Surge Protection Devices Market to Grow at 6.3% CAGR, Reaching US$ 9.0 Billion by 2034

The Global Surge Protection Devices Market, (Marché des dispositifs de protection contre les surtensions) valued at US$ 4.7 billion in 2023, is projected to grow at a CAGR of 6.3% from 2024 to 2034, reaching an estimated US$ 9.0 billion by the end of 2034, according to a new market report.

The increasing concern for equipment safety and stringent safety requirements across various regions are the primary drivers for the surge protection devices market growth. The adoption and integration of new technologies in households and workplaces to ensure continuous and safe operation of electronics, tools, and appliances are also propelling the market forward.

Developed economies are expected to retain a substantial market share due to the early adoption of new technology trends and strict safety regulations. Meanwhile, developing regions such as Asia Pacific and Latin America are experiencing higher growth rates, driven by middle-class expansion and infrastructure development programs.

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Market Overview: Surge protection devices are critical components of electric installation protection systems, used in power supply, communication, and telephone networks. They protect electronic equipment and systems from voltage spikes or surges, ensuring uninterrupted operation and preventing damage to devices.

Significant power surge events, such as lightning strikes, can cause voltage differences of hundreds of thousands of volts, leading to sudden or intermittent equipment breakdowns. However, only 20% of transients are due to lightning and utility power anomalies, with the remaining 80% being self-generated electrical disturbances.

Key Market Drivers
Increase in Demand for Protection Systems for Electronic Devices: The importance of improving the reliability and power quality of electric systems has been highlighted by the increasing use of electrical equipment and the demand for power supply stability from utility customers. Surge protection systems save expensive electronic devices and equipment from destruction. An increase in disposable income and demand for high-tech electrical equipment are fueling the surge protection devices market size.

Growth in Implementation of SPDs in Commercial Spaces: Surge protection devices (SPDs) for commercial spaces must be of high quality to protect sensitive electronic equipment against voltage spikes and power surges caused by lightning, electrical malfunctions, and other electrical accidents. Commonly used SPDs in commercial spaces include transient voltage surge suppressors (TVSS), point-of-use (POU) SPDs, and whole-building SPDs.

Hard-Wired Type Gaining Traction: The surge protection devices market segmentation based on type includes hard-wired, plug-in, and line cord. The hard-wired segment held a share of 67.9% in 2023. It is likely to maintain its dominance and expand at a rate of 6.0% during the forecast period.

High Demand for Industrial Applications: In terms of application, the market is divided into industrial, commercial, and residential segments. The industrial segment accounted for a share of 42.7% in 2023 and is expected to expand at a rate of 6.7% during the forecast period. Various industries such as manufacturing, automotive, aerospace & defense, and food & beverages use surge protection devices to protect industrial buildings and machines from damage caused by excessively high voltages.

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Regional Outlook
North America Leading the Market
According to market analysis, North America held a prominent share of 34.6% in 2023 and is anticipated to grow at a notable CAGR of 6.2% throughout the forecast period. High consumption of electronic products and growth in information and communication technology are driving market dynamics in the region.

Analysis of Key Players
The global surge protection devices market (Markt für Überspannungsschutzgeräte) is consolidated with the presence of a limited number of players. Companies are investing significantly in research and development to launch innovative devices. Expansion of product portfolios and mergers and acquisitions are notable strategies adopted by key players.
Prominent market players include ABB, Alltec LLC, Belkin International, CITEL-2CP SA, DEHN SE, Eaton Corporation plc, Emerson Electric Co, Honeywell International Inc., Hubbell Incorporated, Littelfuse, Inc., Mersen SA, PHOENIX CONTACT GmbH & Co. KG, Raycap Inc., Schneider Electric SE, and Siemens AG.

Key Developments
• Honeywell International Inc., in April 2024, launched five surge protector products to shield devices from power surges and prolong their lifespan. These are particularly useful in areas with frequent power outages, defending against voltage fluctuations and interruptions.

• Raycap Inc., in September 2023, expanded its portfolio with a new line of surge protection components for the 60mm busbar. The compact ProTec 60 plugs into the 60mm busbar and connects via plug & play, reducing installation time significantly.

• Littelfuse, Inc., in June 2023, introduced its NEMA-style Surge Protective Device (SPDN) series to safeguard equipment from transient overvoltage events, mitigating costly damage and downtime. It is ideal for industries such as construction, food and beverage, HVAC/R, oil and gas, light industrial, and water/wastewater.

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