Download Sample, Rapid Expansion of Automotive Industry is Impacting the Surge Protection Devices Market
The availability of power is crucial in the present era of electronic existence. The rapid expansion of the automotive industry, as well as the rising need for small smart portable appliances with quicker processors, higher power densities, and improved sensitivity, are the primary reasons driving the global surge protection devices market forward. Furthermore, the growing use of electrical and mechanical components in the automotive sectors to improve driver assistance, navigation, passenger, telematics, safety, and comfort is positively influencing the market. In accordance with this, the adoption of these devices to deliver smart and high-performance functionalities by reducing overheating and wiring is stimulating market expansion.
Aside from that, the emergence of equipment miniaturization has led to an increase in demand for circuit protection solutions in the global market. Furthermore, manufacturer's increasing investments and funding for developing compact and novel devices for dealing with sensitive voltages and electrical surges are favourably benefiting the market. Aside from that, the numerous initiatives conducted by governments of various nations to improve infrastructure and establish workplace safety standards are producing a promising future for the market.
Aside from that, the emergence of equipment miniaturization has led to an increase in demand for circuit protection solutions in the global market. Furthermore, manufacturer's increasing investments and funding for developing compact and novel devices for dealing with sensitive voltages and electrical surges are favourably benefiting the market. Aside from that, the numerous initiatives conducted by governments of various nations to improve infrastructure and establish workplace safety standards are producing a promising future for the market.
Surge Protection Devices Market is Gaining Traction due to Increasing Demand for Protection Systems for Electronic Equipment
The use of electronic equipment in manufacturing facilities, companies, and the residential sector is increasing the demand for power-quality protection systems. Surge protection is becoming more important for both the entire facility and particular equipment, as transient voltages and surges can have an influence on productivity and profitability. Furthermore, demand for technologically advanced appliances such as LED televisions, personal computers, printers, and industrial control systems such as PLCs, microwaves, washing machines, and alarms is rapidly increasing. Given these characteristics, surge protection device demand is expected to rise during the forecast period.
Economic growth in developing countries is driving up demand for technological products. Increased industrialization and disposable income have enhanced the level of living, and as a result, consumption and expenditure on electronic devices have increased dramatically in recent years. Yet, the deterioration of such equipment is caused by both the rising use of microprocessors in a wider range of products and the ongoing shrinking of microelectronic components. As a result, power surge protection devices are required for these products. The increasing use of surge protection devices in industrial applications for lighting circuits, motor controllers, and power distribution is expected to boost surge protection devices market segment growth.
Economic growth in developing countries is driving up demand for technological products. Increased industrialization and disposable income have enhanced the level of living, and as a result, consumption and expenditure on electronic devices have increased dramatically in recent years. Yet, the deterioration of such equipment is caused by both the rising use of microprocessors in a wider range of products and the ongoing shrinking of microelectronic components. As a result, power surge protection devices are required for these products. The increasing use of surge protection devices in industrial applications for lighting circuits, motor controllers, and power distribution is expected to boost surge protection devices market segment growth.
Recent Trends in the Surge Protection Devices Industry
- Surge protectors with modular designs for easy customization.
- Surge protectors with advanced diagnostics and monitoring capabilities.
- Surge protectors with enhanced fire-resistant features.
- Surge protection devices compliant with latest safety and regulatory standards.
- Integration of surge protection devices into smart home automation systems.
Explore Our Breakthrough Market Segmentation and Personalize it to Meet Your Business Needs…!
Novel Product Launches, Corporate Expansions & Acquisitions Lead to the Expansion of Surge Protection Devices Market
The market is dominated by a number of leading companies that emphasize research and development activities in order to increase performance by incorporating advanced technologies. Contracts, new product launches, corporate expansions, collaborations, and acquisitions are some of the innovative growth techniques used to expand the market globally. For instance, Eaton secured the acquisition of Royal Power Solutions, an electrical and power component firm, in January 2022. The acquisition intended to strengthen the company's ability to invest in long-term growth trends in its aircraft, e-mobility, and electrical sectors. Furthermore, Schneider Electric secured the acquisition of Zeigo, a climate-tech platform start-up, in January 2022. The company expected to expand its digital skills in sustainability, energy, and environmental commodity consulting through this acquisition. The transaction will improve the company's digital energy transformation ambition as well as its range of clean energy services and solutions.
Besides, Schneider Electric introduced EcoStruxure Power, the next version of their flagship power distribution system, in October 2021. The company's goal with this launch was to deliver reliable 'always-on' power for hospitals, commercial buildings, data centers, industry, and infrastructure, as well as to digitize and simplify electrical distribution infrastructure. Furthermore, the entire loT-enabled architecture and platform enhance predictive analytics performance, cybersecurity features, and connection to ensure the safety of equipment and employees and minimize electrical fires. ABB Installation Products released the Furse Surge Protection Series for the main power supply in June 2021, which offers advanced performance as well as easy installation and maintenance. The latest Furse Type 1 & Type 2 Surge Protection Series provides all of the benefits of the original range for main power supplies.
Besides, Schneider Electric introduced EcoStruxure Power, the next version of their flagship power distribution system, in October 2021. The company's goal with this launch was to deliver reliable 'always-on' power for hospitals, commercial buildings, data centers, industry, and infrastructure, as well as to digitize and simplify electrical distribution infrastructure. Furthermore, the entire loT-enabled architecture and platform enhance predictive analytics performance, cybersecurity features, and connection to ensure the safety of equipment and employees and minimize electrical fires. ABB Installation Products released the Furse Surge Protection Series for the main power supply in June 2021, which offers advanced performance as well as easy installation and maintenance. The latest Furse Type 1 & Type 2 Surge Protection Series provides all of the benefits of the original range for main power supplies.
