- The industry segment is expected to hold the largest share of the surge protection devices market, by application, during the forecast period.
- Hard-wired SPDs to be the fastest growing segment in the surge protection devices market.
- Europe will be the leading market for surge protection devices.
The surge protection devices market is expected to grow at a CAGR of 5.47%, from 2017 to 2022, to reach a market size of $2.68 billion by 2022. Growing demand for protection systems for electronic devices, power quality issues, a rise in alternative energy programs, and cost escalation due to frequent equipment failures are the major drivers of the surge protection devices market.
The surge protection devices market is dominated by a few major players that have a wide regional presence and are established brand names. The leading players in the surge protection devices market include Siemens AG (Germany), Eaton (Ireland), Littelfuse, Inc. (U.S.), ABB, Ltd. (Switzerland), and Schneider Electric SE (France). These companies have developed new products and implemented advanced production technology to bolster their product portfolios.
The report segments the surge protection devices market, by end–user, into industrial, residential, and commercial. The industrial segment is expected to grow at the fastest rate during the forecast period. The Industry 4.0 initiative is being applied to vehicles and electrical machinery in order to facilitate remote diagnostics, remote maintenance, and remote data capture. Such initiatives have increased the need for datacenters, servers, and communication systems. With the increasing use of electronic equipment, the need for protection systems for such critical equipment has been increasing. This is driving the market for surge protection devices in the industrial segment, which is expected to create new revenue pockets for the surge protection devices market during the forecast period.
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With regard to the type segment, hard-wired SPDs are expected to constitute the fastest growing market from 2017 to 2022. These are designed to be installed in places where the risk of a direct lightning strike is high, especially when the building is equipped with an external lightning protection system. Hard-wired SPDs are used as primary protection devices for locations prone to maximum risk, such as main distribution boards, power control centers, and outdoor distribution boards. The growing demand for primary protection of equipment from surges is driving the market for hard-wired surge protection devices.
The SPD market in Asia-Pacific is expected grow at the highest CAGR during the forecast period. The region is moving towards clean energy on a large scale in order to meet its growing energy needs in an efficient way. India, China, and Singapore are some of the growing markets in the power and utilities sector. Also, Asia-Pacific offered the biggest potential gains for foreign direct investment, and attracted 45% of all capital investment globally, in 2015. Increased investments in modernizing infrastructure and urbanizing populations, especially in developing economies such as China and India, is expected to drive the Asia-Pacific surge protection devices market.