The Global Surge Protector Market size was valued at $3.9 billion in 2020 and is anticipated to generate $6.8 billion by 2030. The market is projected to experience growth at a CAGR of 5.4% from 2021 to 2030.
Power surge protector is designed to protect electrical
appliances from voltage spikes. These protectors limit voltage supplied to an
electric device by either blocking or shorting any unwanted voltages above a
safe threshold limit to the ground. They are used in automatic control buses,
electric power supply networks, telephone networks, and various communication
systems.
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A common surge protector stops voltage spikes and surges,
but not the violent, catastrophic burst of current from a close lightning
strike. Direct lightning current is simply too big to shield with a little
electronic device inside a power strip.
The key factor that drives the surge protector market
includes increase in demand for usage of electrical and electronics appliances
in commercial & residential sectors. Moreover, high costs incurred due to
electrical equipment downtime have also encouraged adoption of whole house
surge protector as it provides safety in industries and residences. Key factors
that hamper the market growth are lack of awareness among small scale
manufactures and competition from uninterrupted and non-fluctuating power
supply systems. On the contrary, growth in awareness for need of surge
protectors, rapid industrialization, and power supply issues in developing
countries are anticipated to provide lucrative opportunities for the global
market.
The global market is segmented on the basis of type,
voltage, application, and sales channel. Depending on type, the market is
divided into type 1, type 2, and type 3. On the basis of voltage, it is
categorized into low, medium, and high. Based on application, it is bifurcated into
residential, commercial, and industrial. By sales channel, the market is
divided into online and offline.
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The key players operating and profiled in the surge
protector industry report include ABB Ltd., Eaton Corporation, General
Electric, Schneider Electric, Honeywell, Siemens AG, Johnson Controls, Legrand,
Havells, and Vertiv Group Corp.
Key findings of the study
- The
global Surge Protector Market size is provided in terms of revenue
- In
2020, the industrial segment accounted for about 49.3% of the share in the
global market, and is expected to maintain its dominance till the end of
the forecast period.
- In
2020, the type 1 segment accounted for 43.8% surge protector market share
in the year 2020, and is protector market.
- Online
sales channel is the fastest-growing segment in the global market,
expected to grow at a CAGR of 5.6% during 2021–2030.
- Type 1
is expected to grow at the fastest rate, registering a CAGR of 5.2%,
throughout the forecast period
- A
comprehensive analysis of the factors that drive and restrain the global
surge protector market growth is provided
- The
qualitative data in this report aims at the market trends, dynamics, and
developments in the global surge protector industry
- The
global surge protector market forecast and estimations are based on
factors impacting the market growth
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