Surge Protection Devices Market Is Estimated To Witness High Growth Owing To Rising Instances of Power Outages
The surge protection devices market is estimated to be valued at US$ 3.8 Bn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Surge protection devices are protection systems used to protect household and industrial electronic equipment from transient spikes or surges in voltage. These devices safeguard equipment by diverting or suppressing electrical surge energy, minimizing or eliminating surge-related damages. Surge protection devices find major applications in power distribution and transmission systems, communication systems, and electronic circuits.
Market Dynamics:
Rising instances of power outages caused due to weather disturbances and equipment failures are driving the demand for surge protection devices globally. Power surges arising from such outages can damage sensitive electronics in industrial facilities and commercial buildings causing disruptions. Surge protection devices help minimize equipment downtime and reduce associated financial losses. Additionally, rapid industrialization and infrastructure development worldwide is also fueling the deployment of sophisticated power transmission and distribution networks requiring protection against voltage fluctuations and surges. Furthermore, the increasing reliance on technology and connectivity is propelling the adoption of surge protection solutions across various end use industries including IT & telecom, healthcare, manufacturing, and government.
SWOT Analysis
Strength: Surge protection devices offer effective protection against power surges and ensure continuity of power supply. They cause minimal interference and help avoid equipment downtime. Surge protection devices have compact designs and versatile installation options.
Weakness: Low awareness about the benefits of surge protection devices exist in some regions. High costs associated with frequent replacement of surge protection components reduce the return on investment for some small businesses.
Opportunity: Growing concerns about data center power infrastructure upgrades present an opportunity. Increasing investments to modernize electric utilities offer scope for surge protection integration.
Threats: Technological advancement leads to shorter product life cycles of surge protection devices. Economic slowdowns lower infrastructure spending and pose challenges.
Key Takeaways
The global Surge Protection Devices Market Growth is expected to witness high growth, exhibiting CAGR of 8.6% over the forecast period, due to increasing investments in data center infrastructure by cloud service providers. Growing deployment of renewable energy requires robust surge protection for grid stability.
Regional analysis The North America surge protection devices market accounted for over 35% of the global revenue in 2023 led by U.S. and Canada. Major data center investments and stringent safety norms drive the adoption of surge protection systems. Asia Pacific region is anticipated to grow at fastest pace due rising economic needs in China, India along with government initiatives for smart grid and renewable integration.
Key players operating in the Surge Protection Devices market are ABB, Schneider Electric, Eaton, Siemens, Emerson, Vertiv, Raycap, Hager, Legrand, Tripp Lite, Leviton, Phoenix Contact, Citel, General Electric, Rockwell Automation, nVent, Belkin, REV Ritter, Littelfuse, MARS Sicherheit. Key players focus on development of innovative product portfolio meeting various application requirements to gain competitive edge. They further pursue geographical expansion and acquisition strategies to strengthen market presence.
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