Surge Protection Devices Market

Surge Protection Devices Market Size:

The global surge protection devices market size reached US$ 3.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 5.4 Billion by 2032, exhibiting a growth rate (CAGR) of 5% during 2024-2032. The market is primarily driven by increasing energy investment, supportive government policies, expanding renewable energy projects, the growing awareness regarding potential damage from power surges, and the integration of advanced technologies in power systems.

Surge Protection Devices Market Analysis:

• Major Market Drivers: The growing reliance on sensitive electronic equipment and the rise in electrical infrastructure complexity drive the demand for surge protection devices (SPDs). Moreover, enhanced safety regulations and standards globally mandate the use of SPDs in residential, commercial, and industrial applications to protect against electrical surges.
• Key Market Trends: Various innovations in SPD technology, including smarter and more efficient devices, are enhancing protection capabilities and expanding their applications. Besides, the integration of SPDs with smart grid technologies is becoming more prevalent, reflecting a shift toward more interconnected and automated electrical systems.
• Geographical Trends: The market in North America is driven by stringent regulatory requirements and high adoption of advanced electrical safety solutions. Moreover, rapid industrialization and urbanization in Asia-Pacific countries are significantly increasing the demand for surge protection devices, particularly in emerging economies.
• Competitive Landscape: Some of the major surge protection devices companies include ABB Ltd., Belkin International Inc. (Hon Hai Precision Industry Co. Ltd.), Eaton Corporation PLC, Emerson Electric Co., General Electric Company, Havells India Ltd., Hubbell Incorporated, Koninklijke Philips N.V., Legrand, Littelfuse Inc., Mersen, Schneider Electric SE, and Siemens AG, among many others.
• Challenges and Opportunities: The market faces challenges such as high installation costs and the need for ongoing maintenance, which may deter some potential users. On the other hand, the growing adoption of renewable energy sources and the development of smart infrastructure present significant opportunities for market expansion and innovation in surge protection technologies.

Surge Protection Devices Market Trends:

Expansion of Renewable Energy Projects

According to the IMARC Group, the global renewable energy market was valued at $892.7 Billion in 2023, and is anticipated to expand to $1,733.0 Billion by 2032, reflecting a compound annual growth rate (CAGR) of 7.65% from 2024 to 2032. This expansion is driven primarily by increased investments in solar and wind energy projects. Additionally, surge protection devices (SPDs) are crucial for safeguarding sensitive equipment such as inverters, transformers, and control systems from transient surges that can result from lightning strikes or switching operations. These surges can cause significant damage, leading to costly downtime and repairs. Consequently, the growth in renewable energy projects amplifies the demand for SPDs and necessitates advancements in SPD technology to keep pace with the evolving requirements of modern renewable energy systems across the globe.

Supportive Government Policies

The surge protection device (SPD) market is significantly influenced by stringent government regulations and standards, such as those set forth by the National Electrical Code (NEC) and the International Electrotechnical Commission (IEC). These standards mandate the use of SPDs to ensure electrical safety and reliability across various applications, including residential, commercial, and industrial sectors. For instance, in the United States, the National Electrical Code (NEC), issued by the National Fire Protection Association (NFPA), undergoes updates every three years to keep pace with technological advancements. The latest edition introduces a new mandate for comprehensive surge protection across homes. Moreover, compliance with these regulations is essential for meeting legal requirements while preventing potential electrical hazards and ensuring the longevity of critical infrastructure. As these regulations become more rigorous, the demand for SPDs increases, prompting manufacturers to innovate and enhance their products to meet evolving standards while maintaining safety and operational efficiency, thus creating a positive surge protection devices market outlook.

Growing Energy Investment

The surge protection device market is notably impacted by the increase in investments in electrical infrastructure. The International Energy Agency (IEA) projects that global energy investments are projected to surpass $3 Trillion for the first time, with $2 Trillion allocated to clean energy technologies and infrastructure in 2024. Besides, investment in clean energy in the United States is expected to exceed $300 billion, representing 1.6 times the amount invested in 2020 and significantly surpassing expenditures on fossil fuels in 2024. The European Union currently invests $370 Billion in clean energy, while China is projected to allocate nearly $680 Billion in 2024. This investment is bolstered by China’s substantial domestic market and the rapid expansion of key sectors, including solar cells, lithium battery production, and electric vehicle manufacturing. This substantial investment reflects a growing need for reliable protection against electrical surges like surge protection devices (SPD). As investments in electrical infrastructure continue to increase, the demand for high-quality SPDs to safeguard new and upgraded infrastructure from damage caused by voltage spikes and surges is increasing the overall surge protection devices market revenue.

