The surge protection devices market offers a wide range of safety devices that protect sensitive electronic devices and equipment from high-voltage transients and surges caused by lightning strikes and other power anomalies. Surge protection devices (SPDs) play a vital role in safeguarding power systems and critical loads from harmful surge currents. SPDs include surge protective devices (SPDs) and advanced surge protective devices (ASPDs), which function to divert or clamp surge currents before they reach critical equipment.
The Global Surge Protection Devices Market is estimated to be valued at US$ 4.11 Billion in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Surge Protection Devices Market Size 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. Surge protection devices are widely used in data centers, scientific laboratories, manufacturing facilities, airports, hospitals and other industrial sectors owing to rising demand for reliable power supply infrastructure. North America dominated the overall surge protection devices market in 2020 owing to extensive adoption of surge protection devices across various industries for safeguarding sensitive electronic systems. Asia Pacific is expected to exhibit highest CAGR during forecast period owing to rapidly growing industrial sector and expanding manufacturing facilities especially in developing economies.
Market Drivers
The growing demand for reliable power supply infrastructure from industrial and commercial sectors globally is driving the surge protection devices market significantly. Surge protection devices protect industrial control systems, data centers, manufacturing equipment and other critical infrastructure from power fluctuations, thereby minimizing equipment downtime and operational disruptions. Growing deployment of renewable energy systems along with increasing cases of lightning strikes have accelerated the use of surge protection devices. Stringent regulations regarding implementation of SPDs across facilities to safeguard electrical equipment are also propelling the market growth.
With the ongoing geopolitical conflicts and tensions across regions, the surge protection devices market is facing challenges in terms of supply chain disruption and price volatility of raw materials. The Russia-Ukraine war that started in 2022 has significantly impacted the energy sector in Europe due to sanctions and trade restrictions. This is anticipated to hinder the demand for surge protection devices from the industrial sector in the European region in the short-term. Additionally, the intermittent lockdowns imposed by China to curb the spread of COVID-19 infections have caused delays and uncertainties in semiconductor chip manufacturing and electronics component supplies, thereby posing challenges for surge protection device manufacturers.
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