Surge Protectors Market Size, Opportunities, COVID-19 Impact, And Trends, By Type [Service Entrance Surge Protectors, Branch Surge Panels, Power Strips], By Coupling Type [Galvanic, Inductive, Capacitive], By Voltage Type [High, Medium, Low], By End User [Residential, Commercial, Industrial], And By Geography- Forecasts From 2020 - 2025

The surge protectors market is projected to witness a compound annual growth rate of 5.74% to grow to US$2,911.612 million by 2025, from US$2,083.594 million in 2019.

There has been a significant surge in the demand for protector devices for electrical grids, circuits, and types of equipment. A voltage spike due to a transient or in the case of a lightning event can generate more than 1000 volts or even 100,000 volts. This can damage or have a negative on the wiring insulating effect and will damage electronic products and devices such as batteries, TV, Modems, and chargers. It can also damage communication lines as the voltage will have a serious impact on Alternating Current (AC) lines. A surge, even if it lasts for seconds can destroy or damage the entire electrical circuit or a grid if it is not protected by a transient surge protector device. The major reason is that the equipment is not designed to hold this sort of reaction. The maintenance cost is a concern. Due to these reasons, there is a surge in the demand for protective devices. A surge protector is a device that protects the electrical grid by limiting or reducing the voltage in case of a natural calamity or a power failure. It reduces the voltage and brings it to a safer threshold level. There is a wider range of equipment used to guard or protect the circuit. The market is expected to grow at a significant rate in the coming years.

Rise In Urbanization Will Make A Significant Impact

There has been a significant rise in industrialization and urbanization. With the rise in income and modern lifestyle, demand for modern electrical grids and devices will continue to grow. There are a lot of power cuts and failures in the cities, industries, and villages that hurt the flow of work, lifestyle, and continuity of the movement. With the surge in technological advancement, power failures have a serious negative impact on society as it breaks the momentum of the flow of work. Manufacturers and major companies are developing and providing a safer, modern solution for that.

The demand for power surge devices is growing at a decent rate, as it solves the problem faced by industries and others. There has been a substantial surge in the demand for alternate energy-based electrical grids that will also drive the growth of the surge protectors market. The rise in renewable energy will have a positive impact on market growth. The Department of Science and Technology of India stated that with the surge in the generation of electricity from alternate energy sources such as renewable energy, there will be substantial growth in the demand for smart grids at both transmission and distribution levels. With the rise in urbanization and the smart city projects initiated by various nations worldwide, the surge protector market has brighter prospects for growth.

Market Frontrunners

• Based on the type, the service entrance surge protector has a significant share in the market. This type of device is commonly used in the protection of electrical circuits at home. It protects the incoming line of a telephone, an electrical power line, a cable TV, and a satellite dish. A single surge protector device can protect all the channels and lines that are related to the A.C. Current. It is also used for industrial and commercial applications. Power strips also have a substantial demand in the market. It is an affordable device protector that is commonly used for home appliances. It is used as a circuit breaker and is commonly used for ON/OFF switches. It also absorbs current and can detect it by temperature. If the temperature exceeds a threshold level, the power strip will detect it and switch off the circuit. Branch Panel circuits have a decent share in the market. It has an extra layer of plastic enclosed in it, to provide extra safety features. The phases are independently fused from each other.
• Based on the coupling type, inductive coupling is the most effective and has a major share of the market. It is commonly used in industrial applications and home appliances. It is used in generators and electric motors and is widely used in transformers. Capacitive coupling also has a significant share in the market and is used in telecommunication circuits, analog circuits, and power supply units. The galvanic coupling segment will have decent growth as there is a use for the protection of circuits. The galvanic circuit detects the change in its corresponding circuit.
• Based on the voltage, high voltage is widely used because industries and large-scale power grids require higher voltage. It will continue to have a significant share of the market. Low and medium are used for protecting home appliances and will generate decent growth in the coming years.

