Surge Protection Devices Market Size - By Product (Hard-Wired, Plug-In, Line Cord, Power Control Devices), By Application (Residential, Commercial, Industrial), By Technology, By Power Rating & Forecast, 2023 - 2032

Surge Protection Devices Market Size - By Product (Hard-Wired, Plug-In, Line Cord, Power Control Devices), By Application (Residential, Commercial, Industrial), By Technology, By Power Rating & Forecast, 2023 - 2032

The global surge protection devices market is expected to register 6% CAGR during 2023 and 2032, propelled by the rising dependence on electronic devices, increased awareness of equipment protection, and the growing industrial sector.

As per a Penn State study, 77% of respondents expressed the belief that society excessively depends on technology for success. With the increasing reliance on electronic devices across industries and households, the susceptibility to power surges has become a critical concern. This, coupled with the rising awareness of the financial implications of equipment damage due to power fluctuations, has led to a surge in the adoption of surge protection devices. The market is witnessing significant growth as consumers and industries prioritize the safeguarding of valuable electronic assets, including computers, appliances, and industrial machinery.

The overall surge protection devices industry is classified based on product, application, technology, power rating, and region.

The line cord segment is poised to witness significant gains between 2023-2032 as it encompasses surge protection devices designed specifically for electronic equipment connected through power cords. This ensures comprehensive protection against transient voltage, securing devices from potential damage. The focus on safeguarding individual will push the adoption of line cord surge protection devices among consumers and small-scale industries.

The industrial segment will contribute significantly to the industry demand through 2032 due to the increasing sophistication and sensitivity of industrial equipment. With manufacturing processes becoming more reliant on electronic controls and automation, the potential impact of power surges on industrial machinery has intensified. As industries prioritize operational continuity and equipment longevity, the product demand will continue to grow.

North America surge protection devices industry will register tremendous gains by 2032 driven by the region's advanced technological infrastructure, coupled with a high prevalence of electronic devices in both residential and industrial settings. The emphasis on ensuring the long life of equipment among businesses and consumers, along with the strict regulatory norms for safety will create opportunities for the sustained growth in the regional market.