In 2024, the market for surge protection devices is expected to be valued at US$ 2,864.50 million. By 2034, the market is probably going to reach US$ 6,256.50 million. From 2024 to 2034, the market is anticipated to grow at a CAGR of 8.10%.
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Global Surge Protection Devices Market: Dynamics
The global market for surge protection devices is expanding as a result of rising demand for surge arresters in locomotive applications and greater emphasis on reducing lightning’s harmful effects. However, a lack of component-level testing and a drawn-out warranty claim process is preventing the worldwide surge protection devices market from growing in terms of revenue over the anticipated timeframe.
Global Surge Protection Devices Market: Key Players
Some of the top companies identified across the surge protection devices value chain are
- Eaton Corporation,
- Schneider- Electric. Co,
- Siemens AG,
- ABB Group,
- General Electric,
- Emerson Electric Co.,
- Littelfuse, Inc.,
- Koninklijke Philips N.V,
- Rockwell Automation, Inc., and
- Honeywell International Inc.
Key players are introducing technologically advanced surge protector devices that can be deployed in various applications such as residential, commercial, and industrial and this factor is boosting the growth of the surge protection devices market globally.
Global Surge Protection Devices Market: Forecast by Type
The global surge protection devices market is categorized based on type, end-user, and region. Based on type, the market is segmented as type 1, type 2, and type 3. The type 2 segment is anticipated to register the highest CAGR of 8.4% during the forecast period. While type 1 is anticipated to register a moderate CAGR of 7.1% with a market share of 32.9% in 2017.
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Market Taxonomy
By Type:
- Type 1
- Type 2
- Type 3
By End-User:
- Industrial
- Commercial
- Residential
Key Regions covered:
- North America
- The U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Western Europe
- Germany
- France
- The U.K.
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- Rest of Eastern Europe
- APEX
- China
- India
- Australia & New Zealand
- ASIAN
- Rest of APAC
- Japan
- META
- GCC Countries
- Turkey
- South Africa
- North Africa
- Rest of MEA
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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The purpose of a surge-protected appliance or gadget is to shelter electrical equipment against voltage peaks. A surge protector either shorts to ground or blocks any improper voltages that are greater than what is permitted in order to lower the power delivered to electrical devices.