Surge Protection Devices Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product Type (Hard-wired, Plug-in, Line Cord, Power Control Devices) Power Rating (0-50 kA, 50.1-100 kA, 100.1-200 kA, 200.1 kA and Above) End User (Transportation, Data Center, Residential Buildings & Spaces, Medical, Industries & Manufacturing Units, Telecommunication, Commercial Complexes Others) and Region Forecast 2019-2030

The Surge Protection Devices Market size was valued at US$ 1,783.4 million in 2023 and is projected to reach a value of US$ 2,717.2 million by 2030, at a CAGR of 6.2% from 2024-2030. Moreover, the U.S. market is projected to grow significantly, reaching an estimated value of US$ 1,213.6 million by 2032. 
The primary factor that drives the market is an increase in demand for usage of electrical and electronic appliances in commercial & residential sectors. However, the limited awareness among small-scale manufacturers as well as the competition against uninterrupted and non-fluctuating power supply systems are restricting the market growth. Also, growth in awareness of the need for SPDs, rapid industrialization, and power supply issues in developing countries are likely to provide an huge opportunities for the global market.

Key Players  

Key players in the surge protection devices market include Schneider Electric, Eaton Corporation, Siemens AG, ABB Ltd., Leviton Manufacturing Co., Inc., Belkin International, Inc., Tripp Lite, and Littelfuse, Inc. Also, a comprehensive analysis of industry verticals and market participants that provides a clear overview of the competitive landscape to the sectors served by the company’s products and services, market share, service offerings, financial reports, significant developments, market strategy, competitive position, and geographic reach

Key Takeaways

• The fastest-growing market is the Asia-Pacific region
• The largest region in the market in North America
• Based on the product type hard-wired segment holds a 37.2% market share 
• Based on the power rating 0-50 kA segment holds a 29.3% market share 
• Based on the End user data center segment holds a 23.4% market share 

Facts & Figures 

• In June 2023 - Over 80% of power quality issues in commercial buildings are attributed to surges and transients, highlighting the need for effective surge protection.
• February 2023 - The installation of surge protection devices can lead to a decrease in maintenance costs by up to 30% for electrical systems in industrial settings.
• September 2023 - It is estimated that each surge event can cost businesses between $10,000 to $100,000 in damages, underlining the financial impact of inadequate surge protection.

Key Developments 

• In March 2023 - Schneider Electric launched a new line of surge protection devices aimed at enhancing safety for industrial applications
• In February 2023 - Siemens AG introduced a comprehensive surge protection solution for renewable energy systems, reflecting their commitment to sustainable energy.
• In April 2023 - ABB Ltd. unveiled an upgraded surge protection device with enhanced response times and higher energy absorption capacity.

Surge Protection Devices Market Segmentation

By Product Type: The hard-wired segment leads the market due to its robust installation and reliability in providing long-term protection for electrical systems. Hard-wired surge protectors are usually integrated directly into the electrical system, making them ideal for commercial and industrial applications where high-power demands and critical equipment are present. Their ability to handle higher voltage levels and offer comprehensive protection further solidifies their dominance in the market.

By Power Rating: The 0-50 kA segment is dominating the market, mainly because of its wide usage in residential and small commercial places. It is preferred as it protects standard electronic devices and appliances from daily power surges. It is available at affordable costs and, thus, has been preferred by most customers, henceforth making a significant contribution to the market share. The segment 50.1-100 kA is also showing growth as firms want increased and more substantial protection of their ever more sensitive and crucial gear. 

By End User: Residential buildings & spaces are the leader in the market, with an increased reliance on electronic devices and home automation systems. Households are becoming more conscious of the dangers that power surges pose, leading to increased investment in surge protection solutions. The data center segment is a close second, as high-demand environments require uninterrupted power and protection for sensitive equipment.