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 expand at a compound annual growth rate (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, restraints, 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.
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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 profiled:
Some prominent players in the global Surge Protection Devices market include
- ABB
- General Electric
- Schneider Electric
- Eaton
- Legrand
- Emerson Electric Co.
- Siemens
- com
- Tripp Lite
- Vertiv Group Corp.
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