The surge protection device market is poised for significant growth, with projections indicating a rise from USD 2,864.50 million in 2024 to USD 6,256.50 million by 2034. This growth reflects a robust compound annual growth rate (CAGR) of 8.10% over the forecast period.
The increasing adoption of electronics and sensitive equipment across industries, coupled with growing awareness of the need for protection against power fluctuations, drives the demand for surge protection devices. These devices play a crucial role in safeguarding electrical systems, preventing damage from transient voltage spikes.
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Global Surge Protection Devices Market: Dynamics
The global market for surge protection devices is expanding as a result of rising demand for surge arresters in locomotive applications and greater emphasis on reducing lightning’s harmful effects. However, a lack of component-level testing and a drawn-out warranty claim process is preventing the worldwide surge protection devices market from growing in terms of revenue over the anticipated timeframe.
Global Surge Protection Devices Market: Key Players
Some of the top companies identified across the surge protection devices value chain are
- Eaton Corporation,
- Schneider- Electric. Co,
- Siemens AG,
- ABB Group,
- General Electric,
- Emerson Electric Co.,
- Littelfuse, Inc.,
- Koninklijke Philips N.V,
- Rockwell Automation, Inc., and
- Honeywell International Inc.
Key players are introducing technologically advanced surge protector devices that can be deployed in various applications such as residential, commercial, and industrial and this factor is boosting the growth of the surge protection devices market globally.
Global Surge Protection Devices Market: Forecast by Type
The global surge protection devices market is categorized based on type, end-user, and region. Based on type, the market is segmented as type 1, type 2, and type 3. The type 2 segment is anticipated to register the highest CAGR of 8.4% during the forecast period. While type 1 is anticipated to register a moderate CAGR of 7.1% with a market share of 32.9% in 2017.
Market Taxonomy
By Type:
- Type 1
- Type 2
- Type 3
By End-User:
- Industrial
- Commercial
- Residential
Key Regions covered:
- North America
- The U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Western Europe
- Germany
- France
- The U.K.
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- Rest of Eastern Europe
- APEX
- China
- India
- Australia & New Zealand
- ASIAN
- Rest of APAC
- Japan
- META
- GCC Countries
- Turkey
- South Africa
- North Africa
- Rest of MEA
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