According to a new market report published by Acute Market Reports Inc “Surge Protection Devices Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2023 - 2030,” the global surge protection devices market is predicted to observe significant growth through the forecast period 2023 - 2030. This growth is primarily attributed to increasing numbers of middle class families and their rising income level across the world. These families are expected to invest in high-end technology devices such as LED and LCD TVs, home theaters, heating ventilating and cooling (HVAC) equipment and personal computers. Increasing importance to protect this expensive equipment from transient voltage is expected to spur the demand for surge protection devices throughout the forecast period 2023 - 2030. In addition, growing digitization in commercial sector and automation in industrial areas are expected to increase the demand for electrical equipment. These electrical equipment and devices are very sensitive to small voltage fluctuation. Voltage surge in industrial and commercial equipment result into large down time and data losses which cost very high for these enterprises.
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Different types of surge protection devices used to protect electrical equipment from voltage surges and spikes, lighting strikes and grid shifting which include plug-in surge protectors, line chord surge protectors, hard wired surge protectors and power control surge protectors. Line chord surge protectors have multiple outlets and are used to protect multiple devices in one room. This segment accounted for the largest market share of 38.0% in 2021. This segment is expected to grow at a steady rate with growing demand of expensive electronic devices such as home entertainment systems, LED and LCD TVs, and personal computers. Hard wired surge protectors are expected to see the fastest growth with growing residential and commercial construction industry and increasing number of manufacturing plants globally.
Depending upon surge suspension capacity of surge protection devices, we have segmented this market into low voltage surge protectors and high voltage surge protectors. Low voltage surge protector devices are used to for surge suspension on circuit’s rate 1500v and below. High voltage surge protector devices are used for surge suspension on circuit’s rate above 1500v. Surge protection devices market was dominated by low voltage surge protection devices and accounted for 65.5% of revenue share in 2021. However, high voltage surge protection devices are expected to see a fastest growth through the forecast period 2023 - 2030. This growth is primarily attributed to stringent policies in construction industries to protect buildings from lighting strikes.
Industrial segment represents the largest end user segment for surge protection devices in India. This segment accounted for 40.5% of revenue share in the global surge protection devices market. With growing industrialization and rising automation in both manufacturing and processing industries represents a huge demand for surge protectors. Commercial segment is expected to see the fastest growth in end users market.
