Industrial Surge Protection Market - Forecast(2024 - 2030)
Industrial Surge Protection Market Overview
Industrial Surge Protection
Market size is estimated to reach $4.05 billion by 2027 at a CAGR of 4.49% during
the forecast period 2022-2027. The term surge protection or transient voltage surge suppressor is used to describe electrical devices typically
installed in power distribution panels, process control systems, communications
systems, power strips, spike suppressor and other heavy-duty industrial
systems, for the purpose of protecting against electrical surges and spikes caused
by lightning. The market growth is attributed to the factor such as protection
of electrical and electronics equipment from the surges instigated by starting
motors or transformers, neon and sodium light starters, switching power
networks, switch “bounce” in an inductive circuit, operation of fuses and
circuit breakers, falling power lines, poor or intermittent contacts. Moreover,
easier maintenance and reduced repairing cost ads up to its benefits owing to
which the Industrial Surge Protection Market flourishes. Further the eminent
need to effectively protect sensitive consumer electronics from power
fluctuations is expected to contribute to the growth of Industrial Surge
Protection industry. Furthermore high demand for electronic appliances, an
increase in the requirement to protect sensitive electronic gadgets from power
fluctuations, ease of installation, and cheaper costs are driving the Industrial Surge Protection Market share.
Report Coverage
The report: “Industrial
Surge Protection Market Report– Forecast (2022-2027)”, by IndustryARC
covers an in-depth analysis of the following segments of the Industrial Surge
Protection Market
By Type: Plug-in Devices, Hard
Wired Devices, Line Cord Devices, Power Control Center
By SPD Type: Type 1 (Permanently
connected, Hard-wired), Type2 (Permanently connected, hard-wired SPDs intended for
installation on the load side), and Type3 (Point of utilization SPD)
By Output: 5kA , 20kA , 30kA , Other
By End User: Construction, Automotive
and Transportation, Energy, Other
By Geography: North America (U.S,
Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Russia and Others),
APAC (Japan, China, India, South Korea, Australia and Others), South America
(Brazil, Argentina and others) and RoW (Middle east and Africa)
Key Takeaways
- In Industrial Surge Protection Market, Type 1 (Permanently connected, Hard-wired) is expected to grow at the highest CAGR of 5.6% during the forecast period. The market growth is attributed to its application to safeguard electrical infrastructure from direct lightning strikes in service-sector and industrial buildings
- APAC dominated the Industrial Surge Protection Market size in 2021 with a share of 33%. The market growth is attributed to the factors such as implementation of advanced technologies and rising electrification among different industries, presence of large number of electronics manufacturers in this region.
- The Automotive and Transportation sector in Industrial Surge Protections market is growing at the highest CAGR of 5.5% during the forecast period. Technological developments followed by implementation of electrification into the automobile industry and increasing acceptance of electric vehicles contribute to growing demand for surge safety products.
- Industrial Surge Protection companies are strengthening their position through mergers & acquisitions and continuously investing in research and development (R&D) activities to come up with solutions to cater to the changing requirements of customers.
Industrial Surge Protection Market Value Share, by Geography, 2021 (%)
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Industrial Surge Protection Market Segment Analysis – By SPD Type
In Industrial Surge Protection Market, Type 1
(Permanently connected, Hard-wired) is expected to grow at the highest CAGR of 5.6%
during the forecast period. The market growth is attributed to its application
to safeguard electrical infrastructure from direct lightning strikes in
service-sector and industrial buildings. This also discharge the back-current
from lighting from the earth conductor to the network conductors. Type 1 surge
protection device features a current wave of 10/350 ?s. Furthermore, various
applications of Type 1 surge protection device including loadcenters/electrical
panels, residential service entrances, sump & irrigation pumps, control cabinets,
individual equipment disconnects, single & three phase motors, outdoor
lighting, garages, farm / irrigation control, and other electrical assemblies
enhances the Industrial Surge Protection Market growth.
Industrial Surge Protection Market Segment Analysis - By End-User Industry
The Automotive and Transportation sector in Industrial
Surge Protections market is growing at the highest CAGR of 5.5% during the
forecast period. Technological developments followed by implementation of
electrification into the automobile industry and increasing acceptance of
electric vehicles contribute to growing demand for surge safety products.
Moreover high cost of replacement of electronics and circuitry provokes for the
demand of surge protection devices which in turn enhances the market growth. In
May 2019, two series of AEC-Q101-qualified TVS Diode Arrays the AQHV and AQHV-C
was launched by Littelfuse. The product was developed to include very
fast-acting, high-performance over-voltage safety systems best suitable for
control interfaces, interfaces for passenger parking, and LED illumination
packages, as well as low-speed I / Os. In January 2020, an investment of US
$110 million was made by Hyundai Motor Company and Kia Motors Corporation in a
partnership with Arrival limited. This investment was made for the development
of electric commercial vehicles which tends to increase in demand for surge
protection devices. Thus such investments, partnerships and product launches
enhance the Industrial Surge Protection industry outlook growth.
