According to a new report published by Grand View Research, the ability of SPDs to cut electricity bills by reducing the power consumed by gadgets is expected to play a vital role in driving the growth of the market
Surge Protection Devices Industry Overview
The global surge protection devices market size was valued at USD 2.47 billion in 2021 and is expected to reach USD 5.30 billion by 2030, expanding at a CAGR of 9.2% from 2022 to 2030.
The growth is attributed to the growing demand for surge protection devices to protect the new, innovative electrical and electronic gadgets being installed in homes and offices. Other factors expected to drive the demand include the alternative energy programs being pursued aggressively all over the world and the rising operating costs stemming from power quality issues and the resultant frequent equipment failure. The ability of surge protection devices to cut electricity bills by reducing the power consumed by gadgets is also expected to play a vital role in driving the growth of the market over the forecast period.
Gather more insights about the market drivers, restrains and growth of the Global Surge Protection Devices Market
The continued amendments various governments are making in their respective regulations for public safety are expected to contribute to the growth of the market. For instance, in the U.S., the National Electrical Code, which is published and sponsored by the National Fire Protection Association in Quincy, Massachusetts, is updated every three years in line with the rapid advances in technology. The code was updated recently to its 2020 edition and the revised edition contains a new requirement to ensure surge protection for the entire house. While the new rule applies to new homes, it becomes applicable to the existing homes when the service panel is updated. The revised National Electrical Code envisages protecting the appliances, electronic equipment, and computers from electrical surges.
The Growing demand for smart power strips is also one of the major factors accentuating the market growth. The demand for Wi-Fi-enabled power strips is high among the customers due to their capabilities to automatically set schedules and timers as well as monitor energy usage. Various companies thereby are making efforts to provide Wi-Fi-enabled power strips. For instance, in September 2018, TP-Link’s Kasa Smart a consumer smart home brand announced the introduction of the Kasa Smart Wi-Fi Power Strip. This power strip comes with ETL-certified surge protection that safeguards devices against sudden power surges.
The increasing developments made in smart homes worldwide are expected to boost the demand for smart home enable surge protection devices worldwide. According to the statistics provided by Wonder, more than half of homes in the U.S. are expected to adopt smart gadgets by 2023. The adoption of smart gadgets in 2023 is expected to be higher as compared to 2015, 2016, and 2017. These smart gadgets thereby are expected to make smart home technology convenient and easier.
Growing demand for smart power strips is emerging as one of the major factors accentuating the growth of the market. The demand for Wi-Fi-enabled power strips is high among consumers because of the features of Wi-Fi-enabled power strips that allow users to monitor the power usage and automatically set schedules and timers. As a result, several companies are trying aggressively to introduce Wi-Fi-enabled power strips. For instance, in September 2018, TP-Link’s Kasa Smart consumer smart home brand announced the introduction of the Kasa Smart Wi-Fi Power Strip. The new power strip comes with ETL-certified surge protection that protects devices against impulsive power surges.
Continued advances in smart home technology and the growing adoption of smart gadgets are expected to boost the demand for smart home-enabled surge protection devices. According to the statistics provided by Wonder, more than half of the homes in the U.S. are expected to adopt smart gadgets by 2023. The smart gadget adoption forecasts for 2023 are much higher than the CAGR of 31% for the years 2015, 2016, and 2017. Surge protection devices would be a vital component of these smart gadgets.
Surge protection devices are of paramount importance for protecting electrical installations. As such, the growing sales of household electronic devices across the globe are expected to accentuate the growth of the market. According to the study conducted by the United States Public Interest Research Group (U.S. PIRG), a nonprofit organization focusing on consumer issues, as of 2019 American households spent about USD 1.5 thousand on purchasing new electronic products per year. The average household expenditure on major appliances was USD 0.3 thousand from the Q3 of 2018 to Q2 of 2019. Within the same period, American households spend USD 0.1 thousand on small appliances.
Surge Protection Devices Market Segmentation
Based on the Product Insights, the market is segmented into Hard-wired, Plug-in, Line Cord and Power Control Devices
- The hard-wired segment dominated the market in 2021 and accounted for a share of more than 44.0% of the global revenue. Hard-wired SPDs are typically installed on power lines for the protection of devices and outlets downstream from the device.
- The plug-in segment is anticipated to expand at the highest CAGR over the forecast period. Plug-in SPDs are mainly installed in intermediate panels and at the origin of the network for protecting the equipment from indirect lightning strikes.
Based on the Type Insights, the market is segmented into Type 1, Type 2, Type 3 and Type 4
- The type 1 segment is expected to register the fastest growth over the forecast period. Type 1 SPDs are incorporated primarily to protect electronic equipment from lightning surges.
- The type 2 segment dominated the market in 2021 and accounted for a share of more than 30.0% of the global revenue. Type 2 SPDs are designed for industrial and commercial applications.
Based on the Power Rating Insights, the market is segmented into 0-50 kA, 50.1-100 kA, 100.1-200 kA and 200.1 kA & Above
- The 50.1-100 kA segment is projected to expand at the highest CAGR over the forecast period. SPDs with power ratings ranging from 50.1 kA to 100 kA is primarily used by manufacturing units and for residential and commercial applications.
- The 100.1-200 kA segment dominated the market in 2021 and accounted for a share of more than 32.0% of the global revenue. SPDs with a higher kA factor do not provide enhanced protection but rather deliver a longer product life.
Based on the End-use Insights, the market is segmented into Commercial Complexes, Data Center, Industries & Manufacturing Units, Medical, Residential Buildings & Spaces, Telecommunication, Transportation and Others
- The commercial complexes segment is anticipated to expand at a promising CAGR over the forecast period. The commercial sector in developing economies, such as India, is growing noticeably owing to the favorable policies, such as Make in India and Startup India, being pursued by the government.
- The industries and manufacturing units segment dominated the market in 2021 and accounted for a share of over 33.0% of the global revenue.
Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- 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.
- 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.
Browse through Grand View Research’s Next Generation Technologies Industry Related Reports.
- Power Strip Market– The global power strip market size was valued at more than USD 10.1 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.7% from 2021 to 2028. The market is expected to benefit from the increasing demand for a stable power supply.
- Smart Home Security Cameras Market – The global smart home security camera market size was valued at USD 3.71 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 15.7% from 2020 to 2027. Growing penetration of smart homes, particularly in developing as well as developed countries across the globe, is driving the demand for smart home security cameras.
Market Share Insights:
- May 2019: Tripp Lite launched two new portable models of Protect It surge protectors, namely TLP648USBC, a U-shaped model, and TLP366CUBEUSBB, a power cube model. These models are flexible enough to be used in homes and offices.
- September 2018: TP-Link’s Kasa Smart consumer smart home brand announced the introduction of the Kasa Smart Wi-Fi Power Strip. The new power strip comes with ETL-certified surge protection that protects devices against impulsive power surges.
Key Companies Profile:
The market can be described as a highly competitive market owing to the presence of several prominent market players. Key strategies adopted by these market players include new product development; capacity expansion; merger & acquisition, strategic collaborations, partnerships, and agreements; and investment in research & development activities.
Some prominent players in the global Surge Protection Devices market include
- General Electric
- Schneider Electric
- Emerson Electric Co.
- Tripp Lite
- Vertiv Group Corp.
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