by The Surge protection devices market consists of various devices that protect electrical circuits and electronic components from voltage spikes and surges. Surge protection devices primarily include surge protectors, surge arresters, voltage regulators, surge attenuation diodes, and transient voltage suppression diodes. These devices find wide applications in protecting sensitive electrical equipment in industries such as oil and gas, automotive, construction, and telecommunication from transient voltage surges caused by lightning strikes or power outages. A rise in construction activities has fuelled the demand for lightning protection systems across residential and commercial buildings, thereby driving the adoption of surge protection devices.
The global Surge Protection Devices Market is estimated to be valued at US$ 3.8 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the primary drivers for the growth of surge protection devices market is the growing demand for lightning protection in the construction industry. As per estimates, annual lighting strikes have been increasing globally at the rate of 1-2% per year. This has boosted the need for reliable lightning protection systems integrated with surge protection devices across residential, commercial, and industrial buildings. Additionally, the growing installation of distributed renewable energy sources such as solar panels has also contributed to the demand for surge protection devices, as solar energy systems are highly susceptible to power surges. Furthermore, supportive government policies and regulations toward installation of lightning protection systems in critical infrastructure is expected to offer lucrative opportunities for surge protection devices manufacturers over the forecast period.
Segment Analysis
The global surge protection devices market is segmented based on type, application, end-user and geography. Based on type, the market is segmented into hard-wired, plug-in and line cord. Hard-wired surge protection device segment held the largest market share in 2022 as they provide higher protection level than other types of surge protectors. Based on application, the market is segmented into industrial, commercial and residential. Industrial application segment dominated the market in 2022 owing to wide adoption of surge protection devices across various industries to protect sensitive electronic equipment from voltage fluctuations. Based on end-user, the market is segmented into construction, automotive & transportation, energy, manufacturing, healthcare and telecom & IT. Energy and manufacturing sectors collectively accounted for over 35% of global surge protection devices demand in 2022 due to large-scale usage of these devices in equipment used across industries.
PEST Analysis
Political: Regulations regarding worker and public safety are driving the adoption of surge protection devices across industries. Various government initiatives to strengthen critical infrastructure are also propelling the market growth.
Economic: Rising investments in manufacturing, utilities and construction industries globally have increased the demand for sensitive electronic equipment requiring surge protection. Fluctuating raw material prices post the pandemic pose challenges to industry players.
Social: Increasing dependency on electronic appliances and smart infrastructure has resulted in higher concerns regarding safety of devices. This has positively impacted the sales of surge protection devices over the years.
Technological: Advancements in surge protection technologies have led to development of compact devices with improved performance. Integrating surge protection in microchips provides added protection for sensitive electronics.
Key Takeaways
Global Surge Protection Devices Market Size is expected to witness high growth at a CAGR of 5.2% during the forecast period of 2023 to 2030.
Regional analysis revealed that Asia Pacific dominated the market and accounted for over 35% share in 2024 led by China, India and other developing countries increasingly adopting surge protection solutions across industries.
Key players operating in the surge protection devices market include Karl Storz SE & Co. KG, Olympus Corporation, Endo Med Systems GmbH, HOYA Corporation, Getinge AB, Avantis Medical Systems, Boston Scientific Corporation, and FUJIFILM Holdings Corporation, among others. Key players are focusing on product innovation and geographical expansion strategies to gain higher market share. The surge in popularity of connected devices and critical infrastructure has boosted the demand for surge protection devices globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