Surge Protection Devices Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on product, type, power rating and end user.

Breakup by Product:

• Hard-wired
• Plug-in
• Line Cord
• Power Control Devices
   

Hard-wired accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the product. This includes hard-wired, plug-in, line cord, and power control devices. According to the report, hard-wired represented the largest segment.

Hard-wired surge protectors are preferred for their robust and permanent installation, providing comprehensive protection for electrical systems or critical equipment. These devices are integrated directly into the electrical system, offering high reliability and long-term protection against voltage surges caused by lightning or other electrical disturbances. Additionally, hard-wired surge protectors’ extensive coverage and effectiveness in safeguarding multiple outlets or high-value equipment make them a popular choice for residential, commercial, and industrial applications. As a result, hard-wired surge protectors are favored for their superior performance and reliability in high-demand environments.

Breakup by Type:

• Type 1
• Type 2
• Type 3
• Type 4
   

Type 2 holds the largest share of the industry

A detailed breakup and analysis of the market based on the type have also been provided in the report. This includes type 1, type 2, type 3, and type 4. According to the report, type 2 accounted for the largest market share.

Type 2 surge protectors are widely favored for their balance between performance and cost, making them a common choice for residential and light commercial applications. They are designed to be installed at the distribution panel, offering protection against transient surges and spikes originating from external sources, such as lightning strikes or switching surges from the power grid. Additionally, type 2 effectiveness in safeguarding electrical systems from moderate surges while being more economical than Type 1 protectors, thus contributing to the surge protection devices market growth. Besides, type 2 devices ensure a reliable level of protection for everyday electrical equipment, which drives their widespread adoption. Furthermore, type 2 enhances system durability and reduces the risk of damage to sensitive electronics underlining their significance in surge protection strategies. Hence manufacturers are introducing advanced variants to cater to the increasing demand. For instance, on 3 March 2024, Raycap, a global producer of electronic components for surge protection, connectivity, and monitoring, is expanding its offerings for e-car charging stations with the introduction of the new ProBloc EV T2 V. Additionally, Raycap provides a highly compact surge protection device that easily fits into small charging stations and wall boxes, enhancing the safety and efficiency of the charging process.

Breakup by Power Rating:

• 0-50 kA
• 50.1-100 kA
• 100.1-200 kA
• 200.1 kA and Above
   

100.1-200 kA represents the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the power rating. This includes 0-50 kA, 50.1-100 kA, 100.1-200 kA, 200.1 kA and above. According to the report, 100. 1-200 kA represented the largest segment.

The 100.1-200 kA segment is driven by its extensive application in commercial and industrial sectors. These devices offer robust protection against high-energy transients and voltage spikes, which are common in such environments due to heavy machinery and equipment use. Additionally, the increasing demand for reliable power systems and the need to safeguard expensive electronic equipment contribute to the growth of this segment. Moreover, several advancements in technology and the rising awareness about the benefits of surge protection are propelling the adoption of SPDs within this power rating range. Hence, this trend reflects the growing emphasis on enhancing the longevity and operational efficiency of critical infrastructure across various industries.

Breakup by End User:

• Commercial Complexes
• Data Centre
• Industries and Manufacturing Units
• Medical
• Residential Buildings and Spaces
• Telecommunication
• Transportation
• Others
   

A detailed breakup and analysis of the market based on the end user have also been provided in the report. This includes commercial complexes, data centre, industries and manufacturing units, medical, residential buildings and spaces, telecommunication, transportation, and others.

Commercial complexes are crucial for safeguarding sensitive electronic equipment and ensuring uninterrupted business operations. Additionally, commercial buildings, including office spaces, shopping malls, and hotels, rely heavily on a stable electrical supply to maintain lighting, HVAC systems, security systems, and IT infrastructure. Moreover, power surges can disrupt these systems, leading to operational downtime and financial losses. Besides, commercial complexes can protect their investments in technology and avoid the costs associated with equipment replacement and data loss by integrating SPDs. Furthermore, regulatory compliance and insurance requirements often mandate the use of surge protection in commercial buildings, further driving the surge protection devices demand. As businesses continue to adopt smart building technologies, the need for advanced SPDs is expected to increase, ensuring resilient and efficient electrical systems.

