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Residential Surge Protection Devices Market Trends

Report ID: GMI10143
Published Date: Jul 2024
Report Format: PDF

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Residential Surge Protection Devices Market Trends

The proliferation of smart homes and the Internet of Things (IoT) has significantly increased the demand for surge protection devices. These units help protect smart appliances, entertainment systems, and interconnected devices from power fluctuations. Additionally, increasing applicability of these units across multifamily apartments to safeguard critical machinery, control systems, and automation equipment will energize the business dynamics. Moreover, these devices are increasingly being incorporated into energy management systems to offer a comprehensive approach to energy efficiency and power quality, accelerating the industry potential.

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of residential surge protection devices reached USD 1.08 billion in 2023 and is set to witness 6% CAGR between 2024 and 2032, led by increasing proliferation of electronic devices and aging grid infrastructure.

The type 2 segment in the residential surge protection devices industry will exceed USD 700 million by 2032, propelled by the increasing awareness of the importance of lightning protection and the growing integration of these systems into building management.

Asia Pacific market is expected to reach USD 600 million by 2032, due to the flourishing real estate sector along increasing infrastructural investments primarily across the developing nation.

ABB, Belkin, Bourns, Inc., CG Power and Industrial Solutions Limited, Eaton, Emerson Electric Co., General Electric, Havells, Hubbell, and Infineon Technologies AG, among others.