Surge Protector Market Size, Share, and Growth Prospects: An In-depth Analysis and Forecast

The surge protector market is on the cusp of significant expansion, driven by the escalating use of electrical equipment and the increasing demand for power supply stability among utility consumers. Surge protection devices are gaining prominence for their role in preventing costly damage to electronic equipment and other critical assets. This surge in demand for surge protection devices can be attributed to the rising adoption of high-tech electrical equipment and the growth in disposable income, which are set to drive market expansion.

Rising Adoption of High-Tech Electronics

The surge protector market is experiencing a surge in demand, fueled by the increasing adoption of high-tech electronics such as LED televisions, laptops, printers, industrial control equipment like PLCs, microwaves, washing machines, and alarms. These sophisticated devices are highly sensitive and vulnerable to even minor voltage fluctuations, making surge protection a crucial component in safeguarding them from damage.

According to industry reports, the global electric products market has witnessed a compound annual growth rate (CAGR) of 5.4 percent since 2015, reaching nearly $1,191.2 billion in 2020. Notably, the television segment alone accounted for a remarkable 544 million units sold in 2021, underlining the growing significance of surge protection.

Enhancing Power Quality

With the proliferation of electronic equipment across manufacturing facilities, businesses, and residential areas, the need for power-quality protection technology has become paramount. Transient voltages and surges can adversely affect production and equipment performance, making surge protection crucial for ensuring uninterrupted operations.

Dependable Properties of Hard-Wired Surge Protectors

Currently, the hard-wired surge protection category dominates the market, contributing to more than 44.0 percent of global revenue. Hard-wired Surge Protection Devices (SPDs) are commonly installed on power lines to safeguard downstream devices, outlets, AC-powered systems, and equipment from transients, surges, and AC power-induced events. These surge protectors find applications in commercial, industrial, and residential settings, where they play a vital role in ensuring dependable operations and long-term performance.

Plug-In Surge Protectors on the Rise

Over the projected period, the plug-in surge protection category is expected to witness the fastest growth rate. Plug-in SPDs are typically installed in intermediate panels and at the networks origin to protect equipment from indirect lightning strikes. They are essential for safeguarding sensitive electrical appliances like refrigerators and television sets, thus driving demand for this category.

Regional Dynamics

North America currently leads the surge protector market, accounting for over 38.0 percent of global revenue. The regions early adoption of cutting-edge technology, coupled with a high level of awareness regarding the benefits of SPDs, has made it a dominant player. Particularly in states vulnerable to lightning strikes, such as Florida, Louisiana, Mississippi, and Alabama, SPDs are widely employed to protect electronic appliances.

Asia Pacific is expected to witness the fastest growth rate in the surge protector market, fueled by increasing awareness of SPD benefits in countries like China, India, and Japan. The regions rising disposable income is enabling consumers to invest in high-end electronic devices, further driving the demand for surge protection.

Competitive Landscape

Key players in the surge protector market include ABB, Raycap Corporation, Siemens AG, Schneider Electric, Emerson, Eaton, GE, LittleFuse, Belkin International, Tripp Lite, Maxivolt Corporation, Panamax, Rev Ritter GMBH, Phoenix Contact GMBH, Koninklijke Philips N.V., Legrand, Mersen, Hubbell Incorporated, Citel, The Pentair Electrical & Fastening Solutions, ISG global, MCG Surge Protection, and JMV.

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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