Surge Protection Devices Market size was valued at USD 3.11 billion in 2023 and is expected to exceed USD 7.23 billion by 2036, registering over 6.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of surge protection devices is assessed at USD 3.28 billion. The growth of the market can be attributed to the increasing demand for protection systems for electronic devices, and rise in usage of consumer electronics across the globe. Along with these, rapid climate changes globally and subsequent increase in lightning incidences are also crucial factors expected to drive significant growth to the market in the upcoming years. Furthermore, escalating economic developments in developing nations, and growing adoption of high technology equipment such as laptops, washing machines and LCDs are projected to offer lucrative opportunities to the market in the near future. In 2019, more than 172 million units of laptops were shipped around the world, increasing up to more than 220 million units by the end of 2020.
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
6.7% |
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Base Year Market Size (2023) |
USD 3.11 billion |
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Forecast Year Market Size (2036) |
USD 7.23 billion |
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Regional Scope |
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The market is segmented by type into hard-wired, plug-in, and line cord, out of which, the plug-in segment is anticipated to hold the largest share in the global surge protection devices market. This can be accounted to the high suitability of plug-in devices for installation at the origin of the network, and their ability to effectively protect equipment from indirect lightning strikes. Additionally, on the basis of end user, the industrial segment is predicted to acquire the largest share during the forecast period, which can be credited to the increasing requirement for servers, data centers and communication systems in industries. Apart from these, growing applications of industry 4.0 initiative for electric machinery and automobiles to facilitate remote maintenance and diagnostics is also assessed to accelerate growth of the market segment in the coming years.
Our in-depth analysis of the global market includes the following segments:
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By Type |
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By Power Rating |
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By End-User |
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On the basis of geographical analysis, the global surge protection devices market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific industry is likely to dominate majority revenue share by 2036, propelled by increasing emphasis on using clean energy to meet the energy needs, especially in China, Singapore and India. In addition, rapidly growing urbanization, and rising investments in smart grid technologies and smart cities are also projected to boost the market growth of the region in the future. According to the World Bank, 60.695 percent of East Asia and Pacific’s total population lived in urban areas in 2020, up from 59.887 percent and 59.052 percent in the years 2019 and 2018 respectively.
in North America is anticipated to occupy the largest share during the forecast period owing to the early adoption of advanced technologies, and high electricity consumption in commercial and residential sectors in the region.
January 2021- Emerson announced updates to its SolaHD surge protective devices and power filters to prevent damage to mission-critical electronics within their facilities.
November 2020- Hitachi ABB launched a new surge arrestor factory in China for meeting the growing energy requirements of the region more effectively.
Author Credits: Abhishek Verma
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