Surge protection devices are used to protect various electrical devices and equipment from voltage disturbances originating from various sources such as lightning strikes, switching operations, and mishaps. Surge protection for devices are essential as it prevents equipment failure and costly damage. Surge protection devices are widely used across various end use industries such as oil & gas, automotive, chemical, and manufacturing among others to safeguard mission critical devices.

The global surge protection devices market is estimated to be valued at US$ 3.8 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics
Increasing power grid failures are one of the key drivers contributing to the growth of the surge protection devices market. Power grids across various regions are facing frequent failures owing to factors such as grid vulnerabilities, aging infrastructure, and extreme weather events caused due to climate change. Surge protection devices protects various critical electrical equipment and circuits from high voltage transients caused during power outages and grid failures. Additionally, growing industrialization and increasing integration of electronic devices have further augmented the demand for surge protection devices to protect mission critical operations. Government initiatives promoting energy security through modernization of grid infrastructure will further enhance the reliability of power grids thereby reducing the dependency on surge protection devices in the long run.

SWOT Analysis

Strength: Surge protection devices provide protection from power surges and spikes that can damage expensive electronics. They act as the first line of defense. Also, the growing awareness about the importance of surge protection and their declining prices are fueling their adoption.

Weakness: Limited protection from indirect or close lightning strikes. Surge protectors also have finite life spans as the protection components get worn out after absorbing repeated surges over time.

Opportunity: Growing usage of consumer electronics worldwide and proliferation of industrial automation is driving the need for reliable surge protection infrastructure. Also, the emergence of IoT devices is opening up new opportunities.

Threats: Availability of inferior quality or counterfeit products undermine the brand value of reputed manufacturers. Stagnating electronics demand in some developed markets can impact overall growth prospects.

Key Takeaways

The Global Surge Protection Devices Market Size is expected to witness high growth. The market size is forecast to reach US$ 3.8 Bn in 2023 from US$ 2.8 Bn in 2019, exhibiting a CAGR of 5.2% during the forecast period.

North America currently dominates the market owing to stringent regulations to mitigate power issues. The region is expected to maintain its lead through 2030 on account of rising installation of surge protection devices across industrial and commercial sectors. Asia Pacific is poised to witness the fastest growth in the surge protection devices market driven by expanding manufacturing industry and rapid industrialization. Countries like China, India, and South Korea are major markets driving the regional demand. Furthermore, growing electronics and appliance sales coupled with improving standards of living will augment the product adoption.

Key players

Key players operating in the surge protection devices market are Karl Storz SE & Co. KG, Olympus Corporation, Endo Med Systems GmbH, HOYA Corporation, Getinge AB, Avantis Medical Systems, Boston Scientific Corporation, and FUJIFILM Holdings Corporation, among others.

For More Insights, Read: https://www.newsstatix.com/surge-protection-devices-market-demand-growth-and-regional-outlook-by-2030/