Industries will make a considerable impact

Based on the end-user industry, the industrial sector will have a major share in the market. The reason is because of the rise in industrial growth and factories. Government regulations state that factories should have a proper safety mechanism. Industries have to compete with demand and generation and require higher productivity. With the rise in income and awareness of to use of renewable and alternate energy solutions, industries are adopting different modes of mechanism. There has been a surge in the use of solar, and wind energy to generate electricity and power. The use of smart protective grids has become imperative. The commercial sector will also generate significant growth as there is a rise in urbanization. Smart city projects have started in developing countries and there will be a significant surge in the demand for protective gear for the electrical grids. The residential sector will also make a major impact as there is a surge in the need to protect residential properties from natural calamities like lightning. There has been an immense change to adopt alternate and clean energy methods for the residential sector.

Challenges in the Surge Protectors Market

• Surge protector diverts the major effects of the spikes or voltage. It acts as a lower impedance device that converts the voltage into current and prevents harmful voltage effects. The common device cannot protect the circuit from catastrophic lightning effects. It will not able to convert the voltage into current. This leads to damage to electrical equipment. This will be a major obstacle to the surge protectors market.
• There is a concern regarding the manipulation and implementation of electrical design. A single individual error in a component can affect the whole electrical circuit. It can result in the explosion and burning of the circuit. The circuit is placed in parallel arrays and this leads to the dissipation of energy if a single device has an error. This is a major obstacle to the growth of the market.

Regional Analysis

Asia Pacific region is expected to have a major share of the market. This is due to the rise in the usage of electrical equipment and power grids to satisfy and fulfill the need of a substantial population. India, China, and Japan are expected to have a major share of the market. There has been a significant surge in the adoption of alternate energy in these countries. North America and Europe will also have a major share of the market. The rise in the change to convert the automobile sector from oil energy to electrical energy will have a positive impact on the market. The rise in urbanization, construction, and development of smart cities worldwide will have a significant impact on the market. Adoption and consumption of electronic devices such as LED, washing machines, laptops, and televisions will soar the growth of the surge protectors market.

Competitive Analysis

Some of the major companies are ABB, Eaton, Schneider Electric, Emerson Electric Co, Belkin International, Inc., Legrand, Tripp Lite, Siemens AG, Raycap, and Pentair. The companies are focusing on the innovation and enhancement of the product. The cost of the manufacturing and production of a product is substantial and the major players play a critical role in it. The companies are focusing on collaborations with the regional players to get contracts from the governments for the projects. The companies also focus on acquisitions to enhance their portfolio.

Surge Protectors Market Scope:

Segmentation

• By Type
  • Service Entrance Surge Protectors
  • Branch Surge Panels
  • Power Strips

• By Coupling Type
  • Galvanic
  • Inductive
  • Capacitive

• By Voltage Type
  • High
  • Medium
  • Low

• By End-User Industry
  • Residential
  • Commercial
  • Industrial

• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Spain
    • Others
  • The Middle East and Africa
    • Saudi Arabia
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Others

Frequently Asked Questions (FAQs)

Q1. What will be the surge protectors market size by 2025?
A1. The surge protectors market is projected to reach a market size of US$2,911.612 million in 2025.

Q2. What is the size of the surge protectors market?
A2. Surge Protectors market was valued at US$ 2,083.594 million in 2019.

Q3. What are the growth prospects for the surge protectors market?
A3. The global surge protectors market is projected to witness a CAGR of 5.74% over the forecast period.

Q4. Which region holds the maximum market share of the surge protectors market?
A4. Asia Pacific region is expected to have a major share in the surge protectors market due to the rise in the usage of electrical equipment and power grids to satisfy and fulfill the need of a substantial population.

Q5. What factors are anticipated to drive the surge protectors market growth?
A5. There has been a substantial surge in the demand for alternate energy-based electrical grids that will drive the growth of the surge protectors market.