Data centres are highly dependent on reliable power to maintain continuous operations and protect vast amounts of critical data. Additionally, the role of SPDs in this sector is indispensable, as power surges can lead to significant data corruption, hardware damage, and service interruptions, which are costly and can undermine user trust. Moreover, data centres employ sophisticated equipment, including servers, storage devices, and networking infrastructure which are vulnerable to electrical surges. Furthermore, data centres can mitigate the risks of downtime and enhance the longevity of their equipment by implementing SPDs. As the demand for cloud services, big data, and IoT increases, the need for robust surge protection to ensure data integrity and operational continuity in data centres globally are propelling the market growth.

In industrial and manufacturing settings, SPDs play a vital role in protecting machinery and control systems from electrical surges that can cause significant disruptions and safety hazards. These environments often involve heavy-duty electrical equipment, including motors, conveyors, and automation systems, which are critical to production processes. A power surge can lead to equipment malfunctions, production stoppages, and potentially hazardous situations, resulting in substantial financial losses. Additionally, integrating SPDs helps maintain operational efficiency and extends the lifespan of expensive industrial equipment. Moreover, as industries widely adopt Industry 4.0 technologies, the reliance on interconnected and automated systems amplifies the need for effective surge protection to ensure continuous and safe operations. According to the surge protection devices market recent developments, on 8 June 2023, Littelfuse, Inc., a technology manufacturing company dedicated to creating a sustainable, connected, and safer world, introduced its new NEMA-style surge protective device (SPDN) series. This device is designed to protect equipment from transient overvoltage events that last only microseconds, thereby reducing costly damage and downtime. Its compact design, featuring direct modes of protection, makes it particularly suited for environments with limited space. The external panel mount is compatible with 120V to 480V nominal voltage applications and is ideal for use in industries such as construction, food and beverage, HVAC/R, oil and gas, light industrial, and water/wastewater.

In the medical sector, the widespread adoption of SPDs, as hospitals and healthcare facilities rely on a plethora of sensitive electronic devices for patient care, diagnostics, and record-keeping. Additionally, medical equipment such as MRI machines, CT scanners, ventilators, and patient monitoring systems are highly susceptible to power surges, which can compromise patient safety and lead to equipment failure. Moreover, ensuring a stable power supply with SPDs is critical for uninterrupted healthcare services and maintaining the accuracy of medical data. Besides this, healthcare facilities must adhere to stringent regulatory standards that often mandate surge protection to safeguard patients and equipment. As healthcare technology advances, the reliance on sophisticated electronic devices increases, underscoring the growing demand for effective surge protection solutions in the medical sector.

Surge protection devices (SPD) in residential buildings are essential for protecting household appliances and personal electronics from power surges that can occur due to lightning strikes, grid switching, or faulty wiring. Additionally, modern homes are filled with various electronic devices, including computers, televisions, kitchen appliances, and smart home systems, all of which are vulnerable to voltage spikes. Moreover, installing SPDs helps homeowners avoid the inconvenience and financial burden of replacing damaged equipment and ensures the safety of their electrical systems. Furthermore, as smart home technology becomes more prevalent, the need for surge protection in residential spaces is increasing. Along with this, home automation systems, which control lighting, security, and climate, rely on a stable power supply, making SPDs an integral component of modern home infrastructure.

The telecommunication sector relies on a vast network of electronic equipment and infrastructure to provide uninterrupted communication services. Additionally, power surges can cause significant disruptions to telecommunications networks, leading to service outages and equipment damage. Moreover, SPDs are crucial in protecting switches, routers, transmission lines, and data centres that form the backbone of telecommunication networks. As the demand for high-speed internet and advanced communication technologies grows, the telecommunication industry faces increased pressure to maintain reliable and resilient networks. Furthermore, SPDs help mitigate the risks associated with power surges, ensuring the continuous operation of telecommunication services and safeguarding critical infrastructure from damage, ultimately supporting the sector's growth and reliability.

