Surge Protection Devices Market Size, Share, Opportunities, And Trends By Type (Type 1, Type 2, Type 3, Type 4), By Product Type (Hard-wired, Plug-in), By End-user (Residential, Commercial, Industrial, Data Centres, Medical, Others), And By Geography - Forecasts From 2023 To 2028

Market Overview:

Surge Protection Devices are employed in power supply networks, telephone networks, and communication and control buses. Surges can occur outside, most notably from lightning, or inside, as a result of the switching of electrical loads. Internal surges can be caused by loads turning on and off, relays and/or breakers working, heating systems, motors, and office equipment. Transient events without the proper SPD can destroy electronic devices and cause costly downtime. Enhancing the dependability and power quality of electric systems is crucial given the growing use of electrical equipment and the rising demand from utility consumers for a stable power supply. Surge protection can prevent costly electrical equipment and gadgets from being harmed. According to estimates, this will increase demand for surge protection equipment worldwide. Thus, a major driver propelling the market for surge protection devices is the rise in demand for technologically advanced electrical equipment brought on by an increase in disposable incomes.

Due to their adoption in industrial and commercial settings, the Type 2 market will increase at a high rate.

Under the type 2 category, the market for surge protection devices is growing faster. Type 2 SPDs are developed for industrial and commercial applications. At a factory or commercial location, the safety of electrical equipment and distribution panels is essential because equipment damage or power outages can dramatically lower output. Seeing this growth companies are producing new products with enhanced features like the compact size and capability to clamp and withstand high-energy transients to prevent disruption, downtime, and degradation or damage to equipment. Companies are creating new products with improved features, such as small size and capacity to clamp and resist high-energy transients, in response to this growth to avoid disturbance, downtime, and equipment degradation or damage. For instance, the launch of Littelfuse, Inc.'s SPD2 line of Type 2 surge protection devices was announced in June 2019. Littelfuse, Inc. is a major global manufacturer of technologies for circuit protection, power regulation, and sense. Through the restriction of the fault current to a load or the protected unit, the SPD2 series protects components from surges. To maximize the design freedom of electrical panels, it also has a small footprint. Similarly, A month later, Phoenix Contact declared that the VALVETRAB SEC, its narrowest type 2 surge protective device, was now offered a 4+0 circuit. Systems for TN-S and IT power supplies can use the device. The incredibly small design delivers all the benefits of a space-saving installation with 12 mm per location.

Since they safeguard sensitive electrical equipment, plug-in SPDs have experienced greater expansion over time.

Plug-in SPDs are typically put in intermediate panels and at the network's origin to safeguard equipment from incidental lightning strikes. As a result, plug-in surge protection devices are employed to shield delicate electrical products like televisions and refrigerators. Due to their convenient design that allows anyone to install them, plug-in SPD demand is predicted to rise throughout the projection period. For instance, DITEK introduced the DTK-LC2 Line Conditioning Surge Protective Device in May 2020. This device combines 120V power filtering with trustworthy protection from unneeded harm brought on by electrical surge events. Implementing indoor point-of-use surge protection for delicate electrical equipment is made easier by this special and small combination, which also makes sure that the protection is always effective. The easy plug-in design may be fixed on the wall or placed on any practical surface and doesn't need to be installed by an electrician.

One of the factors influencing the market is the residential segment.

Although power surges are one of the main reasons for HVAC system damage, they can also harm a variety of other electronic devices within the home. Nearly every piece of essential household equipment, including computers, garage door openers, and security and burglar alarm systems, is susceptible to harm from power surges and spikes. The market participants are developing new products or incorporating new features into current products to meet the rising demand for power surge prevention and the growth in the residential market. For instance, in July 2021 Leviton announced the release of four new Type-1 Surge Protective Circuit Breakers to assist both current and prospective Leviton Load Center customers in supplying their homes with efficient surge protection through a straightforward plug-on solution. Leviton is at the forefront of innovation in the home load centre market with the introduction of these innovative surge protection circuit breakers. Their Load Center transformed the process of installing circuit breakers, outperformed UL safety requirements, created a stylish new aesthetic, and gave customers vital information through both simple LED diagnostics and optional smart circuit breakers.

The market is currently being led by North America.

The market for surge protection devices is dominated by North America. Modern life depends heavily on electricity, which is also crucial to the US economy. In 2021, the US consumed roughly 3.93 trillion kWh of electricity, which is 13 times more than it did in 1950, according to the US Energy Information Agency. Therefore, the region also has a very high level of awareness of the advantages of SPDs. The area also has a history of embracing cutting-edge technology early on. For instance, Building on the accomplishment of its best-selling ICM517 Single Phase Surge Protector and its wide-ranging Line Voltage Monitor offerings, ICM Controls unveiled a new, inclusive lineup of surge protective devices in multiple configurations in November 2021. These devices were created with the HVAC, appliance, electrical, and spa markets in mind. With four distinct three-phase SPD configurations and a new single-phase option (ICM518), the enlarged portfolio, which is proudly built in America, is available. All these factors combined have made North America the biggest geographical market.

Surge Protection Devices Market Scope:

Segmentation:

• By Type
  • Type 1
  • Type 2
  • Type 3
  • Type 4
• By Product Type
  • Hard-wired
  • Plug-in
• By End-User
  • Residential
  • Commercial
  • Industrial
  • Data centres
  • Medical
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Others