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Surge Protection Devices Market Size

Report ID: GMI6958
Published Date: Oct 2023
Report Format: PDF

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Surge Protection Devices Market Size

Surge Protection Devices Market was valued at USD 3.4 billion in 2023 and poised to observe over 6.1% CAGR from 2024 to 2032.The proliferation of electronics in both residential and commercial settings will boost market growth. For instance, in 2022, multifamily apartments accounted for over 40% share of real estate investments across the U.S.

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The increasing utilization of electronic devices in homes, businesses, and industries will result into growing need for surge protection to safeguard this sensitive equipment from power surges and voltage spikes. These devices are increasingly being integrated with energy management systems to provide a holistic approach to energy efficiency and power quality.

Surge Protection Devices Market Report Attributes
Report Attribute	Details
Base Year:	2023
Surge Protection Devices Market Size in 2023:	USD 3.4 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	6.1%
2032 Value Projection:	USD 5.8 Billion
Historical Data for:	2019 to 2023
No. of Pages:	425
Tables, Charts & Figures:	1,141
Segments covered:	Product, Technology, Power Rating, Application
Growth Drivers:	Increasing proliferation of electronic devices Aging grid infrastructure Robust development of data centers Growth of renewable energy sources Rise in industrial automation & expansion of smart technologies
Pitfalls & Challenges:	High initial & maintenance cost

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Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market valuation of surge protection devices was worth USD 3.4 billion in 2023 and is estimated to surpass USD 5.8 billion by 2032, owing to the proliferation of electronics in both residential and commercial settings.

The plug-in surge protection devices market held a share of over 40% in 2022, favored by the increasing disposable income along with wide scale adoption of electronic devices in homes and businesses.

Asia Pacific market for surge protection devices was exceeded USD 1.2 billion in 2022, backed by the demand from rapidly expanding data centers across the region, along with stringent government regulations related to electrical safety, voltage fluctuations and surges.

Mercen, Infineon Technologies AG, Philips, JMV, GEYA Electrical Equipment Supply, Rockwell Automation, Hubbell, Belkin, Havells India Ltd., Leviton Manufacturing Co., Inc., Maxivolt, and Phoenix Contact among others.