Solar Surge Protection Device Market was valued at USD 0.5 Billion in 2022 and is projected to reach USD 1.2 Billion by 2030, growing at a CAGR of 12.0% from 2024 to 2030.
The Solar Surge Protection Device Market has witnessed considerable growth from 2018 to 2022, driven by the increasing demand for renewable energy solutions and a rise in global solar energy installations. During this period, the market was fueled by several factors such as rapid technological advancements, government incentives, and an increase in awareness about the importance of protecting solar systems from power surges and electrical faults. The surge protection devices (SPDs) are essential components in safeguarding solar power systems, which are highly susceptible to electrical disturbances caused by lightning or grid failures. These devices ensure the longevity of solar panels, inverters, and other sensitive equipment, making them indispensable in the solar energy industry.
Throughout 2020 to 2022, the global market experienced a steady rise, with a particularly significant surge in demand during the post-pandemic recovery phase. Key regions like North America, Europe, and Asia-Pacific recorded strong growth as more industries, homes, and commercial establishments adopted solar energy systems. The market was also supported by stringent regulations, including local building codes and safety standards that necessitated the installation of surge protection devices.
As we move from 2023 to 2033, the demand for Solar Surge Protection Devices is expected to soar even further due to the growing emphasis on sustainable energy solutions and increasing solar system installations. The next decade will witness a major boom, particularly in developing economies where solar energy adoption is on the rise. Technological innovations such as smarter surge protection devices, which offer remote monitoring capabilities, will also contribute to the market’s growth. Moreover, the increasing occurrence of extreme weather events, including lightning strikes and storms, will drive the need for more reliable and robust surge protection systems. Solar energy providers will also need to invest in upgraded protection devices to meet the evolving requirements of large-scale solar farms and residential installations alike.
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ABB
Littelfuse
Mersen
DEHN
Eaton
Schneider Electric
Phoenix Contact
Raycap
Prosurge
HAKEL
Novaris Pty Ltd
Havells
Erico
Zhejiang Geya Electrical
Techwin
Wenzhou Arrester Electric
Citel
Shanghai Chenzhu Instrument
Alion Electric
YUEQING YRO ELECTRIC
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Solar Surge Protection Device Market
Residential
Commerical
Industrial
Based on Types the Market is categorized into Below types that held the largest Solar Surge Protection Device market share In 2023.
Type 1 Surge Protection Device
Type 2 Surge Protection Device
Type 1+2 Surge Protection Device
Others
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Solar Surge Protection Device Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Solar Surge Protection Device Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Solar Surge Protection Device Market, By Type
6. Global Solar Surge Protection Device Market, By Application
7. Global Solar Surge Protection Device Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Solar Surge Protection Device Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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