by 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 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Surge protection devices are electrical safety devices that are installed to safeguard appliances and equipment from voltage surges, spikes, and electromagnetic pulses. They help prevent costly equipment failures and downtime. Some key types of surge protection devices include surge protectors, surge arresters, and sockets that incorporate surge protection. Surge protection devices are crucial components of power infrastructure to protect sensitive electronics from high-voltage surges caused by lightning strikes, switching of heavy equipment, and other anomalies within the grid.
Market key trends:
Surge protection devices are seeing rising demand from end-use sectors such as industrial, commercial, and residential owing to their ability to shield equipment from damaging transients. The growing prominence of renewable energy integration is also driving their uptake, as renewable energy sources such as solar and wind are intermittently variable and susceptible to surges. Furthermore, an aging power infrastructure calls for advanced protection solutions such as surge protection devices to reduce equipment failures. Utility companies are increasingly focusing on modernizing grid infrastructure with advanced SPDs to enhance reliability. Government initiatives and investments to expand and strengthen grid connectivity are providing a fillip to the market.
Porter’s Analysis
Threat of new entrants: The surge protection devices market requires high initial capital investments and various compliance requirements which pose barriers for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of various product options from different manufacturers at competitive prices.
Bargaining power of suppliers: The bargaining power of suppliers is low owing to the presence of a large number of raw material suppliers and low switching costs.
Threat of new substitutes: Low threat of new substitutes as surge protection devices are an essential part of electrical infrastructure.
Competitive rivalry: High competitive rivalry due to the presence of numerous regional and global players competing in terms of product differentiation, features, and pricing.
Key Takeaways
The global Surge Protection Devices Market Growth is expected to witness high growth, exhibiting CAGR of 8.6% over the forecast period, due to increasing electrification and infrastructure modernization projects across industries.
Regional analysis: North America dominates the surge protection devices market due to large-scale industrialization and infrastructure development activities. Asia Pacific is expected to grow at the fastest rate during the forecast period due to rapid industrialization and urbanization in China, India.
Key players: Key players operating in the surge protection devices market are ABB, Schneider Electric, Eaton, Siemens, Emerson, Vertiv, Raycap, Hager, Legrand, Tripp Lite, Leviton, Phoenix Contact, Citel, General Electric, Rockwell Automation, nVent, Belkin, REV Ritter, Littelfuse, MARS Sicherheit. ABB Corporation has the highest market share due to its wide product portfolio and global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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