Industrial Surge Protection Market Segment Analysis - By Geography
APAC dominated the Industrial Surge Protection Market size in 2021 with a share of 33%. The market growth is attributed to the factors such as implementation of advanced technologies and rising electrification among different industries, presence of large number of electronics manufacturers in this region. Moreover rise in demand of surge protection owing to growth of automotive industry in this region boosts the market growth. For instance in February 2020, two LED drivers (NCV7683 and NCV7685) and two current controllers (NCV7691 and NCV7692) was launched by ON Semiconductor to expedite high echelons of performance and pioneering functionality. Moreover, easier maintenance and reduced repairing cost ads up to its benefits owing to which the market flourishes. Furthermore, In August 2019, the DTK-DR Series of DIN-rail surge protectors was launched by Ditek to offer point-of-use electrical surge protection for device control panels and analogous solicitations in commercial and industrial atmospheres. This device offers unique capabilities including automated ping test, surge protection, intuitive cloud management, automated power reporting and others. Such product launches enhances the market growth. However, APAC region is anticipated to observe the significant market growth during the forecast period 2022-2027. Furthermore rapid industrialization, urbanization, investments for modernizing infrastructure, rising consumer demands for technologically advanced and smart electronic devices and others in the forecast period 2022-2027.
Industrial Surge Protection Market Drivers
Increasing the product demand for protection devices and power fluctuations will be significantly driving the Industrial surge protector market
Rising use of electronic devices coupled with increasing demand for product and their derivatives demand for protection systems for electronic appliances are potential surge protector market drivers. Also, growing demand for stability of power supply has increased the importance of reliability and power quality of electric systems. Moreover, regular voltage fluctuations can cause gradually eroding of electrical appliances and lead to failure of electrical equipment, which is a major threat for electrical devices. This factor is projected to fuel demand for surge protectors to avoid from high financial losses due to failure of electrical equipment’s. Further growing need for Surge Protection is anticipated to increase owing to the rising concern about the safety of electronic and telecommunication equipment across the globe. Furthermore increasing investment in infrastructure development activities is also expected to help the market grow in North America. For instance, In March 2021, the U.S. Department of Agriculture (USDA) announced that it had invested about $598 million in 11 projects through the Electric Loan Program. In addition growth in end-user industries, such as automotive and agriculture, and the growing demand for electricity due to rapid urbanization is also anticipated to contribute to Industrial Surge Protection industry growth in the region during the forecast period 2022-2027.
Growing usage of electrical equipment and increased technological advancements in industrial surge protectors are analyzed to drive the market growth
Growing demand for electronics products lead to increase in demand for
electrical protection system for the safeguard of the appliances which in turn
enhance the market growth. Moreover, the use of electronic equipment is
increasing in manufacturing industries, telecommunication networks, automotive,
energy and power, transportation and others owing to which the need for
power-quality protection equipment is gaining prominence. Further the launch of
advanced industrial protectors is also analyzed to drive the Industrial Surge
Protection industry in the forecast period. In 2020, ITW Linx has launched AHW
3 Phase AC Surge Protection Series. The AHW 3 Phase series models are Type 2
Hardwired surge protective devices, targeted to protect AC powered devices, as
well as AC connected equipment and systems from the destructive force of
surges. Similarly, in 2019, Littelfuse, Inc., has launched SPD2 series of Type 2 surge protection
devices. These SPD2 series, utilized at power distribution or branch circuits,
safeguards components from surges by limiting the fault current to a load or
the unit being protected. Hence these kind of advancements are analyzed to
drive the Industrial Surge Protection Market size in the forecast period
2022-2027.
Industrial
Surge Protection Market Challenges
Limited lifespan and high maintenance cost for Industrial Surge Protections is hampering the market growth
Surge protectors lifespan does not last long and it
varies from model to model. Each time the devices are secured from spikes and
pulses it receives dangerous voltages that. The more it happens results in deterioration
of the equipment. These protectors come
with joules ranking that is an indication of how long they live. Thus it poses
a constraint to the market growth. High maintenance cost of the surge
protection device has created a thread to the market growth as installation of
the luminaire for better functioning of SPD is very crucial and needed, also
the components used in SPDs such as gas discharge tube, cartridge, wiring, LED
need proper time-to-time checking, and replacement; thus, adding to the maintenance
cost of SPDs.
Industrial Surge Protection Market Landscape
Product launches, acquisitions,
Partnerships, and R&D activities are key strategies adopted by players in the Industrial Surge Protection Market. In 2021, the
market of Industrial Surge Protection industry
outlook has been fragmented by several companies. Industrial Surge
Protection top 10 companies include:
- ABB
- Schneider Electric
- Phoenix Contact
- GE Industrial
- Emerson
- Siemens
- Eaton
- Rockwell Automation
- Leviton
- Vertiv
Recent Developments
- In June 2019, SPD2 series of Type 2 surge protection devices was launched by Littelfuse, Inc. This appliance deployment in power delivery or branch circuits prevents devices from spikes by reducing the fault current to a load or secured unit.
- In November 2021, Transtector Systems, an Infinite Electronics brand and an industry-leading provider of end-to-end power and signal integrity solutions, released new AC surge protectors offer UL1449 Type 1 and Type 2 SPDs and are ideal for telecom base stations, industrial automation, emergency dispatch and hospital applications, providing reliability and value with versatile functionality in compact designs.
- In August 2019, the DTK-DR Series of DIN-rail surge protectors was launched by Ditek to offer point-of-use electrical surge protection for device control panels and analogous solicitations in commercial and industrial atmospheres.
Relevant Report Title:
Surge
Protection Device Market - Forecast (2022 - 2027)
Report Code: ESR 0031
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