Surge Protection Devices (SPDs) Research: CAGR of 5.6% during the forecast period

QY Research Inc. (Global Market Report Research Publisher) announces the release of 2025 latest report "Surge Protection Devices (SPDs)- Global Market Share and Ranking, Overall Sales and Demand Forecast 2025-2031". Based on current situation and impact historical analysis (2020-2024) and forecast calculations (2025-2031), this report provides a comprehensive analysis of the global Surge Protection Devices (SPDs) market, including market size, share, demand, industry development status, and forecasts for the next few years.

The global market for Surge Protection Devices (SPDs) was estimated to be worth US$ 2361 million in 2024 and is forecast to a readjusted size of US$ 2677 million by 2031 with a CAGR of 1.9% during the forecast period 2025-2031.

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Surge Protection Devices (SPDs) Market Summary

Surge Protection Devices (SPDs)-also known as surge suppressors or transient voltage suppressors-are electronic or electrical devices designed to safeguard electrical equipment and systems from damage caused by transient voltage surges or voltage spikes. These surges, which can arise from natural sources (e.g., lightning strikes) or man-made sources (e.g., power grid switching, motor startups, or electromagnetic interference), introduce brief but intense voltage fluctuations that exceed the rated capacity of sensitive equipment.

According to the new market research report "Global Surge Protection Devices (SPDs) Market Report 2025-2031", published by QYResearch, the global Surge Protection Devices (SPDs) market size is projected to reach USD 1.18 billion by 2031, at a CAGR of 5.6% during the forecast period.

Market Drivers

1. Growth of Sensitive Electronic Equipment Adoption

The proliferation of smart devices, IoT (Internet of Things) sensors, data centers, and precision industrial machinery has increased reliance on equipment with low voltage tolerance. Even minor voltage surges can disrupt or damage these devices-for example, causing data loss in servers, malfunction in automated production lines, or permanent failure in smart home systems. This trend drives demand for SPDs to mitigate such risks and ensure equipment reliability.

2. Expansion of Renewable Energy Systems

The global shift toward renewable energy (e.g., solar photovoltaic, wind, and hydroelectric power) has accelerated the deployment of energy generation and storage systems. These systems-especially outdoor solar panels and wind turbines-are highly exposed to lightning and grid-related surges. SPDs are critical for protecting inverters, batteries, and control systems in renewable energy setups, as surge damage can halt power production and incur high repair costs.

3. Strengthening Regulatory and Safety Standards

Governments and regional authorities worldwide are implementing stricter electrical safety regulations mandating surge protection in residential, commercial, and industrial buildings. For instance, building codes may require SPD installation in new constructions to comply with fire safety and equipment protection guidelines. Additionally, industry-specific standards (e.g., for healthcare facilities or data centers) emphasize surge mitigation to ensure uninterrupted operations, further driving SPD adoption.

4. Increasing Frequency of Extreme Weather Events

Rising instances of lightning strikes, thunderstorms, and other extreme weather phenomena-linked to climate change-have heightened the risk of voltage surges in power grids. This is particularly impactful for outdoor infrastructure (e.g., utility poles, communication towers, and transportation systems) and residential areas prone to storms. As a result, homeowners, businesses, and utility companies are investing more in SPDs to minimize damage from weather-induced surges.

5. Modernization of Power Grids and Infrastructure

Aging power grids in many regions are being upgraded to support smart grid technologies, which integrate digital controls, real-time monitoring, and two-way power flow. These modern grids require robust surge protection to shield sensitive monitoring equipment and prevent surges from propagating across the network. Additionally, urbanization and the construction of new commercial complexes (e.g., malls, airports, and high-rise buildings) create demand for SPDs in their electrical systems.

Market Challenges

1. Technical Complexity and Compatibility Issues

SPDs must be tailored to specific voltage ratings, current requirements, and application environments (e.g., high-humidity industrial settings or low-voltage residential circuits). Mismatched SPDs can either fail to protect equipment or cause unintended power disruptions. Ensuring compatibility with diverse electrical systems-especially in older buildings with non-standard wiring-poses challenges for manufacturers and installers.

2. Price Sensitivity in Low-End Markets

In residential and small commercial segments, price remains a key barrier to adoption. Consumers and small businesses may prioritize upfront cost over long-term protection, opting for cheaper, lower-quality SPDs that offer limited durability or inadequate surge handling. This price pressure squeezes profit margins for manufacturers and hinders the adoption of high-performance SPDs in price-sensitive regions.

