0

Surge Protection Devices Market to Reach $4.27 Billion By 2028

 
2022
Surge Protection Devices Market

Report Code : A00644

quote The global surge protection devices market is expected to witness considerable growth, owing to rise in adoption of automation and wireless connectivity in the industry. The surge protection devices industry is projected to witness significant growth, especially in emerging economies, such as Asia-Pacific and LAMEA, owing to development of smart technologies in these regions. quote

Divyanshi Tewari
Lead Analyst, Semiconductors & Electronics at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a recent report published by Allied Market Research, titled, “Surge Protection Devices Market By Type, Power Range, Component, and End Use: Global Opportunity Analysis and Industry Forecast, 2021–2028,”. The global surge protection devices market size was valued at $2.81 billion in 2020, and is projected to reach $4.27 billion by 2028, growing at a CAGR of 5.4% from 2021 to 2028. The hard-wired devices and line chord devices segment collectively accounted for nearly half of the market share in 2020 and is expected to maintain this trend during the forecast period.

The key factor that drives the surge protection devices market share includes increase in demand for usage of electrical and electronics appliances in commercial & residential sectors. High costs incurred due to electrical equipment downtime have also encouraged the adoption of SPDs as it provides safety in industries and in the domestic sector. 

The key factors that hamper the surge protection devices market growth of this market are low awareness among small scale manufactures and competition from uninterrupted and non-fluctuating power supply systems. The opportunity lies in the increasing awareness for the need of whole house surge protector, rapid industrialization, and power supply issues in developing countries.

Based on product type, it is further fragmented into plug-in devices, hard wired devices, line cord device, and power control center. Among all product types, line chord devices were the highest revenue generating segment that accounted for $687 million in 2020. However, the hard-wired device segment is expected to witness the fastest growth at a CAGR of 6.40% during the forecast period.

According to surge protection devices market trends, the commercial segment is the fastest growing application segment, to register a CAGR of 6.80%, during the forecast period. However, the industrial segment is the highest revenue-generating segment that accounted for $1092.4 million in 2020.

Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue-generating segment that was valued at $837.9 million in 2020. This region is further expected to attain a market value of $ 1223.5 million by 2022, to grow at a CAGR of 4.90%. Moreover, North America is expected to maintain its dominant position during the forecast period. Europe and Asia-Pacific are the second and third leading regions of the surge protection devices market, respectively.

Covid-19 Impact Analysis

COVID-19 has caused the overall semiconductor industry to mobilize quickly and make short-term decisions with long-term implications. Semiconductor companies operate in a complex ecosystem, working across the value chain with numerous raw materials, assembly, test, package, and equipment suppliers & partners across the globe. 

Demand from the wireless communication segment is expected to increase, owing to factors such as rise in broadband usage, higher demand for cloud services, and video streaming. In addition, in the medium to long term, COVID-19 is expected to further drive the demand for digital transformation and technologies, such as 5G, IoT, AI, and intelligent edge computing, for future optimization.

Some of the power surge protectors manufacturers have witnessed temporary delays in surge protection devices production, increased costs, and revenue losses due to the pandemic. 

The manufacturing sector witnessed severe loss, and thus no new orders have been placed during the pandemic. In addition, this impact is estimated to continue till 2021. Moreover, international consumer electronics and electric devices markets are in a very weak state, owing to lockdowns imposed to tackle the pandemic. Although the markets in the U.S. and Europe witnessed mild recovery in the second half of 2020, they are still significantly down on pre-crisis levels. Therefore, the surge protection devices market is facing major obstacles from the emergence of COVID-19 pandemic. 

The overall impact of the pandemic is impacting the production process of several industries, including semiconductor and electronics. Trade barriers are further constraining the demand and supply outlook. As governments of different countries have already announced total lockdown and temporary shutdown of industries, the overall production process is adversely affected.

Key Findings Of The Study

  • The industrial segment is projected to be the major end user during the forecast period. 
  • Asia-Pacific and North America are expected to dominate the surge protection devices market analysis.
  • Asia-Pacific is anticipated to witness highest growth rate during the forecast period.
  • U.S. was the major shareholder in the North America surge protection devices market.

The key players profiled in this report include ABB Ltd, Belkin International, Eaton Corporation, Emerson Electric Co., General Electric Company, Hubbel Incorporated, Littelfuse Inc, Mersen, Schneider Electric Co., and Siemens AG. These key players have adopted several strategies, such as new product launch & development, acquisition, partnership & collaboration, and business expansion, to increase their footprint in the surge protection devices industry during the forecast period. 

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
 
 

First time buyer?
Check offers and discount on this report
To get this report

Click Here
 
 

quote Surge Protection Devices Market By Type (Hard Wired Surge Protection Devices, Plug in Surge Protection Devices, Line Cord Surge Protectors, and Power Control Devices), Power Range (Below 100 KA, 100 KA to 500 KA, 500 KA to 1000 KA, and Above 1000 KM), Component (Suppressor, Gas Discharge Tube, Surge Arrestor, and Others), and End Use (Residential, Industrial, and Commercial): Global Opportunity Analysis and Industry Forecast, 2020–2028. quote

View Report
 
 

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

WHY ALLIED MARKET RESEARCH?

INFLALLIBLE METHODOLOGY

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

ANALYST SUPPORT

For complete satisfaction

CUSTOMIZATION

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date Mar 2024

Hairbrush Market

Download Sample
rep-img

Published Date Mar 2024

Debt Security Market

Download Sample
rep-img

Published Date Mar 2024

Wood Adhesives Market

Download Sample

Buy Full Version
"Surge Protection Devices Market"
Purchase Enquiry

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of the scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save the time of readers