The global surge protection devices market size is expected to reach USD 5.30 billion by 2030, expanding at a CAGR of 9.2% from 2022 to 2030, according to a new report by Grand View Research, Inc. The growth of the market can be attributed to the growing need to protect electronic devices from any potential surges. The alternative energy programs being pursued aggressively all over the world and the growing instances of lightning strikes stemming from the increase in global warming are some of the other factors that are expected to drive the demand for surge protection devices (SPDs) over the forecast period.
A surge occurs due to voltage imbalances, interferences in transformers, radio interferences, or differences in potential. Electronic devices can be highly vulnerable to transient voltages. At this juncture, surge protection devices are widely used in electrical installation systems to protect electronic devices. Surge protection devices can be considered a cost-effective solution to improve the system and data reliability while preventing any undesirable downtime.
The outbreak of the COVID-19 pandemic took a severe toll on the surge protection devices market. The fluctuations in raw material prices owing to supply chains disruptions stemming from the restrictions on the movement of people and goods and the temporary closures of manufacturing plants as part of the efforts to arrest the spread of coronavirus in wake of the outbreak of the pandemic restrained the growth of the market. However, the growing adoption of protection systems for high technology equipment in various emerging economies is expected to create new growth opportunities for the market over the forecast period.
North America dominated the market in 2021 and accounted for a share of over 38.0% of the global revenue. The region happens to be an early adopter of advanced technologies. The level of awareness about the benefits of SPDs is also very high in the region. When it comes to the U.S., electricity consumption for residential and commercial applications accounts for approximately 37% of the total electricity consumption. The U.S. is also home to states, such as Florida, Louisiana, Mississippi, and Alabama, which are highly prone to lightning strikes. Hence, the adoption of SPDs to protect electronic appliances from sudden energy fluctuations is very high in these states. As such, North America has emerged as the largest regional market owing to all these factors.
Asia Pacific is expected to grow at the highest CAGR over the forecast period. The growth can be attributed to the growing awareness in countries, such as China, India, and Japan, about the benefits offered by SPDs. Moreover, the rising levels of disposable income in the Asia Pacific region are also allowing individuals to spend on premium consumer electronics, such as LED television sets, washing machines, and refrigerators, among others. The strong consumer emphasis on protecting these consumer electronics is expected to drive the growth for the regional market over the forecast period.
Request Free Sample Report: https://www.grandviewresearch.com/industry-analysis/surge-protection-devices-market