Surge Protection Devices Market Size Worth $4.41 Billion By 2028: Grand View Research, Inc.

SAN FRANCISCO, Aug. 30, 2021 /PRNewswire/ -- The global surge protection devices market size is expected to reach USD 4.41 billion by 2028, registering a CAGR of 8.5% from 2021 to 2028, according to a new report by Grand View Research, Inc. The growing need to protect electrical equipment from surges is primarily expected to drive the growth of the market. The high costs associated with electrical equipment downtime are also expected to drive the adoption of surge protection devices (SPDs) over the forecast period. The growing awareness among consumers about safeguarding electronic appliances from potential surges also bodes well for the growth of the market.

Key Insights & Findings:

• The hard-wired segment is estimated to emerge as the largest segment market over the forecast period as hard-wired SPDs are primarily used for protecting various electrical equipment and devices from surges
• The Type 1 segment is expected to register the highest CAGR over the forecast period. Type 1 SPDs are particularly used to protect electronic equipment from lightning surges
• The 50.1-100 kA segment is anticipated to witness significant growth over the forecast period in line with the rapid residential and commercial infrastructure development across the globe
• Industries and manufacturing units are the major end users of SPDs as they put a strong emphasis on preventing equipment downtime
• Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period owing to the aggressive investments to cater to the rising demand for energy in line with the growing population

Read 130 page market research report, " Surge Protection Devices Market Size, Share & Trends Analysis Report By Product (Hard-wired, Plug-in, Line Cord, Power Control Devices), By Type, By Power Rating, By End-use, By Region, And Segment Forecasts, 2021 - 2028 ", by Grand View Research

Surge protection devices are critical for businesses and both residential and commercial establishments. SPDs help in protecting consumer electronics and electrical equipment from voltage fluctuations. SPDs are available in various types and are used in an electrical distribution system depending on the requirement posed by the location. SPDs also safeguard electrical equipment from the surges caused during lightning strikes.

Data centers store large volumes of critical data. As such, any downtime at data centers stemming from electrical surges could lead to heavy losses. As Asia Pacific continues to emerge as one of prominent destinations for outsourcing services, the number of data centers being established in the region is growing continuously. Investments in renewable energy projects are also gaining traction across Asia Pacific. Hence, the growing number of data centers and the aggressive investments in renewable energy projects in Asia Pacific are expected to drive the demand for SPDs in the region.

The rising levels of disposable income especially in developing economies are allowing individuals to spend more on premium consumer electronics. However, given that consumer electronics are susceptible to internal surges, it is essential to safeguard them, thereby driving the need for SPDs. Particularly in developed economies, where the information technology industry is well established, surge protection devices are being used on a large scale to protect the IT infrastructure, including servers, desktops, and electrical supply equipment, which also bodes well for the growth of the market over the forecast period.

Grand View Research has segmented the global surge protection devices market on the basis of product, type, power rating, end-use and region:

• Surge Protection Devices Product Outlook (Revenue, USD Million, 2016 - 2028)
• Hard-wired
• Plug-in
• Line Cord
• Power Control Devices
• Surge Protection Devices Type Outlook (Revenue, USD Million, 2016 - 2028)
• Type 1
• Type 2
• Type 3
• Type 4
• Surge Protection Devices Power Rating Outlook (Revenue, USD Million, 2016 - 2028)
• 0-50 kA
• 50.1-100 kA
• 100.1-200 kA
• 200.1 kA and Above
• Surge Protection Devices End-use Outlook (Revenue, USD Million, 2016 - 2028)
• Commercial Complexes
• Data Center
• Industries & Manufacturing Units
• Medical
• Residential Buildings & Spaces
• Telecommunication
• Transportation
• Others
• Surge Protection Devices Regional Outlook (Revenue, USD Million, 2016 - 2028)
• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• Asia Pacific
• China
• India
• Japan
• Latin America
• Brazil
• Middle East & Africa

List of Key Players of the Surge Protection Devices Market

• ABB
• General Electric
• Schneider Electric
• Eaton
• Legrand
• Emerson Electric Co.
• Siemens
• cgglobal.com
• Tripp Lite
• Vertiv Group Corp.

Browse through Grand View Research's coverage of the Global Next Generation Technologies Industry:

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 About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.