Market Insights: Surge Protection Devices Projected to Reach $4.9 Billion by 2031

 

The Global Surge Protection Devices Market is poised for substantial growth, according to the latest market research report. Valued at over US$ 2.9 billion in 2021, the market is estimated to expand at a CAGR of 5.3% from 2022 to 2031, reaching a projected value of US$ 4.9 billion by the end of 2031.

Booming Electronic Industry and Technological Advancements to Propel Market Growth

The surge protection devices market is anticipated to witness significant growth driven by the thriving electronic industry and the increasing adoption of major electronic devices. Companies in the market are strategically targeting high-growth end-use applications including industrial, commercial, and residential sectors. With rising power requirements and evolving technical demands on power supply and storage systems, there is a heightened focus on designated devices capable of protecting electrical devices from load imbalances and suitable for high switching rate applications. Manufacturers are aligning their efforts with current trends in the electric sector such as the use of advanced materials and miniaturization to cater to evolving consumer needs.

Overview of Surge Protection Devices Market

Surge protection devices play a critical role in electrical installation protection systems, safeguarding electrical power supply, communication, and telephone networks. These devices efficiently mitigate overvoltage risks, limiting voltage supply to electric devices by blocking or shorting excess voltage. With the increasing usage of electrical equipment such as home entertainment systems, personal computers, and microwave ovens, the market for surge protection devices is poised for growth during the forecast period.

Factors Driving Market Growth

Rising demand for protection systems for electronic devices and increasing utility customer demands for power supply stability are key drivers propelling market growth. Surge protection devices play a crucial role in saving expensive electronic items and equipment from potential damage. The market is further fueled by the growing demand for technologically advanced electrical equipment, driven by rising disposable incomes.

 

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Regional Outlook

Asia Pacific is anticipated to emerge as the fastest-growing region in the global surge protection devices market, driven by growing industrialization and urbanization in developing economies. North America currently holds a significant market share, propelled by increased demand for surge protection devices in industrial applications.

 

Major Players

·         ABB Ltd

·         Belkin International

·         Eaton Corporation

·         Emerson Electric

·         General Electric

·         Havells India Ltd.

·         LittleFuse

·         PHOENIX CONTACT GMBH

·         RAYCAP CORPORATION

·         Rev Ritter GMBH

·         Schneider Electric

·         Siemens AG

·         Tripp Lite

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