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Surge Protection Devices Market 2022 – North America accounted 40% Revenue Share

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The surge protection devices market was estimated at US$ 4.3 billion in 2020 and is projected to reach US$ 9.41 billion by 2030, growing at a CAGR of 11.5% during forecast period 2021 to 2030. North America dominated the market with 40% revenue share.

Growth Factors

The growing need to protect electrical equipment from surges is primarily expected to drive the growth of the market. The high costs associated with electrical equipment downtime are also expected to drive the adoption of surge protection devices (SPDs) over the forecast period. The growing awareness among consumers about safeguarding electronic appliances from potential surges also bodes well for the growth of the market.

Surge protection devices are critical for businesses and both residential and commercial establishments. SPDs help in protecting consumer electronics and electrical equipment from voltage fluctuations.

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Report Highlights

 The hard-wired segment dominated the market in 2020 and accounted for a share of more than 50.0% of the global revenue. Hard-wired SPDs are typically installed on power lines for the protection of devices and outlets downstream from the device.

The plug-in segment is anticipated to register the highest CAGR over the forecast period. Plug-in SPDs are mainly installed in intermediate panels and at the origin of the network for protecting the equipment from indirect lightning strikes.

The type 2 segment dominated the market in 2020 and accounted for a share of more than 35.0% of the global revenue. Type 2 SPDs are designed for industrial and commercial applications.

The type 1 segment is expected to register the fastest growth over the forecast period. Type 1 SPDs are incorporated primarily to protect electronic equipment from lightning surges.

Power rating is one of the critical parameters helping in selecting the type of SPD to be used. However, the power rating is often mistaken for the ability of an SPD to provide enhanced protection. SPDs with a higher kA factor do not provide enhanced protection but rather deliver a longer product life.

The 50.1-100 kA segment is projected to register the highest CAGR over the forecast period. SPDs with power ratings ranging from 50.1 kA to 100 kA are primarily used by manufacturing units and for residential and commercial applications.

The industries & manufacturing units segment dominated the SPD market in 2020 and accounted for a share of over 36.0% of the global revenue.The commercial complexes segment is anticipated to register a promising CAGR over the forecast period. The commercial sector in developing economies, such as India, is growing noticeably owing to the favorable policies, such as Make in India and Startup India, being pursued by the government.

North America dominated the surge protection device market in 2020 and accounted for a share of over 40.0% of the global revenue. The region happens to be an early adopter of advanced technologies. The level of awareness about the benefits of SPDs is also very high in the region.

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Key Players

  • ABB
  • General Electric
  • Schneider Electric
  • Eaton
  • Legrand
  • Emerson Electric Co.
  • Siemens
  • Tripp Lite
  • Vertiv Group Corp.

Market Segmentation

  • Product
    • Hard-wired
    • Plug-in
    • Line Cord
    • Power Control Devices
  • Type
    • Type 1
    • Type 2
    • Type 3
    • Type 4
  • Power Rating
    • 0-50 kA
    • 50.1-100 kA
    • 100.1-200 kA
    • 200.1 kA and Above
  • End-use
    • Commercial Complexes
    • Data Center
    • Industries & Manufacturing Units
    • Medical
    • Residential Buildings & Spaces
    • Telecommunication
    • Transportation
    • Others
  • Regional
    • North America
      • U.S.
      • Canada
    • Europe
      • Germany
      • U.K.
    • Asia Pacific
      • China
      • India
      • Japan
    • Latin America
      • Brazil
    • Middle East & Africa

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Steve Robber

My name is Steve Robber, I’m the Owner of Market Stats News. Steve has served in many positions at various organizations for the past seven years. Currently he is an Author at Finance.Yahoo. Contact us for a free news publication, we look forward to speaking with you!

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