3. Lack of Awareness and Installation Expertise

Many end-users-particularly in emerging markets-lack awareness of the risks posed by voltage surges and the role of SPDs. Even when aware, improper installation (e.g., incorrect grounding or mismatched wiring) can render SPDs ineffective, leading to equipment damage and eroding trust in the technology. A shortage of skilled electricians trained in SPD installation further exacerbates this issue, especially for complex industrial or renewable energy applications.

4. Competition from Substandard Products

The market is flooded with low-quality, uncertified SPDs that fail to meet safety standards. These products often use inferior components (e.g., low-grade MOVs) that degrade quickly or cannot handle high surge currents, increasing the risk of equipment damage or even fire. Distinguishing certified, reliable SPDs from substandard alternatives is challenging for end-users, harming the reputation of legitimate manufacturers.

5. Evolving Surge Threats and Technological Adaptation

Advancements in electrical systems (e.g., higher-voltage smart grids, fast-charging EV infrastructure) and new surge sources (e.g., electromagnetic interference from 5G networks) require SPDs to evolve continuously. Manufacturers must invest in R&D to develop SPDs with faster response times, higher current handling capacities, and compatibility with emerging technologies. Keeping pace with these changes demands significant resources, which may be a barrier for small and medium-sized enterprises (SMEs).

The report provides a detailed analysis of the market size, growth potential, and key trends for each segment. Through detailed analysis, industry players can identify profit opportunities, develop strategies for specific customer segments, and allocate resources effectively.

The Surge Protection Devices (SPDs) market is segmented as below:
By Company
Phoenix
ABB
Emerson
DEHN SE
Eaton
Siemens
ZG
Citel
Obo Bettermann
Schneider
Weidmüller
Littelfuse
Mersen Electrical
NVent
Philips
LEIAN
HPXIN
MVC-Maxivolt
ASP
Legrand
JMV
Chengdu Pedaro Technology
Xiamen SET
C-Power
MCG Surge Protection
Leviton
KEANDA

Segment by Type
Power Type SPD
Signal Type SPD
Others

Segment by Application
Communication
Construction
Electric Power
Transportation
Oil and Gas
PV
Wind Power
Others

Each chapter of the report provides detailed information for readers to further understand the Surge Protection Devices (SPDs) market:

Chapter 1: Introduces the report scope of the Surge Protection Devices (SPDs) report, global total market size (valve, volume and price). This chapter also provides the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry. (2020-2031)
Chapter 2: Detailed analysis of Surge Protection Devices (SPDs) manufacturers competitive landscape, price, sales and revenue market share, latest development plan, merger, and acquisition information, etc. (2020-2025)
Chapter 3: Provides the analysis of various Surge Protection Devices (SPDs) market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments. (2020-2031)
Chapter 4: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.(2020-2031)
Chapter 5: Sales, revenue of Surge Protection Devices (SPDs) in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the market development, future development prospects, market space, and market size of each country in the world..(2020-2031)
Chapter 6: Sales, revenue of Surge Protection Devices (SPDs) in country level. It provides sigmate data by Type, and by Application for each country/region.(2020-2031)
Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc. (2020-2025)
Chapter 8: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 9: Conclusion.

Benefits of purchasing QYResearch report:

Competitive Analysis: QYResearch provides in-depth Surge Protection Devices (SPDs) competitive analysis, including information on key company profiles, new entrants, acquisitions, mergers, large market shear, opportunities, and challenges. These analyses provide clients with a comprehensive understanding of market conditions and competitive dynamics, enabling them to develop effective market strategies and maintain their competitive edge.

Industry Analysis: QYResearch provides Surge Protection Devices (SPDs) comprehensive industry data and trend analysis, including raw material analysis, market application analysis, product type analysis, market demand analysis, market supply analysis, downstream market analysis, and supply chain analysis.

and trend analysis. These analyses help clients understand the direction of industry development and make informed business decisions.

Market Size: QYResearch provides Surge Protection Devices (SPDs) market size analysis, including capacity, production, sales, production value, price, cost, and profit analysis. This data helps clients understand market size and development potential, and is an important reference for business development.

Other relevant reports of QYResearch:
Global Surge Protection Devices (SPDs) Market Report, History and Forecast 2020-2031
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