Surge protection devices such as surge protectors, surge arresters and voltage regulators play a key role in protecting sensitive electronic equipment from high voltage power surges. These devices are employed across industries such as oil and gas, mining, automotive and manufacturing to safeguard electrical control systems, PLCs, industrial PCs and other automation equipment that form part of critical infrastructure. Surge protection devices offer robust protection against transient overvoltages that can occur due to direct lightning strikes, voltage spikes and surges from switching of heavy loads. With growing automation and digitalization of industrial processes, many companies are investing heavily in IoT-enabled solutions and Industry 4.0 technologies which have further increased the need for reliable surge protection measures.
The global Surge Protection Devices Market is estimated to be valued at US$ 3.8 Bn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving growth in the surge protection devices market is the increasing adoption of Type 3 protection devices across industrial facilities. Type 3 devices have the ability to withstand multiple surges with minimum degradation in protection capability which is essential for guaranteeing continued operation of sensitive industrial control systems and machinery. Their use is becoming more widespread as corporations focus on maximizing uptime and preventing expensive downtime due to surges and outages. Another notable trend is the innovative product development underway to integrate surge protection into various industrial components such as variable frequency drives, circuit breakers and switchgears to offer multi-layered protection within facility power infrastructure.
Porter’s Analysis
Threat of new entrants: The surge protection devices market has moderate threat of new entrants due to high capital requirements and stringent government regulations.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of various options from different brands. However, compliance with standards enhance buyers’ dependence on few manufacturers.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to presence of multiple component suppliers. However, components requiring technical expertise grant higher bargaining power to suppliers.
Threat of new substitutes: Threat of substitution is low as surge protection devices have no close substitute and serve unique purpose of protecting electronics from high voltages.
Competitive rivalry: The market has high competition with players differentiating based on product innovation, quality, and service.
Key Takeaways
Global Surge Protection Devices Market Size is expected to witness high growth.
Regional analysis – North America will continue to dominate the surge protection devices market during the forecast period due to stringent government regulations regarding protection of electronic appliances from voltage disturbances. Asia Pacific will grow at the highest CAGR during the forecast period attributed to rapid industrialization and infrastructure development activities across countries like China and India.
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. These players are focusing on new product launches and partnerships for business expansion.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it