In the transportation sector, SPDs are essential for ensuring the safe and reliable operation of various electrical and electronic systems used in vehicles, railways, airports, and maritime vessels. Additionally, transportation infrastructure, including signaling systems, communication networks, and control systems, is highly susceptible to power surges, which can lead to operational failures and safety hazards. For instance, a surge can disrupt the functioning of traffic management systems, railway signaling, or airport navigation systems, resulting in delays and potentially hazardous situations. Moreover, the transportation sector can protect its critical infrastructure, enhance operational efficiency, and ensure passenger safety by integrating surge protection devices (SPD). As the industry embraces advanced technologies and automation, the need for robust surge protection becomes increasingly vital to support seamless and secure transportation services.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America leads the market, accounting for the largest surge protection devices market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest regional market for surge protection devices.

According to the surge protection devices market overview, North America holds the largest market share primarily due to the high adoption rate of advanced technologies, stringent government regulations regarding electrical safety, and the presence of key market players. For instance, on 1 April 2024, Raycap, a global leader in infrastructure and power protection solutions for the telecommunications sector, presented its range of surge protection and cabinet solutions at CCA 2024, organized by the Competitive Carriers Association, the premier association for competitive wireless providers across the United States. Additionally, Raycap’s industrial surge protection products are engineered to enhance the reliability, efficiency, and safety of customers' systems with its custom-designed cabinets, enclosures, and concealment solutions providing support for the development of next-generation connectivity networks, ensuring effective operation. Additionally, the region's well-established infrastructure and significant investments in smart grids and renewable energy projects further drive the demand for surge protection devices. Moreover, the increasing occurrence of natural disasters, which can cause power surges, has heightened the awareness and need for protective measures in North American residential, commercial, and industrial sectors. Hence as per the surge protection devices market forecast, the regional dominance will continue due to the technological advancements and regulatory frameworks in North America.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the surge protection devices industry include ABB Ltd., Belkin International Inc. (Hon Hai Precision Industry Co. Ltd.), Eaton Corporation PLC, Emerson Electric Co., General Electric Company, Havells India Ltd., Hubbell Incorporated, Koninklijke Philips N.V., Legrand, Littelfuse Inc., Mersen, Schneider Electric SE, and Siemens AG.
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• At present, key players in the surge protection devices market are actively pursuing strategies to bolster market growth through innovation and expansion. These companies are expanding their product lines to cater to diverse applications, from residential to industrial sectors. Additionally, strategic partnerships and acquisitions are also utilized to broaden their market reach and enhance distribution networks. Furthermore, they are focusing on increasing awareness about the importance of surge protection and providing tailored solutions to meet specific customer needs, which helps in capturing a larger market share and driving overall industry growth. Besides, the surge protection devices market recent opportunities allow companies to invest in research and development (R&D) to enhance the effectiveness and reliability of their products, incorporating advanced technologies such as smart surge protection and integration with IoT systems. For instance, in June 2023, Raycap, an international leader in electronic components for surge protection, connectivity, and monitoring, showcased its latest innovations in surge protection for photovoltaic (PV) power systems and electric vehicle charging stations where the company unveiled a new component designed to protect large photovoltaic systems and inverters, as part of the smarter E Europe event, where the international solar industry reconvened. Additionally, attendees were introduced to advancements in Raycap’s PV box series and a new solution for surge protection tailored for small electric vehicle charging stations and wallboxes.

Surge Protection Devices Market News:

• 5 July 2023, Bourns, Inc., a prominent producer and supplier of electronic components for power, protection, and sensing applications, has launched a new series of high-performance DC surge protective devices (SPDs). The Bourns Model 1420A Series introduces a range of DIN Rail general duty SPDs with pluggable and replaceable modules, capable of handling surge rates up to 50 kA in various configurations. These SPDs are specifically engineered by Bourns to address the protection needs of high-risk electrical service entrances and branch panels, particularly for high-power, sensitive applications such as EV fast chargers, battery energy storage systems (BESS), and photovoltaic energy systems.
• 30 July 2023, Raycap, a global provider of electronic components specializing in surge protection, connectivity, and monitoring systems, is broadening its range of surge protection junction boxes for photovoltaic (PV) inverters with the introduction of a new model designed to safeguard DC-side power. The ProTec PV Box 7Y, a highly compact solution supporting three strings, delivers dependable protection against electrical surge damage.

Surge Protection Devices Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the surge protection devices market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global surge protection devices market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the surge protection devices industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.