Rise in Competition Among Market Participants and High Maintenance Costs Present Threat to the Market Growth
The high maintenance cost as well as the requirement of additional cost for installation of the surge protection device has created a threat to the market growth. Additionally, the components used in surge protection devices such as gas discharge tubes, cartridges, wiring, and LED require proper time-to-time checking and replacement; thus, adding to the surge protection device maintenance cost. The global surge protection devices market's revenue growth is being hampered by a lack of component-level testing and a lengthy warranty claims process. Furthermore, a lack of awareness among small-scale manufacturers and a rise in competition will hamper the market growth. Surge protection devices will not provide complete immunity against higher-than-expected currents from the power grid or direct lightning strikes. This would account for equipment damage and impede production, slowing the growth of the surge protection devices market.
Searching for a Country or Region Specific Report?
Unlock industry complexities with reports crafted for selected countries and regions at Reduced Cost
Increased Investments in Infrastructure and Rise in Expenditure on the Electronic Products is Expected to Drive the Market Expansion
The North American region is known for being an early user of cutting-edge technologies, thus, it accounted for a significant portion of the surge protection devices market. The region also has a high level of awareness regarding the benefits of surge protection devices. The United States also has states like Florida, Louisiana, Mississippi, and Alabama that are prone to lightning strikes. As a result, the use of surge protection devices to protect electrical appliances from abrupt energy fluctuations is prevalent in these states. As a result of all of these factors, North America has emerged as the largest regional market.
Asia Pacific region is likely to account for a significant portion of the global surge protection device market. The presence of large-scale electronics manufacturing enterprises in this region, as well as an expanding number of data centers, can be attributed to the expansion. Due to the increased sales of consumer electronics products, the residential market is one of the fastest-growing segments. Because of their increased purchasing power, consumers are gradually increasing their expenditure on comfort and convenient technology products. The need to protect expensive devices from power spikes or surges is anticipated to fuel the expansion of this industry in this region. To fulfill its expanding energy needs in an effective manner, the region is turning to renewable energy on a large scale. The countries in this region, such as India, China, and Singapore, are some of the fastest-expanding markets in the power and utility sector. Increased investments in infrastructure reform and population urbanization, particularly in developing economies such as China and India, are expected to drive the Asia-Pacific surge protection devices market.
Asia Pacific region is likely to account for a significant portion of the global surge protection device market. The presence of large-scale electronics manufacturing enterprises in this region, as well as an expanding number of data centers, can be attributed to the expansion. Due to the increased sales of consumer electronics products, the residential market is one of the fastest-growing segments. Because of their increased purchasing power, consumers are gradually increasing their expenditure on comfort and convenient technology products. The need to protect expensive devices from power spikes or surges is anticipated to fuel the expansion of this industry in this region. To fulfill its expanding energy needs in an effective manner, the region is turning to renewable energy on a large scale. The countries in this region, such as India, China, and Singapore, are some of the fastest-expanding markets in the power and utility sector. Increased investments in infrastructure reform and population urbanization, particularly in developing economies such as China and India, are expected to drive the Asia-Pacific surge protection devices market.
The report provides a detailed overview of the surge protection devices market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa. The country-specific assessment for the surge protection devices market has been offered for all regional market shares, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the surge protection devices market. These Y-o-Y projections on regional and country-level markets brighten the political, economic, and business environment outlook, which are anticipated to have a substantial impact on the growth of the surge protection devices market. Some key countries and region included in the surge protection devices market report are as follows:
| North America | United States, Canada |
| Latin America | Brazil, Mexico, Argentina, Colombia, Chile, Rest of Latin America |
| Europe | Germany, United Kingdom, France, Italy, Spain, Russia, Netherlands, Switzerland, Poland, Belgium, Sweden, Austria, Norway, Denmark, Finland, Rest of Europe |
| Asia Pacific | China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Malaysia, Singapore, Thailand, Vietnam, Philippines, Rest of Asia Pacific |
| Middle East and Africa | GCC Countries, South Africa, Nigeria, Egypt, Turkey, Morocco, Ethiopia, Algeria, Israel, Iran, Kenya, Rest of MEA |
Surge Protection Devices Market Research Report Covers In-depth Analysis on:
- Surge protection devices market detailed segments and segment-wise market breakdown
- Surge protection devices market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in surge protection devices industry)
- Current, historical, and forthcoming 10 years market valuation in terms of surge protection devices market size (US$ Mn), volume (Units), share (%), Y-o-Y growth rate, CAGR (%) analysis
- Surge protection devices market demand analysis
- Surge protection devices market pricing analysis over the forecast period (by key segment and by region)
- Surge protection devices market regional insights with region-wise market breakdown
- Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
- Latest developments and innovations in surge protection devices market
- Regulatory landscape by key regions and key countries
- Supply chain and value chain analysis in surge protection devices market
- Surge protection devices market sales and distribution strategies
- A comprehensive overview of the parent market
- A detailed viewpoint on surge protection devices market forecast by countries
- Mergers and acquisitions in surge protection devices market
- Essential information to enhance market position
- Robust research methodology
- Frequently Asked Questions -
What factors are driving the demand for surge protection devices?
Increasing dependency on electronic devices, rising power quality issues, and growing adoption of renewable energy systems are significant factors propelling the demand for surge protection devices.
What trends are shaping the surge protection devices market?
Key trends include the integration of smart surge protection devices, increased adoption of IoT-enabled solutions, and the shift towards sustainable and energy-efficient technologies.
What are the challenges faced by manufacturers of surge protection devices?
Manufacturers face challenges such as fluctuating raw material costs, compliance with stringent safety regulations, and the need for consistent innovation to meet evolving consumer demands.
