The surge protection devices (SPD) market offers critical benefits by safeguarding electronic equipment from voltage spikes and surges, ensuring uninterrupted operation and preventing costly damage. The dominating segment is residential and commercial applications, where SPDs protect sensitive electronics and appliances. Industrial sectors also benefit greatly, preventing costly downtime and equipment replacement. Additionally, the increasing adoption of IoT devices and the need for data center protection are driving market growth, highlighting SPDs' essential role in maintaining the reliability of modern electrical systems.
According to Data Bridge Market Research, the Global Surge Protection Devices Market to exhibit a CAGR of 5.50% for the forecast period of 2022 to 2029.
“Escalating usage of electrical and electronics appliances boost the market’s growth”
The surge protection devices (SPD) market is driven by the escalating usage of electrical and electronic appliances in both industrial and residential sectors. As these sectors rely increasingly on sensitive and expensive electronic equipment, the need to protect them from voltage surges and spikes becomes paramount. This surge in the adoption of electrical devices underscores the importance of SPDs, as they ensure the uninterrupted operation of critical machinery and electronics, reducing the risk of damage and costly downtime.
What restraints the growth of the global surge protection devices market?
“Installation costs associated with surge protection devices restraints the market’s growth”
The installation costs associated with surge protection devices (SPDs) present a significant restraint in the market. While SPDs are essential for safeguarding electronic equipment, the expenses related to professional installation and system upgrades can be substantial. This cost factor can discourage some consumers and businesses from adopting SPDs, especially in retrofitting existing systems. Manufacturers and service providers must address this challenge by offering cost-effective installation solutions to encourage wider adoption of SPDs and mitigate this restraint.
Segmentation: Global Surge Protection Devices Market
The global surge protection devices market is segmented on the basis of type, end- user, discharge current, and component.
- On the basis of type, the global surge protection devices market is segmented into hard wired surge protection devices, plug in surge protection devices, line cord surge protectors, and power control devices surge protection devices.
- On the basis of end- users, the global surge protection devices market is segmented into industrial, commercial, and residential.
- On the basis of discharge current, the surge protection devices market is divided into below 10 kA, 10 kA–25 kA, and above 25 kA.
- On the basis of component, the surge protection devices market is divided into oxide varisto, gas discharge tube, silicon avalanche diode, and others.
Regional Insights: Asia-Pacific dominates the Global Surge Protection Devices Market
The Asia-Pacific region holds dominance in the surge protection devices market owing to the rapid development of smart cities and substantial investments in smart grid technologies. The growing urbanization and the need for efficient power distribution systems drive the adoption of surge protection devices, ensuring the protection of critical infrastructure and sensitive electronic equipment. This trend is expected to propel market growth in the region, making it a key player in the global surge protection devices market.
North America is poised for significant growth in the surge protection devices market during the forecast period. The United States, as the world's second-largest exporter of these products, plays a pivotal role in this expansion. The region's increasing reliance on electrical equipment, coupled with a strong export market presence, contributes to this growth. The surge protection devices market in North America benefits from both domestic demand and international exports, solidifying its position in the industry.
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The Prominent Key Players Operating in the Global Surge Protection Devices Market Include:
- Zhejiang Yuelong Electric Co., Ltd (China)
- True Power Earthings Private Limited (India)
- Havells India Ltd (India)
- ABB (Switzerland)
- Schneider Electric (France)
- Cirprotec, S.L. (Spain)
- Eaton (Ireland)
- Littelfuse, Inc. (U.S.)
- MERSEN (France)
- Bourns, Inc. (U.S.)
- Infineon Technologies AG (Germany)
- JEF Techno (Japan)
- City of PHOENIX (U.S.)
- Emerson Electric Co. (U.S.)
- Siemens (Germany)
- Belkin International, Inc. (U.S.)
- Leviton Manufacturing Co., Inc. (U.S.)
- Nortek Control (U.S.)
- Raycap (Greece)
- Hubbell (U.S.)
- LegrandGroup (France)
- Koninklijke Philips N.V. (Netherlands)
- JMV LPS Limited (India)
- ISG Globals (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global surge protection devices market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Surge Protection Devices Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
