Surge Protection Devices Market Size, Share, Growth Analysis, By Type(Hard Wired, Plug-In), By Discharge Current(Upto 10kA, 10kA-25kA), By Application(Residential, Commercial) - Industry Forecast 2024-2031

Surge Protection Devices Market size was valued at USD 2.47 billion in 2019 and is poised to grow from USD 2.7 billion in 2023 to USD 5.45 billion by 2031, growing at a CAGR of 9.2% in the forecast period (2024-2031).

The market for surge protection devices is expected to grow due to several factors. Firstly, there is a growing demand for these devices to protect the increasing number of new and innovative electrical and electronic gadgets being installed in homes and offices. Additionally, the increasing adoption of alternative energy programs around the world is expected to drive demand for surge protection devices, as is the rising cost of operating equipment due to power quality issues and frequent equipment failure.

Surge protection devices are also expected to play a vital role in reducing electricity bills by reducing the power consumed by gadgets. This energy efficiency is expected to contribute significantly to the growth of the market over the forecast period. Furthermore, the continued amendments being made by various governments to their respective regulations for public safety are also expected to contribute to the growth of the market.

US Surge Protection Devices Market is poised to grow at a sustainable CAGR for the next forecast year.