Surge Protection Devices Market is Estimated to Witness High Growth Owing to Increasing Electronics and Electrical Equipment Usage

Surge Protection Devices Market
Surge protection devices are electrical safety devices that are used to protect sensitive electronic equipment from transient overvoltages, like voltage surges due to lightning or utility fault conditions. They contain metal oxides varistors or silicon avalanche diodes that act as suppressors for sudden voltage spikes by clamping the voltage to a safe level. These devices are commonly used in electronic devices like computers, televisions, home appliances, networking equipment and industrial controls. The global surge protection devices market is estimated to be valued at US$ 3.8 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Increasing usage of electronic devices and electrical equipment worldwide is the key driver for the surge protection devices market. Rapid industrialization and infrastructure growth has also increased the installation of sensitive electronic equipment in various industrial automation and process control systems. Surge protection devices help protect such equipment from power surges caused by lightning strikes or faults in transmission lines. With increasing frequency and severity of extreme weather events attributed to climate change, the demand for surge protection is also rising. Another major driver is stringent government regulations mandating the installation of surge protection in critical infrastructure and industrial facilities to minimize downtime and equipment damages from power anomalies. While increased usage of electronics and protection requirements will continue propelling the market growth in coming years.

SWOT Analysis

Strength: Surge protection devices provide safety and protection to sensitive electronic devices from voltage surges and spikes. They have fast response time and protect equipment from overvoltage. They are available in various form factors to suit different appliance needs.

Weakness: Surge protection devices have limited life span and need periodic replacement. Low grade surge protectors may not provide adequate protection against high magnitude surges.

Opportunity: Growth of IoT devices and increase in number of connected devices drives the demand for surge protectors. Rapid urbanization and infrastructure development in emerging markets create new application areas.

Threats: Availability of uncertified low cost alternatives from local manufacturers impacts sales of established brands. Natural calamities like lightning strikes and storms pose risk of equipment damage despite protection.

Key Takeaways

The global Surge Protection Devices Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 3.8 Billion in 2023 and grow at a CAGR of 6.7% during the forecast period.

Regional analysis

The Asia Pacific region currently dominates the global market and is expected to remain the fastest growing regional market during the forecast period. Rapid industrialization and infrastructure development in countries like China and India creates strong demand. North America and Europe are other major markets for surge protection devices.

Key players

Key players operating in the surge protection devices market are Horizon Therapeutics plc, Ammonett Pharma LLC, Medison Pharma Ltd., Modern Dietetics Inc., Synageva BioPharma Corp., Medison Pharma Ltd., Swedish Orphan Biovitrum AB (Sobi), Entera Health, Inc., Dipharma Francis S.r.l., Ucyclyd Pharma, Inc. Horizon Therapeutics plc is a leading player with wide product portfolio and strong global distribution network. The market is also witnessing entry of local manufacturers especially in Asia Pacific region.

For more details on the report, Read- For more details on the report, Read- https://www.pressreleasebulletin.com/surge-protection-devices-market-size-and-share/

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