The global surge protection devices market size reached US$ 3.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 4.6 Billion by 2028, exhibiting a growth rate (CAGR) of 5.67% during 2023-2028.
Surge protection devices (SPDs) are small electric power supply network, which are extensively deployed in the commercial and residential sectors for protecting electrical devices and appliances from voltage spikes. They operate when the transient voltage transpires on the protected circuit, and then it inhibits the transient voltage by diverting the current back to its source. They are commercially available in varying types, such as voltage limiting and switching. The voltage limiting components change in impedance as currents rise whereas, switching components turn on once a threshold voltage is exceeded and instantly drop to a low impedance.
Surge Protection Devices Market Trends:
The rapid expansion in the automotive industry, along with the escalating demand for slim smart portable appliances with a faster processor, better power densities and enhanced sensitivity, are key factors primarily driving the global surge protection devices market toward growth. Furthermore, the increasing utilization of electrical and mechanical components in the automobile sectors for improving driving assistance, navigation, passenger, telematics, safety and comfort is positively influencing the market. In line with this, the use of these devices for delivering smart and high-performance functionalities by inhibiting the overheating and preventing wires is propelling the market growth. Other than this, the introduction of equipment miniaturization has also led to the growth in the demand for circuit protection solutions in the market across the globe. Additionally, the growing investments and funding made by manufacturers for developing compact and innovative products for dealing with the vulnerable voltages and electrical surges are positively impacting the market. Other than this, the numerous initiatives undertaken by the governments of various nations for enhancing the infrastructure to mandate the safety standards of workplaces are creating a positive outlook for the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global surge protection devices market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product, type, power rating and end user.
Breakup by Product:
Hard-wired
Plug-in
Line Cord
Power Control Devices
Breakup by Type:
Type 1
Type 2
Type 3
Type 4
Breakup by Power Rating:
0-50 kA
50.1-100 kA
100.1-200 kA
200.1 kA and Above
Breakup by End User:
Commercial Complexes
Data Centre
Industries and Manufacturing Units
Medical
Residential Buildings and Spaces
Telecommunication
Transportation
Others
Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being ABB Ltd., Belkin International Inc. (Hon Hai Precision Industry Co. Ltd.), Eaton Corporation PLC, Emerson Electric Co., General Electric Company, Havells India Ltd., Hubbell Incorporated, Koninklijke Philips N.V., Legrand, Littelfuse Inc., Mersen, Schneider Electric SE and Siemens AG.
Key Questions Answered in This Report
1. What was the size of the global surge protection devices market in 2022?
2. What is the expected growth rate of the global surge protection devices market during 2023-2028?
3. What are the key factors driving the global surge protection devices market?
4. What has been the impact of COVID-19 on the global surge protection devices market?
5. What is the breakup of the global surge protection devices market based on the product?
6. What is the breakup of the global surge protection devices market based on the type?
7. What is the breakup of the global surge protection devices market based on the power rating?
8. What are the key regions in the global surge protection devices market?
9. Who are the key players/companies in the global surge protection devices market?