Surge Protection Devices Market Size

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.