Surge Protection Devices for Photovoltaic Power Plant Market size was valued at USD 1.2 Billion in 2024 and is projected to reach USD 2.5 Billion by 2033, exhibiting a CAGR of 9.2% from 2026 to 2033.
The global Surge Protection Devices (SPDs) for Photovoltaic (PV) Power Plant market reached a valuation of approximately USD 2.14 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 6.8% from 2022 to 2030. This growth is primarily fueled by the rising adoption of solar energy across both developed and developing regions, which increases the demand for reliable protection against voltage spikes and lightning induced surges. The growing deployment of utility scale photovoltaic installations, along with regulatory mandates for equipment protection, has further elevated the importance of surge protection systems in renewable infrastructure. Technological advancements in surge protection mechanisms and the growing awareness among plant developers about power quality and system longevity are also contributing significantly to market expansion.
Regionally, Asia Pacific dominated the market in 2022 with over 35% share, led by China, India, and Japan due to aggressive solar installation targets and large scale renewable projects. Europe followed closely, driven by strong policy frameworks and a mature renewable energy sector, especially in Germany, Spain, and the Netherlands. North America exhibited steady growth owing to increasing solar PV adoption in the U.S. and Canada, supported by federal incentives and investments in grid modernization. The Middle East & Africa region is emerging as a high potential market, especially in countries such as the UAE, Saudi Arabia, and South Africa, which are scaling up solar projects to diversify energy sources. Latin America also offers growing opportunities, particularly in Brazil, Chile, and Mexico, where investment in photovoltaic infrastructure is on the rise. These regional dynamics highlight promising opportunities for surge protection device manufacturers in both established and emerging solar markets worldwide.
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MERSEN
Schneider Electric
ABB
Eaton
Rockwell Automation
Raycap
DEHN
Pepperl+Fuchs
Siemens
Phoenix Contact
CITEL
Leviton
BENY New Energy
Intermatic Incorporated
Hager Group
Prosurge
SUPCON Group
nVent Electric
Weidmüller Interface
Legrand
Shanghai IZE Industries
CHINT Group
Zhejiang Zhongdian Power Equipment
Shenzhen Haipengxin Electronics
Shanghai Liangxin Electrical
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. 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 Surge Protection Devices for Photovoltaic Power Plant Market
Class I (Type 1)
Class II (Type 2)
Class III (Type 3)
On-grid Photovoltaic Systems
Off-grid Photovoltaic Systems
Hybrid Solar Systems
DC Side Surge Protection Devices
AC Side Surge Protection Devices
Combination Surge Protection Devices
Commercial Solar Power Plants
Residential Solar Power Systems
Utility-scale Solar Power Plants
Metal Oxide Varistor (MOV)
Gas Discharge Tube (GDT)
Transient Voltage Suppressor (TVS)
US (United States, US 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 Surge Protection Devices for Photovoltaic Power Plant 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 Surge Protection Devices for Photovoltaic Power Plant Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Surge Protection Devices for Photovoltaic Power Plant Market, By Type
6. Global Surge Protection Devices for Photovoltaic Power Plant Market, By Application
7. Global Surge Protection Devices for Photovoltaic Power Plant Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global Surge Protection Devices for Photovoltaic Power Plant Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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