Surge protection devices provide protection against voltage spikes and power surges. They shield electronics and electrical equipment from the damaging effects of surges or spikes that often occur in AC power lines and I/O ports. These devices prevent equipment damage by diverting damaging voltages or current to a safe ground. The need for surge protection devices has risen significantly owing to the increasing frequency of thunderstorms around the world which cause power surges.
The Global Surge Protection Devices Market is estimated to be valued at US$ 4.11 Billion in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024 to 2031..
Key Takeaways
Key players operating in the Surge Protection Devices Market Size include Karl Storz SE & Co. KG, Olympus Corporation, Endo Med Systems GmbH, HOYA Corporation, Getinge AB, Avantis Medical Systems, Boston Scientific Corporation, and FUJIFILM Holdings Corporation, among others.
Key players are focusing on new product launches and strategic collaborations to expand their product portfolio and global presence. For instance, in 2021, Littelfuse launched SurgeX brand overcurrent and surge protection devices to provide high performance and density protection solutions for industrial and commercial equipment.
North America currently dominates the global surge protection devices market. However, Asia Pacific is expected to witness the highest growth owing to increasing investments in renewable energy infrastructure like solar panels which require surge protection devices. Growth in end-use industries such medical devices, electrical equipment manufacturing is also augmenting the demand in the region.
Market drivers and restraints
Rising frequency of thunderstorms around the world due to climate change has been a major driver for the surge protection devices market. Thunderstorms and lightning cause voltage fluctuations that can damage sensitive electronics if surge protection devices are not installed. According to National Oceanic and Atmospheric Administration (NOAA), the average annual number of thunderstorm days has increased by more than 10% across the United States since the 1970s.
High initial investments and maintenance costs associated with surge protection devices can inhibit their widespread adoption, especially in price-sensitive regions. Continuous R&D is required to develop affordable and high-performance devices, which remains a challenge for market players. Substandard quality devices also act as a restraint as they diminish the brand value of established players in the long run.
Segment Analysis
The surge protection devices market can be segmented by type into hard-wired surge protection devices and plug-in surge protection devices. The hard-wired surge protection devices segment dominates the market as these devices offer high surge current capacity providing protection from catastrophic failures. Being permanently connected to the main control panel, they are not prone to human error associated with plug-in devices.
The market can also be segmented by application into industrial, commercial and residential. The industrial segment leads the market owing to large adoption of sensitive electronic equipment needing robust protection from power fluctuations in various industries. Surge protection is critical for industrial automation equipment, manufacturing units, oil & gas facilities etc. to ensure uninterrupted operations.
Global Analysis
Regionally, North America holds the major share in the surge protection devices market due to stringent regulatory norms and rising industrial automation. The development of critical infrastructure such as data centers and renewable energy projects also drives the demand. Asia Pacific is the fastest growing regional market on account of rapid industrialization and urbanization activities across China, India and other developing economies. Increasing foreign investments towards manufacturing and continuous government initiatives for smart city development propels the regional surge protection devices consumption. Emerging nations especially focus on robust power infrastructure to sustain their economic growth.
Get more insights on This Topic- Surge Protection Devices Market
