Surge Protection Devices Market Growth: Size, Share, Trends, and Opportunities Ahead
The Surge Protection Devices (SPD) market is witnessing steady expansion as demand grows across residential, commercial, and industrial sectors. In 2022, global market value hovered around USD 2.8-3.0 billion, and it is forecast to reach USD 6.0-6.5 billion by around 2030-2035, growing at a CAGR in the range of 6-9%.
In terms of market share, North America currently leads, accounting for about 35-40% of global revenue. The Asia-Pacific region is the fastest growing, driven by industrialization, urban infrastructure expansion, and increasing regulatory focus on electrical safety. Among product segments, hard-wired SPDs hold a large share, while plug-in types are gaining momentum. In terms of type, Type 2 SPDs dominate usage, particularly for commercial and industrial applications.
Key trends include adoption of higher discharge current rating devices (10-25 kA and above), integration of surge protection in EV charging and renewable energy systems, and rising demand for predictive monitoring features.
Looking at opportunities, there’s room to innovate affordable SPD solutions for small commercial and residential users, especially in emerging markets. Tighter regulations and government standards can drive widespread adoption. Also, bundling surge protection with smart infrastructure or utility programs could open new channels. Challenges remain in cost, installation complexity, and awareness, but the growth trajectory looks promising.