May 22, 2024
Surge Protection Devices Market

Surge Protection Devices Market Is Gaining Traction On The Back Of Increasing Adoption Of Distributed Renewable Energy Systems

Commonly deployed in industrial machinery, data centers, medical equipment, transportation systems and charging infrastructure for electric vehicles among others. Surge protective devices shield systems and components from transient overvoltages and find application across various end use industries including transportation, residential, commercial, industrial and energy. They come equipped with circuitry that diverts high voltage surges to ground before it can affect other devices connected downstream. Common product types are voltage suppressors, surge arrestors and surge protection modules.

The Global Surge Protection Devices Market is estimated to be valued at US$ 4.11 Billion in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024 to 2031.

Key players operating in the Surge Protection Devices market are 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 Takeaways

Key players related content: Key players operating in the Surge Protection Devices Market Size are 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. These players are focusing on new product launches and partnerships to strengthen their market position.

Growing demand: Surge in requirement for protecting industrial equipment and distribution networks from transients is a key factor driving the demand for surge protection devices. They safeguard sensitive electronic equipment used across various industries from damages due to voltage spikes, surges, andfaults in electrical distribution systems.

Global expansion: Major players in the market are engaged in capacity expansion activities and partnerships to strengthen their global footprint. Manufacturers are also focusing on developing innovative products customized for specialized industrial applications to capitalize on growth opportunities in emerging markets across Asia Pacific and Middle East & Africa.

Market key trends

Surge protection devices Market are witnessing increased adoption in distributed renewable energy installations and electric vehicle charging infrastructure as the usage of renewable energy resources continues to surge globally in order to reduce dependence on fossil fuels. Manufacturers are developing enhanced products equipped with monitoring capabilities for applications in solar and wind energy farms as well as commercial and residential electric vehicle supply equipment to provide robust protection from surges and faults. This rising deployment of distributed energy resources is a major trend bolstering demand for effective surge protection worldwide.

Porter’s Analysis
Threat of new entrants: Low investment and low brand loyalty makes the entry of new players easy in the market.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and low switching costs.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power as there are many suppliers in the market and raw materials are commodity products.

Threat of new substitutes: Threat is moderate as some appliances like APC and UPS act as substitutes providing surge protection.

Competitive rivalry: High as the market is fragmented with presence of global as well as regional players. Key differentiation is based on product quality, features and pricing.

Geographical Regions
North America holds the major share of the surge protection devices market in terms of value owing to expanding industrial sector and presence of major players in the region.

Asia Pacific region is expected to witness the fastest growth over the forecast period due to rising industrialization, growth in electronics industry and increasing demand from emerging countries like China and India.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it