by Surge protection devices are designed to protect sensitive electronic equipment from power surges that can damage or destroy circuits. They help prevent overvoltage and safeguard consumer electronics from electrical spikes. The rise in the adoption of consumer electronics such as smart home devices, gaming consoles, and IoT appliances has been a significant driver boosting demand for surge protection solutions.
The global Surge Protection Devices Market is estimated to be valued at US$ 3.8 Billion in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing consumer electronics industry has fueled the demand for surge protection devices over the years. Since consumer electronics are susceptible to voltage fluctuations, there has been an increasing need for reliable surge protection among end-users. According to reports, the consumer electronics market reached a value of over US$ 1 Trillion in 2022 and is estimated to grow further at a steady pace. This rapid growth in consumer electronics usage has propelled the adoption of surge protection devices as users recognize the need to safeguard expensive devices. Protecting critical appliances and equipment from unexpected power surges has become imperative.
SWOT Analysis
Strength: Surge protection devices protect sensitive electronics like computers, TVs and other appliances from power surges. This prevents damage and expensive repairs.
Weakness: Surge protection needs to be regularly replaced or upgraded as technology improves to provide continued protection for newer devices. Some devices also have limitations in the level of surge current they can handle.
Opportunity: Growth in electronics usage worldwide and an increasing number of connected devices in homes and offices is driving demand for surge protection. Developing economies are also adopting modern appliances and infrastructure at a rapid pace.
Threats: Low cost alternatives and lack of awareness about risks of surge can undermine demand. Natural disasters can also cause surge that overwhelms protection capability in affected areas.
Key Takeaways
Global Surge Protection Devices Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising electronics adoption globally.
Regional analysis: The Asia Pacific region holds the largest share of the global surge protection devices market currently. Rapid industrialization and investments in infrastructure are driving demand for electronics and appliances in the region. China and India have particularly high sales potential supported by their large and growing populations as well as economic expansion. North America and Europe are other major regional markets due to high consumer spending on electronics and strict quality standards for devices.
Key players operating in the surge protection devices market include 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. These companies have a strong global presence and offer a wide portfolio of surge protection solutions for various end use sectors. They are also investing in new product development to strengthen their competitiveness.*
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
