As per MRFR analysis, the Residential Surge Protection Device Market Size was estimated at 2.05 (USD Billion) in 2022.The Residential Surge Protection Device Market Industry is expected to grow from 2.17(USD Billion) in 2023 to 3.64 (USD Billion) by 2032. The Residential Surge Protection Device Market CAGR (growth rate) is expected to be around 5.94% during the forecast period (2024 - 2032).
Key Residential Surge Protection Device Market Trends Highlighted
The residential surge protection device market is expected to grow significantly during the forecast period due to the increasing need for better protection from electric shocks in homes. Notable factors include the increasing demand for energy and urbanization, coupled with the development of electrical appliances and electronics.
Opportunities exist in the adoption of surge protection devices that can be incorporated into smart homes, Paris has more robust devices that will be able to withstand increased voltage or power surges and spikes. These trends are the use of multi-stage protective devices, metal oxide varistors (MOVs) and smart surge protectors, which are capable of monitoring and controlling power supply.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Residential Surge Protection Device Market Drivers
Rising Demand for Advanced Electrical Protection
The growing incorporation of electrical equipment and appliances, including electronics, in housing construction has made it imperative that modern electrical protection systems are employed. Residential surge protection devices (SPDs) are used to protect sensitive electronics from the negative effects of voltage spikes and transients, making it possible for them to work without destruction. The rising concern regarding safety in electrical use and the need for protection of expensive electronics is also contributing to the growth of the residential SPDs market.
Also, various geographical areas have certain provisions in the building codes that require new and refurbished residential structures to incorporate SPDs, which, in turn, increases the market size. The Residential Surge Protection Device Market Industry is expected to witness growth prospects in the years to come owing to increasing intensity and inclination towards advanced electrical protection solutions.
Increasing Prevalence of Extreme Weather Events
The rising incidence of extreme weather events, such as lightning strikes and power surges, has become a major concern for homeowners. These events can cause severe damage to electrical equipment and appliances, leading to costly repairs and replacements. Residential SPDs provide an effective solution by diverting excess voltage away from sensitive electronics, mitigating the risks associated with lightning strikes and power surges. As the frequency and intensity of extreme weather events continue to increase due to climate change, the demand for residential SPDs is expected to grow substantially.
Technological Advancements and Product Innovations
The Residential Surge Protection Device Market Industry is witnessing continuous technological advancements and product innovations. Manufacturers are investing in research and development to enhance the performance and reliability of residential SPDs. The introduction of new materials, improved designs, and advanced manufacturing techniques have resulted in more efficient and cost-effective SPDs. Additionally, the integration of smart technologies into SPDs, such as remote monitoring and fault detection capabilities, is enhancing their functionality and ease of use.These technological advancements are expected to drive the adoption of residential SPDs and contribute to the overall growth of the market.
Residential Surge Protection Device Market Segment Insights
Residential Surge Protection Device Market Device Type Insights
The Residential Surge Protection Device Market is segmented by Device Type into Type 1 SPDs, Type 2 SPDs, and Type 3 SPDs. Type 1 SPDs are installed at the service entrance of a building and are designed to protect against high-energy surges caused by lightning strikes or utility switching. Type 2 SPDs are installed at the distribution panel and are designed to protect against medium-energy surges caused by equipment switching or nearby lightning strikes. This growth is being driven by the increasing demand for surge protection in residential applications, as well as the rising awareness of the importance of protecting sensitive electronic devices from damage caused by power surges.The Type 2 SPDs segment is also expected to experience significant growth over the forecast period. This growth is being driven by the increasing adoption of smart home devices and the growing use of electronic devices in residential applications. Type 2 SPDs are an effective way to protect these devices from damage caused by power surges. The Type 3 SPDs segment is expected to experience moderate growth over the forecast period. This growth is being driven by the increasing demand for surge protection in point-of-use applications, such as protecting computers, TVs, and other electronic devices.Type 3 SPDs are a cost-effective way to protect these devices from damage caused by power surges. Overall, the Residential Surge Protection Device Market is expected to experience significant growth over the forecast period. This growth is being driven by the increasing demand for surge protection in residential applications, the rising awareness of the importance of protecting sensitive electronic devices from damage caused by power surges, and the growing adoption of smart home devices.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Residential Surge Protection Device Market Application Insights
The Residential Surge Protection Device Market is segmented by application into Panelboards, Service Entrance, and Branch Circuits. This growth is attributed to the increasing demand for surge protection devices in residential applications, as well as the growing awareness of the importance of protecting electrical equipment from voltage spikes. The Panelboards segment is expected to account for the second-largest share of the market in 2023 and is projected to grow at a CAGR of 5.94% from 2024 to 2032. This growth is attributed to the increasing use of panelboards in residential applications, as well as the growing demand for surge protection devices that can be easily installed in panelboards.This growth is attributed to the increasing demand for surge protection devices that can be installed at the point of use, as well as the growing awareness of the importance of protecting electrical equipment from voltage spikes.
