Surge Protection Devices Market (Type: Hard-Wired, Plug-In, and Line Cord; Discharge Current: Below 10 kA, 10 kA–25 kA, and Above 25 kA) - Global Analysis-2031

NEW YORK, NEW YORK, UNITED STATES, October 16, 2023 /EINPresswire.com/ -- The global surge protection devices market size is expected to reach USD 4.9 billion by 2031, according to Transparency Market Research. The market is expected to grow at a compound annual growth rate (CAGR) of 5.3% from 2022 to 2031.

Surge protection devices (SPDs), also known as transient voltage surge suppressors (TVSS), are electrical devices designed to protect electronic equipment and systems from voltage spikes or surges. These surges can result from lightning strikes, power grid fluctuations, or other electrical disturbances.

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Executive Summary:

The global surge protection devices (SPD) market has experienced significant growth due to the increasing reliance on electronic devices and the need to protect them from power surges and voltage fluctuations. Surge protection devices play a crucial role in safeguarding sensitive equipment and critical infrastructure from damage.

This research report provides a comprehensive analysis of the global surge protection devices market, including market size, trends, drivers, challenges, and future outlook.

Key Players:

The key players in the surge protection devices market include,
• Eaton Corporation
• Schneider Electric SE
• Siemens AG
• ABB Ltd.
• Littelfuse, Inc.
• Belkin International, Inc.
• Leviton Manufacturing Co., Inc. and many more

Recent Developments:
Here are some recent developments of companies in the surge protection devices market, with the year:

1) Year: 2023 -
• Littelfuse: Launched the National Electrical Manufacturers Association (NEMA) style Surge Protective Device (SPDN) series to protect equipment from transient overvoltage situations that last for micro-seconds and help reduce downtime and costly damage.

2) Year: 2022 -
• Eaton: Announced the launch of its arc flash relay to enhance electrical safety. The product provides remote triggering and switching capabilities to reduce risks.
• Schneider Electric: Launched Square D SurgeLogic surge protective devices featuring integrated communication capabilities. It helps prevent downtime and data loss.
• Siemens: Introduced Sivacon S8 low-voltage switchboard with integrated surge protection. It optimizes plant availability and minimizes risks.
• Raycap: Showcased its latest parts for battery energy storage systems and e-charging station protection at The smarter E Europe.

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Market Dynamics

-> Drivers
Several factors are driving the growth of the surge protection devices market, including:

• Electronic Device Proliferation: The increasing use of electronic devices and their vulnerability to voltage surges.
• Power Quality Concerns: Growing concerns about power quality and the need to protect equipment from surges.
• Regulatory Compliance: Compliance with standards and regulations mandating surge protection in specific applications.

-> Challenges
The SPD market faces certain challenges, such as:

• Product Selection: The need for appropriate selection and installation of SPDs to ensure effective protection.
• Technological Advancements: Ongoing research and development to keep up with evolving electrical and electronic technologies.
• Market Competition: A competitive market with various players offering different SPD solutions.

Market Segmentation

The SPD market can be segmented based on various criteria, including type, end-user, application, and region:

• Type: SPDs are available in various types, including Type 1, Type 2, and Type 3, based on the level of protection they offer.
• End-User: End-users encompass residential, commercial, industrial, and data center applications.
• Application: SPDs are applied to protect sensitive electronic equipment, buildings, communication systems, and industrial machinery.
• Region: The market spans regions such as North America, Europe, Asia-Pacific, and Latin America.

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Market Opportunities
Opportunities in the SPD market include:

• Technological Advancements: Ongoing research to develop advanced SPD technologies for better protection.
• Market Expansion: Expanding the adoption of SPDs in emerging markets and applications beyond traditional uses.
• Smart SPDs: The integration of smart and IoT capabilities into SPDs for improved monitoring and control.

Market Growth
The growth of the surge protection devices market is attributed to a number of factors, including:

• Increasing demand for electronic devices: The growing demand for electronic devices, such as smartphones, laptops, and televisions, is driving the demand for surge protection devices. These devices are sensitive to voltage spikes and surges, and surge protection devices can help to protect them from damage.
• Rising adoption of renewable energy: The increasing adoption of renewable energy sources, such as solar and wind power, is also contributing to the growth of the surge protection devices market. Renewable energy sources are more susceptible to voltage fluctuations, and surge protection devices can help to protect sensitive equipment from damage.
• Growing awareness of the benefits of surge protection devices: There is a growing awareness of the benefits of surge protection devices among consumers and businesses. This is leading to an increase in the demand for these devices.

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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