The surge protection device market is projected to be worth USD 2,864.50 million in 2024. The market is likely to reach USD 6,256.50 million by 2034. The market is expected to surge at a CAGR of 8.10% from 2024 to 2034.
| Attributes | Key Insights |
|---|---|
| Surge Protection Device Market Estimated Size in 2024 | USD 2,864.50 million |
| Projected Market Value in 2034 | USD 6,256.50 million |
| Value-based CAGR from 2024 to 2034 | 8.10% |
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The scope for surge protection device rose at a 7.00% CAGR between 2019 and 2023. The global market for surge protection device is anticipated to grow at an astronomical CAGR of 8.10% from 2024 to 2034.
| Historical Value in 2019 | USD 2,027.90 million |
|---|---|
| Historical Value in 2023 | USD 2,656.40 million |
From 2019 to 2023, the surge protection device market witnessed notable growth driven by escalating reliance on electronic device across sectors. Short term factors such as rapid urbanization, industrialization, and the increasing digitization of processes surged demand for surge protection device.
This period saw a spike in demand due to heightened awareness regarding the damaging impacts of electrical surges, propelling immediate investments in protection solutions.
As we look into the midterm projection from 2024 to 2027, sustained growth is expected, primarily attributed to continual technological advancements, further integration of IoT device, and expanding industrial infrastructure.
The proliferation of smart grids, automation, and IoT applications significantly amplifies the need for surge protection, ensuring the uninterrupted functionality of interconnected systems. This phase anticipates a steady rise driven by consistent market demands across diverse sectors and regions.
In the long term, from 2027 to 2034, market forecasts indicate a sustained upward trajectory due to ongoing urban development, increased automation, and the ever expanding use of sensitive electronics. Surge protection device will remain integral in safeguarding an increasingly interconnected world as emerging technologies continue to evolve, necessitating advanced protection mechanisms.
A growing focus on sustainable energy and infrastructure development will fuel the long-term demand for reliable surge protection solutions, affirming a continued upward trajectory for the surge protection device market.
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The table below showcases revenues in terms of the top five leading countries, spearheaded by India and China.
Forecast CAGRs from 2024 to 2034
| India | 10.30% |
|---|---|
| China | 9.30% |
| United States | 4.30% |
| United Kingdom | 3.60% |
| France | 3.50% |
Surge protection device in India witness a surge in demand due to increased adoption of IoT device across sectors, necessitating enhanced protection against electrical surges.
Market trends focus on sustainable surge protection options, aligning with its push for eco friendly technologies. With rapid industrialization and infrastructural development, there is a heightened need for reliable surge protection solutions, fueling expansion at a CAGR of 10.30%.
China surge protection device market is experiencing growth due to extensive smart city projects, demanding robust protection for integrated technologies and infrastructure.
Increasing renewable energy installations drive the need for surge protection solutions, supporting the upward trajectory of the market. Rapid industrial modernization propels the demand for reliable surge protection device, contributing a 9.30% CAGR through 2034.
Increasing focus on home electronics safety escalates demand for surge protection device, driven by heightened consumer awareness.
Compliance with rigorous safety regulations fosters innovation in surge protection device across various sectors. Surge protection solutions evolve to cater to the rising trend of smart home technology integration, expanding at a 4.30% CAGR through 2034.
The United Kingdom surge protection device market witnesses growth due to heightened demand for protecting commercial infrastructure against electrical surges.
Increasing concerns about data protection and cybersecurity drive the need for robust surge protection in digital environments. Surge protection solutions evolve to accommodate rising building automation trends, registering a 3.60% CAGR through 2034.
The surge protection device market in France leans towards eco conscious options, aligning with sustainability initiatives and environmentally friendly technologies.
The surge protection market sees growth due to urban redevelopment projects that require advanced protection for revitalized infrastructures. Rising demands in telecommunications infrastructure drive the need for specialized surge protection solutions, yielding a 3.50% CAGR through 2034.
| Category | Market Share in 2024 |
|---|---|
| Type 2 | 44.50% |
| Industrial | 43.98% |
Type 2 surge protection device dominate due to their versatility and widespread application across diverse electrical systems. Their inherent capability to protect against moderate surge levels in main distribution and branch panels makes them indispensable in commercial, industrial, and residential settings. Offering enhanced protection for sensitive equipment, Type 2 device act as a crucial line of defense, ensuring uninterrupted operations.
Anticipated to maintain a 44.50% market share until 2024, their popularity stems from efficient transient overvoltage handling, adaptability to various installations, and compliance with safety standards. This sustained dominance reaffirms the pivotal role of Type 2 in safeguarding electrical infrastructure against surges.
The Industrial sector emerges as the foremost end user in surge protection device and is projected to retain a substantial 43.98% market share until 2024. Its dominance is rooted in the extensive reliance of the sector on sophisticated machinery and sensitive electronic systems susceptible to power disturbances. With a paramount need for continuous operation and protection against surges, industrial facilities prioritize robust surge protection device solutions.
Offering comprehensive defense against voltage spikes, these device ensure uninterrupted workflow, equipment longevity, and cost effective maintenance. The unwavering demand of this sector for resilient surge protection device reaffirms its status as the leading segment, underscoring the critical role of these device in safeguarding industrial infrastructure.
The surge protection device market thrives in a competitive landscape dominated by key players like Eaton Corporation, Schneider Electric, Siemens AG, and ABB Group. These industry leaders offer diverse surge protection device solutions catering to residential, commercial, and industrial sectors. Their competitive edge lies in technological innovation, reliability, and comprehensive product portfolios.
Emerging contenders are disrupting the market with specialized niche offerings and focusing on sustainable, IoT integrated solutions. Market dynamics emphasize R&D investments, strategic partnerships, and mergers to enhance global reach and product diversification. The evolving landscape underscores a continual drive for advanced surge protection device technologies to meet the escalating demand for safeguarding sensitive electronic equipment.
Product Portfolio
| Attribute | Details |
|---|---|
| Estimated Market Size in 2024 | USD 2,864.50 million |
| Projected Market Valuation in 2034 | USD 6,256.50 million |
| Value-based CAGR 2024 to 2034 | 8.10% |
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2023 |
| Market Analysis | Value in USD million |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East & Africa |
| Key Market Segments Covered | Type, End User, Region |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel |
| Key Companies Profiled | Eaton Corporation; Schneider- electric. Co; Siemens AG; ABB Group; General Electric; Emerson Electric Co.; Littelfuse Inc.; Koninklikes Philips N.V; Rockwell Automation Inc.; Honeywell International Inc. |
The surge protection device market is expected to reach USD 2,864.50 million in 2024.
The surge protection device market is set to expand by a CAGR of 8.10% by 2034.
The surge protection device industry is forecast to reach USD 6,256.50 million by 2034.
India is likely to be the top performing market, surging at a CAGR of 10.30% through 2034.
Type 2 is the preferred segment, expected to hold a market share of 44.50% through 2024.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Type 5.1. Type 1 5.2. Type 2 5.3. Type 3 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End-User 6.1. Industrial 6.2. Commercial 6.3. Residential 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 9. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 10. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 11. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 12. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 13. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 14. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Eaton Corporation 17.2. Schneider Electric Co 17.3. Siemens AG 17.4. ABB Group 17.5. General Electric 17.6. Emerson Electric Co 17.7. Littelfuse, Inc. 17.8. Koninklikes Philips N.V 17.9. Rockwell Automation, Inc 17.10. Honeywell International Inc 18. Assumptions & Acronyms Used 19. Research Methodology
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Surge Protection Device Market
