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 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 the 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 protectors market has brighter prospects for growth.
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 the 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 to use renewable and alternate energy solutions, industries are adopting different modes of mechanism. There has been a surge in the use of solar, 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
Asia Pacific region is expected to have a major share in 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 in 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 in 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.
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.
|Market size value in 2019||US$2,083.594 million|
|Market size value in 2025||US$2,911.612 million|
|Growth Rate||CAGR of 5.74% from 2019 to 2025|
|Forecast Unit (Value)||USD Million|
|Segments covered||Type, Coupling Type, Voltage Type, End-User Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||ABB, Eaton, Schneider Electric, Emerson Electric Co, Belkin International, Inc., Legrand, Tripp Lite, Siemens AG, Raycap, Pentair|
|Customization scope||Free report customization with purchase|
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$2,911.612 million in 2025.
Q2. What is the size of surge protectors market?
A2. Surge Protectors market was valued at US$ 2,083.594 million in 2019.
Q3. What are the growth prospects for 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.