April 18, 2024
Surge Protection Devices Market

Surge Protection Devices Market Witness High Growth Due to Rising Adoption of Medical Imaging Procedures

The surge protection devices market is expected to grow at a significant pace owing to the increasing prevalence of surge events that can damage sensitive medical equipment. Surge protection devices help shield and protect connected equipment from high voltage surges and spikes by redirecting excess energy to ground. These devices play a vital role in providing safeguards for imaging systems like x-ray imaging devices, MRI machines, and ultrasound scanners used in hospitals and diagnostic centers.

The Global Surge Protection Devices Market is estimated to be valued at US$ 4.11 Billion in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024 to 2031.

Key Takeaways

Key players: Key players operating in the Surge Protection Devices Market Size include Karl Storz SE & Co. KG, Olympus Corporation, Endo Med Systems GmbH, HOYA Corporation, Getinge AB, Avantis Medical Systems, Boston Scientific Corporation, and FUJIFILM Holdings Corporation, among others.

Key opportunities: The rising demand for medical imaging procedures due to the increasing prevalence of diseases along with the growing number of healthcare facilities are expected to offer significant growth opportunities for players in the surge protection devices market.

Technological advancements: Leading manufacturers are focusing on developing innovative product designs with improved performance capabilities. For instance, surge protection devices with capabilities to withstand higher energy levels caused due to severe surge events.

Market drivers: The growing adoption of medical imaging modalities due to increasing healthcare expenditures globally is a major factor driving the demand for surge protection devices that provide safeguards for sensitive medical equipment from high voltage surges. Rising investments by hospitals and diagnostic centers to strengthen their imaging infrastructures are also fueling the sales of these protection devices.

Current Challenges in Surge Protection Devices Market

The surge protection devices market faces several challenges. One major challenge is the availability of substitutes. Surge suppressors and transient voltage surge suppressors can be replaced with uninterruptible power supply units in some applications. This reduces the demand for specialized surge protection devices. Another challenge is the stringent compliance with industry standards. Surge protection devices need to comply with regulations and standards set by regulatory bodies in different regions for electrical safety. Manufacturers have to invest in R&D and testing to ensure their products meet these standards. The fluctuating costs of raw materials also impact the prices of surge protection devices. Rising prices of metals like copper increases production costs. This poses a challenge in maintaining competitive pricing.

SWOT Analysis

Strength: Surge protection helps protect electronics and appliances from voltage spikes, reducing equipment damage and repair costs. This gives surge protection devices high utility. Weakness: Surge protection devices have a limited lifespan as surge-suppressing components only have a definite number of discharges before failure. This leads to periodic replacement. Opportunity: Growth of industries like manufacturing, oil & gas, healthcare relying on sensitive electronics creates scope for wider surge protection installation. Threats: Alternatives like isolation transformers and online/offline UPS serve the same purpose of voltage stabilization with added functionality of backup power. This competition limits market share growth for surge protectors.

Geographical Regions

Asia Pacific region holds the major share of the surge protection devices market currently in terms of value. Rapid industrialization and infrastructure building activities taking place across countries like China, India, Indonesia, and Thailand result in increased installation of industrial equipment needing protection. North America is projected to witness the fastest growth during the forecast period due to the expanding healthcare and manufacturing sectors. Growing investments in upgradation and modernization of electrical distribution networks across European nations will further support the regional market. The Middle East and Africa are lucrative emerging regions identified to offer new opportunities for surge protection device suppliers over the coming years.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it