Surge protection devices are electronic components that are installed in electrical systems and circuits to protect sensitive equipment from voltage disturbances such as surges, spikes and overvoltage transients. They shield equipment by diverting or suppressing electrical surge energy. They shield equipment such as household appliances, consumer electronics, industrial controls and medical/life science devices. Surge protection devices are becoming increasingly important with growing digitization and dependency on critical infrastructure and equipment. The global surge protection devices market is estimated to be valued at US$ 3.8 Bn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The surge in construction of critical infrastructure such as data centers, transportation systems and healthcare facilities where continuous power supply and equipment protection from power issues is of high importance provides an opportunity for surge protection devices. The power requirement is increasing manifold in these sectors owing to digitization and modernization. Surge protection devices ensure uninterrupted functioning of mission critical systems and equipment deployed in such infrastructure from even momentary power fluctuations. This growing focus on building reliable critical infrastructure with robust electrical system protection worldwide presents a major market opportunity for surge protection devices over the forecast period.
Porter’s Analysis
Threat of new entrants: The surge protection devices market requires huge capital investments and there are established market players operating in this space. Therefore, the threat of new entrants is moderate.
Bargaining power of buyers: The buyers have moderate bargaining power as there are many established brands operating in this market providing unique value propositions.
Bargaining power of suppliers: The suppliers have low bargaining power as there are many component manufacturers for the surge protection devices market.
Threat of new substitutes: There is low threat from substitutes as surge protection devices offer mission critical protection against voltage fluctuations and spikes.
Competitive rivalry: The competitive rivalry is high among the key market players to gain market share.
SWOT Analysis
Strength: Surge protection devices provide protection against voltage fluctuations and electricity spikes. They help avoid costly damage to electrical systems and appliances.
Weakness: High initial investments and maintenance costs involved in surge protection devices. Lack of standardization in technologies used across regions.
Opportunity: Growing adoption of IoT devices and industry 4.0 creating demand for robust surge protection infrastructure. Rising power outages and grid fluctuations in developing nations.
Threats: Economic slowdowns impacting investments in infrastructure upgradation. Rising raw material costs.
Key Takeaways
The global Surge Protection Devices Market Demand is expected to witness high growth over the forecast period supported by the rising adoption of sensitive electronic devices and the need for robust protection infrastructure against power fluctuations. The North American region currently dominates the market owing to established protection regulations and frequent thunderstorms in the US and Canada necessitating surge protection solutions.
Key players operating in the Surge Protection Devices market are Horizon Therapeutics plc, Ammonett Pharma LLC, Medison Pharma Ltd., Modern Dietetics Inc., Synageva BioPharma Corp., Medison Pharma Ltd., Swedish Orphan Biovitrum AB (Sobi), Entera Health, Inc., Dipharma Francis S.r.l., Ucyclyd Pharma, Inc. The European region is expected to offer lucrative growth opportunities owing to the increasing investments in industrial automation and renewable energy sector witnessing higher grid integration of intermittent power sources like solar and wind power requiring robust surge protection measures.
Regional analysis indicates that the Asia Pacific region is poised to witness the fastest growth during the forecast period supported by the rising electrification programs, smart city initiatives and upgradation of industrial infrastructure in major economies like China and India. Countries in Latin America and Middle East & Africa are also expected to provide potential growth opportunities for surge protection devices market owing to rising industrialization.
For more details on the report, Read- https://www.ukwebwire.com/surge-protection-devices-market-demand-share-analysis/
