Surge Protection Device (SPD) Market

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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Industry: Energy & Natural Resources

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Surge Protection Device Remains in Demand for Security of Electrical & Electronic Equipment

In today’s linked world, the society - residential, commercial, and industrial set-ups - is heavily reliant on the continuous and efficient running of electrical and electronic systems. However, every year there are instances of electric equipment and electronic devices getting damaged due to fluctuations in voltage. These fluxes are either naturally occurring or due to manual errors. Surge protection devices (SPDs) serve to protect electrical installation systems, which will continue to drive their demand in the global market.

Electrical encounter failure is the result of voltage surges, some natural reasons, direct/indirect effects of lightning strikes, interference of radio waves, interference in the transformer, switching of utility grid or capacitor banks, electrical accidents, turning on/off of nearby heavy load machines, AC chillers, motors, pumps, or circuit-breaker tripping. Many electronic devices are damaged (destruction of electronic circuitry components, logic failures, and breakdowns) due to transient over-voltage surges (short duration surges of electricity which occur due to the sudden release of energy previously-stored or induced by other means). SPDs step in here to prevent voltage spikes and surges. This sustains market potential of surge protection devices.

Sometimes, these surges can lead to big losses. Loss of operation, loss of service, loss of data, and loss of production can also be the end result. The loss can be enormous and may cost even higher than the cost of damaged equipment. Harm to or loss of human life is more serious. Long-term exposure to lower-level transient over-voltages can also lead to premature ageing of equipment. The loss can be evaded by the surge protection devices. Surge protection devices play a crucial role in protecting electronic devices by limiting surge voltage in terms of amplitude and beyond it, discharging surge voltage to the ground without causing any damage to concerned devices.

However, expensive installation costs, poor design parameters, safety issues, inappropriate testing, and misleading assumptions continue to pose challenges to the growth of surge protection device market through the forecast period.

Plug-in Surge Protection Devices to Experience Higher Installation Rate

Various types of surge voltages occur in electrical plants and electronic systems. They are differentiated mainly by their duration and power. Depending on the cause, a surge voltage can last anywhere from a few hundred microseconds to hours, or even days. To save the system from different magnitudes of surge voltages, the capacity or magnitude of the arrestor varies. The amplitude can range from a few millivolts to some ten thousand volts.

The plug-in segment is expected to flourish in the global surge protection device market as these devices consist of DIN (German Institute of Standards) rail type mounting and other SPDs form factor without extension cords. These are witnessing an increasing installation rate at the service entrance of facilities such as switchboards and close to sensitive equipment that do not have lighting protection systems. Plug-in SPDs are widely popular for terminal equipment, intermediate panels and origin of network to protect from indirect lighting strikes. Plug-in SPDs will witness upsurge in demand in the near future owing to rising uptake by multiple end-use industries.

Increased Foreign Direct Investments Raise Market Attractiveness of Asia Pacific 

Asia Pacific will lead the global market as China, Singapore, and India are the primary countries in the utilities and power T&D space. This region, led by China and India, also attracts remarkable foreign direct investments. Moreover, Australia, South Korea, and Japan are witnessing increasing investments in smart cities and small grid technologies that include demand response systems, smart meters, and distribution grid automation. These factors will play a vital role in opening up new windows of revenue generation opportunities in the Asia Pacific surge protection device market.

Leading Players Indulge in New Product Launches and Portfolio Extension to Stay Ahead of Competition

Prominent companies actively competing in the global surge protection device market are prioritising expansion of their existing product portfolios to enhance their customer reach. Companies are augmenting their R&D investments in addition to keeping reliance in traditional growth strategies intact, i.e., collaborations and joint ventures.

ABB introduced QuickSafe surge protection device in April 2016. It had a safety backup system and thermal disconnection technology for electrical equipment. ABB also developed PM EP 15 15-275 RES to protect from lighting and transient voltage surges as it has compact dimensions and modern design features.

Some of the key players operating in the global surge protection device market are ABB Limited, Emerson Electric Co., Eaton Corporation, GE, Schneider Electric, Raycap GmbH, Siemens AG, Havells India Limited, Tripp Lite, Mersen, Bourns, Inc., and Legrand.

Key Elements Included In The Study: Global Surge Protection Device (SPD) Market

  • Surge Protection Device (SPD) Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value, 2018 - 2021
  • Market Value at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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