Residential Surge Protection Device Market Installation Type Insights
The Residential Surge Protection Device Market is segmented by Installation Type into Plug-in Surge Protectors, Hard-wired Surge Protectors, and Portable Surge Protectors. The Plug-in Surge Protectors segment held the largest market share, accounting for over 55% of the Residential Surge Protection Device Market revenue in 2023. The growth of this segment is attributed to the increasing demand for plug-in surge protectors due to their ease of installation and affordability. The Hard-wired Surge Protectors segment is expected to witness significant growth over the forecast period, owing to the rising adoption of hard-wired surge protectors in new construction projects and renovations.The Portable Surge Protectors segment is expected to grow at a steady pace, driven by the growing popularity of portable electronic devices and the need for surge protection while traveling.
Residential Surge Protection Device Market Regional Insights
The Residential Surge Protection Device Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, APAC is expected to hold the largest market share in the coming years, owing to the increasing construction activities and growing awareness about the importance of surge protection devices. The market in North America is also expected to witness significant growth due to the rising demand for smart homes and the increasing adoption of electronic devices. Europe is another key market for residential surge protection devices, with a growing focus on energy efficiency and safety regulations.South America and MEA are expected to witness moderate growth in the coming years, driven by the increasing demand for electricity and the growing awareness about the benefits of surge protection devices.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Residential Surge Protection Device Market Key Players And Competitive Insights
Major players in the Residential Surge Protection Device Market industry are focusing on developing innovative products and expanding their geographical reach. Leading Residential Surge Protection Device Market players are investing in research and development to create advanced surge protection devices that can meet the evolving needs of customers. The Residential Surge Protection Device Market is witnessing a rise in strategic partnerships and collaborations between key players to strengthen their market position and gain a competitive edge.Eaton is a leading player in the Residential Surge Protection Device Market. The company offers a comprehensive range of surge protection devices for residential applications. Eaton's surge protection devices are designed to protect sensitive electronic equipment from damage caused by power surges. The company has a strong presence and a wide distribution network. Eaton is committed to providing innovative surge protection solutions to its customers.Siemens is a leader in electrical engineering and electronics. The company offers a wide range of surge protection devices for residential applications. Siemens' surge protection devices are designed to protect sensitive electronic equipment from damage caused by power surges. The company has a strong presence and a wide distribution network. Siemens is committed to providing innovative surge protection solutions to its customers.
Key Companies in the Residential Surge Protection Device Market Include
Residential Surge Protection Device Market Industry Developments
The residential surge protection device market is anticipated to witness steady growth in the coming years. The rising demand for reliable and efficient surge protection solutions in residential applications is driving the market's expansion. The increasing frequency and severity of power surges, coupled with the growing adoption of electronic devices in homes, are key factors contributing to the demand for residential surge protection devices. The market is also benefiting from government regulations and building codes that mandate the use of surge protection devices in new constructions and renovations. Key players in the market are focusing on product innovation and technological advancements to meet the evolving needs of consumers. Strategic partnerships and acquisitions are also shaping the market landscape as companies seek to expand their market share and enhance their product offerings.
Residential Surge Protection Device Market Segmentation Insights
| Report Attribute/Metric | Details |
| Market Size 2022 | 2.05(USD Billion) |
| Market Size 2023 | 2.17(USD Billion) |
| Market Size 2032 | 3.64(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 5.94% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Tripp Lite, Furutech, ABB, Legrand, Siemens, Belkin, SurgeX, Leviton, Panamax, APC, Eaton, Kensington, Honeywell, Schneider Electric |
| Segments Covered | Device Type, Application, Installation Type, Regional |
| Key Market Opportunities | Growing demand in emerging regions Smart home integration Technological advancements Government regulations Increased awareness of safety. |
| Key Market Dynamics | Increasing urbanization Rising disposable income Growing demand for smart homes Surge in demand for new residential construction Government regulations |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Residential Surge Protection Device Market is anticipated to reach 2.17 billion USD in 2023.
The Residential Surge Protection Device Market is projected to grow at a CAGR of 5.94% from 2024 to 2032.
Asia Pacific is projected to hold the largest market share in 2023.
Residential surge protection devices are primarily used to safeguard electrical appliances, electronics, and other sensitive equipment from voltage spikes and surges.
Key competitors in the Residential Surge Protection Device Market include Schneider Electric, Siemens, Eaton, Legrand, and Leviton.
Rising demand for surge protection due to the increasing frequency of extreme weather events and power grid disturbances is driving the growth of the market.
Government regulations, such as building codes and electrical safety standards, mandate the use of surge protection devices in certain applications, which positively impacts market growth.
Challenges include competition from low-cost alternatives, lack of awareness about the importance of surge protection, and stringent certification requirements.
Key trends include the integration of smart surge protection devices, the rise of IoT devices, and the growing adoption of renewable energy sources.
The Residential Surge Protection Device Market is projected to reach 3.64 billion USD by 2032.
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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