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Surge Protection Devices Market: Major Trends Reshaping the Future of the Industry
Surge Protection Devices
Surge Protection Devices Market Size Growth Forecast: What to Expect by 2025?
There has been substantial growth in the market size of surge protection devices in the last few years. The market is expected to expand from $3.22 billion in 2024 to $3.50 billion in 2025, with a compound annual growth rate (CAGR) of 8.7%. Factors such as the increasing occurrence of power surges, an amplified demand for protection of electrical equipment, higher incidence of lightning strikes, an upsurge in industrial automation, and the increasing utilization of renewable energy sources have all contributed to the growth in the historic period.
How Will the Surge Protection Devices Market Size Evolve and Grow by 2029?
The market size of surge protection devices is predicted to witness robust expansion in the following years. The market is anticipated to reach $4.84 billion by 2029, growing at a compound annual growth rate of 8.4%. The growth throughout the forecast period can be ascribed to accelerated urbanization and infrastructure schemes, a mounting focus on safety in the workplace, an increase in the installation of smart grids, a growing requirement for data center security, and an upswing in residential construction activities. Key trends for the forecast period comprise advancements in surge protection technologies, integration with sophisticated smart home systems, development of small yet efficient devices, creativity in multi-functional protection solutions, and progress in monitoring and diagnostic features.
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What Drivers Are Propelling the Growth of Surge Protection Devices Market Forward?
The growth in the market is being propelled by the surging demand for smart and interconnected devices, owing to the escalating adoption of electronic systems.
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What Trends Will Shape the Surge Protection Devices Market Through 2029 and Beyond?
Leading entities in the surge protection devices market are prioritizing the advancement of solutions, such as external light-emitting diode (LED) indicators. These innovations are intended to offer improved security to electrical systems and equipment, along with convenient monitoring and timely service notifications. An external light-emitting diode (LED) indicator furnishes a visual cue on a surge protection device, informing about its operational condition and signaling when service or maintenance is necessary. An example of this is the launch of a National Electrical Manufacturers Association (NEMA)-style surge protective device (SPDN) series by Littelfuse, a US-based technology corporation, in June 2023. This series is engineered to protect equipment from microsecond transient overvoltage events. These devices boast several direct protection modes (line-to-neutral, line-to-ground, and neutral-to-ground) in a smaller form, making them well-suited for applications where space is limited. They also feature a stacked metal oxide varistor (MOV) layout to enhance transient voltage security, Underwriters Laboratories (UL) 1283 filtering for lessening interference, and thermally secured MOVs complete with external light-emitting diode (LED) indicators to simplify maintenance and guarantee reliable performance across all industrial sectors.
What Are the Key Segments in the Surge Protection Devices Market?
The surge protection devices market covered in this report is segmented
1) By Product: Hard-Wired, Plug-In, Line Cord, Power Control Devices
2) By Power Rating: 0-50 kA, 50.1-100 kA, 100.1-200 kA, 200.1 kA And Above
3) By Application, Residential, Commercial, Industrial
4) By End-Use: Commercial Complexes, Data Center, Industries And Manufacturing Units, Medical, Residential Buildings And Spaces, Telecommunication, Transportation, Other End-Uses
Subsegments:
1) By Hard-Wired: Wall Mounted, Panel Mounted, Din Rail Mounted, Outdoor Enclosure
2) By Plug-In: Single Outlet, Multiple Outlet, Portable Unit, Receptacle Mounted
3) By Line Cord: Standard Line Cord, Heavy Duty Line Cord, Flexible Cord, Shielded Cord
4) By Power Control Devices, Switches, Relays, Circuit Breakers, Timers
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Who Are the Key Players Shaping the Surge Protection Devices Market's Competitive Landscape?
Major companies operating in the surge protection devices market are Siemens AG, Schneider Electric SE, Mitsubishi Electric Corporation, ABB Ltd., TE Connectivity Ltd., Legrand S.A., Phoenix Contact Ltd., Bourns Inc., nVent Electric Plc, Littelfuse Inc., Havells India Limited, Hager Group, Mersen SA, Raycap S.A., Otowa Electric Co. Ltd., OBO Bettermann GmbH & Co. KG, DEHN Inc., Hakel spol s r.o., Samptel Energy Private Limited, and Sichuan Zhongguang Lightning Protection Technologies Co. Ltd.
What Geographic Markets Are Powering Growth in the Surge Protection Devices Market?
North America was the largest region in the surge protection devices market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in surge protection devices report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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