medical and industrial equipment.
Note:
Source: Coherent Market Insights, Public sources, Desk research
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