Surge Protector Market

The global surge protector market was valued at $3.9 billion in 2020, and is projected to reach $6.8 billion by 2030, growing at a CAGR of 5.4% from 2021 to 2030. Surge protector provide best protection from both externally and internally generated surges when located as close to the building distribution system as possible. For cost and space reasons, many buildings only include one surge protection device (SPD) located at the main incoming panel and do not cascade SPDs throughout the building.

The COVID-19 pandemic has severely impacted the global manufacturing and industrial sectors as production facilities have stalled, which, in turn, led to significant decrease in demand in industries and thus, impacted surge protector market negatively.

Since surge protectors are economical and easy to install in most panels throughout a building, this acts as driving factor for the market growth in the country. The whole facility protection can be obtained by the use of surge protectors.

However, lack of awareness among small scale manufactures and competition from uninterrupted and non-fluctuating power supply systems and no guaranteed protection hampers the market growth for surge protectors. 

The key players operating and profiled in the surge protector industry report include ABB Ltd., Eaton Corporation, General Electric, Schneider Electric, Honeywell, Siemens AG, Johnson Controls, Legrand, Havells, and Vertiv Group Corp. 

Global surge protector Market, by Type

Depending on type, the type 1 segment dominated the market for 202,0 owing to wide use of the product in residential and industrial sectors. The type 1 segment is expected to grow at higher CAGR during the forecast period, owing to rise in demand from the residential sector. 

Global surge protector Market, by Voltage

On the basis of voltage, the high voltage segment dominated the market share for 2020, owing to their application in heavy industry operations. The same is forecasted, owing to growth at the higher CAGR due to use in residential areas where applications of such surge protectors is growing.

Global surge protector Market, by Application

On the basis of application, the industrial segment dominated the market share for 2020, owing to wide application of surge protectors in the sector. It is also expected to grow at the higher CAGR during the forecast period.

Global surge protector Market, by Sales Channel

By sales channel, the offline sales channel segment dominated the market share for 2020, which is attributed to the fact that consumer is much more comfortable in purchasing such devices after getting proper knowledge about, product, especially technical information. However, growing e-commerce industry and benefit of home delivery is anticipated to drive growth for online channel at a higher CAGR during the forecast period. 

Global surge protector Market, by Region

By region, the North America dominated the market share for 2020. It is also anticipated to grow at a higher CAGR during the forecast period owing to rising demand for electronics items.

Covid-19 Impact Analysis 

• The coronavirus's unfavorable global effects are already evident and have impacted the demand for surge protector in 2020. 
• The World Health Organization has declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and has resulted in massive deaths all across the world. Exports & imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
• The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy's already declined development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis. 

Key Benefits For Stakeholders

• The report provides an in-depth analysis and global surge protector Market forecast along with the current and future market trends.
• This report highlights the key drivers, opportunities, and restraints of the global surge protector Market along with the impact analyses during the forecast period.
• Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the Surge protector industry for strategy building.
• A comprehensive analysis of the factors that drive and restrain the market growth is provided.
• The qualitative data in this report aims on global surge protector Market trends, dynamics, and developments.
• The global surge protector Market size is provided in terms of revenue.

 Surge Protector Market Report Highlights