by Surge protection devices protect sensitive electronics from high-voltage surges caused by lightning strikes, power fluctuations or upstream equipment failure. They include surge protectors, surge suppressors and surge arrestors that are used in industrial machinery, data centers, telecommunication infrastructure and home appliances like television sets, computers, and printers to safeguard them against voltage spikes. Surge protectors for home appliances are affordable and easily accessible, helping in expanding their installations worldwide. Industrial machines have become more digitized and interconnected through internet of things which increased their vulnerability to power surges. This is boosting the demand for high-end multi-stage surge protection devices for industrial control systems. Growing digitalization of industries with trend of industrial automation opens new opportunities for surge protection devices manufacturers.
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 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
There is rise in demand for transient voltage surge suppression (TVSS) devices in industrial and commercial applications. TVSS devices with feature of remote monitoring are gaining popularity as they allow real-time tracking of surges and outages, enabling preventive maintenance. Manufacturers are focusing on development of surge protection devices with innovative designs that are compact in size, provide multi-stage protection and have extended product life. Some players are also introducing edge computing-based advanced surge protectors/suppressors for industrial internet of things applications which can analyze power quality data through edge computing platforms.
Porter’s Analysis
Threat of new entrants: Low barriers to entry with low differentiation amongst products make entry of new players easy. However, the established brands enjoy recognition and economies of scale.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and standardized products. However, switching costs and brand loyalty increase bargaining power of established players.
Bargaining power of suppliers: Multiple component suppliers keeps bargaining power of suppliers in check. However, compliance to quality standards provide bargaining power to key suppliers.
Threat of new substitutes: Substitution threat is moderate as technologies like spike guards and varistors provide alternatives. However, surge protection devices have wide acceptance.
Competitive rivalry: Intense competition amongst numerous global and regional players. Players differentiate through innovation, quality, and service.
Key Takeaways
The global Surge Protection Devices Market Demand is expected to witness high growth over the forecast period. Growth will be driven by rising demand for protection of sensitive electronics from power surges and outages.
North America dominates the surge protection devices market currently owing to large base of data centers and industrial operations. Asia Pacific is expected to witness the fastest growth led by rapid industrialization and infrastructure development in countries like China and India.
Key players operating in the surge protection devices market are Horizon Therapeutics plc, Ammonett Pharma LLC, Medison Pharma Ltd., Modern Dietetics Inc., Synageva BioPharma Corp., Medison Pharma Ltd., Swedish Orphan Biovitrum AB (Sobi), Entera Health, Inc., Dipharma Francis S.r.l., Ucyclyd Pharma, Inc. Players focus on new product launches catering to emerging end-use industries as well as geographies to strengthen market presence.
Note:
Source: Coherent Market Insights, Public sources, Desk research
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