PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1536702
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1536702
Surge Arrester Market size was valued at USD 1,786.23 million in 2023, expanding at a CAGR of 4.87% from 2024 to 2032.
The expansion of renewable energy installations, such as wind and solar power plants, increases the need for surge protection to ensure the reliability and longevity of these systems. Ongoing urbanization and industrial growth lead to higher electricity consumption and infrastructure, necessitating advanced surge protection solutions to prevent electrical failures and downtimes. However, proper installation and maintenance of surge arresters require specialized knowledge and skills, which can pose challenges in regions with a shortage of trained professionals. Rapid technological advancements can lead to the obsolescence of existing surge protection devices, requiring continuous updates and replacements. Furthermore, collaborations between surge arrester manufacturers and utility companies, along with strategic partnerships with other stakeholders, can enhance market penetration and product development.
Surge Arrester Market- Market Dynamics
Stringent regulations and standards for electrical safety and reliability driving the need for a surge arrester market
Regulations and standards such as the National Electrical Code (NEC), IEC (International Electrotechnical Commission) standards, and IEEE (Institute of Electrical and Electronics Engineers) guidelines mandate the use of surge protection devices to ensure electrical safety. Surge arresters help in meeting these stringent standards by protecting electrical systems from transient overvoltages caused by lightning strikes, switching operations, or other disturbances. Critical infrastructures like power plants, data centers, hospitals, and communication networks require high reliability and continuous operation. Surge arresters protect these facilities from power surges, minimizing downtime and preventing costly damages. Adhering to regulations ensures these essential services remain operational and safe. A division of the US Department of Labour, the Occupational Safety and Health Administration (OSHA) is responsible for enforcing general workplace safety regulations as well as setting standards for particular working environments. There are still many occupational risks and almost 5,000 fatalities in the US each year, despite OSHA's training and interventions.[1] Electrical energy, the fifth most common cause of work-related fatality in the US, is mostly to blame for these fatalities.
Surge Arrester Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 4.87% over the forecast period (2024-2032)
Based on product type segmentation, Station Class Surge Arresters was predicted to show maximum market share in the year 2023
Based on class segmentation, Polymer Surge Arresters was the leading type in 2023
Based on application segmentation, Power Transmission was the leading type in 2023
Based on end user segmentation, Utilities were the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Surge Arrester Market is segmented based on Product Type, Application, Class, Voltage, End User, and Region.
The market is divided into two categories based on class: Polymer Surge Arresters, and Porcelain Surge Arresters. With the greatest share in 2023, the polymeric category is anticipated to lead the market throughout the forecast period. Because polymeric is so versatile across a wide variety of voltages, the demand for it is projected to grow. Global market demand would also be greatly enhanced by increasing investments to upgrade current power infrastructure and a growing number of firms need to effectively combat system malfunctions.
The market is divided into three categories based on type: Station Class Surge Arresters, Intermediate Class Surge Arresters, and Distribution Class Surge Arresters. During the forecast period, the station class segment is anticipated to hold the highest share, having held the largest share in 2020. Surge arrestors of the station class protect against overvoltage and lightning strikes, which happen when an electrical device pulls more current than the system can handle. The market size for the station class is significantly influenced by factors such as exceptional cantilever strength, high durability, enhanced contamination resistance, and high pressure relief capability.
Surge Arrester Market- Geographical Insights
The Asia Pacific region is experiencing significant growth in the Surge Arrester market due to rapid industrialization, urbanization, and infrastructure development. The increasing electricity demand, coupled with the expansion of electrical grids and the need for reliable power transmission, is driving the market. As one of the largest markets in the region, China's ongoing infrastructure projects, expansion of electrical grids, and advancements in renewable energy contribute substantially to the surge arrester market. apan and South Korean countries have mature electrical infrastructure and are investing in upgrading and maintaining their systems, including the deployment of surge arresters to protect electrical equipment. Government regulations and policies aimed at improving power quality and reliability are influencing the adoption of surge arresters. Standards set by organizations such as the International Electrotechnical Commission (IEC) play a crucial role in shaping the market.
Major players in the Surge Arrester Market include ABB Ltd., Siemens AG, Eaton Corporation, General Electric Company, Schneider Electric SE, Mitsubishi Electric Corporation, etc. ABB Ltd. is known for its wide range of electrical products and solutions, ABB is a significant player in the surge arrester market, offering both high-voltage and low-voltage products. Siemens provides advanced surge protection solutions and is a major competitor in the high-voltage surge arrester segment. Schneider Electric focuses on energy management and automation solutions, including robust surge protection devices. Players are focusing on developing advanced surge arresters with better performance, higher durability, and enhanced monitoring capabilities. Companies are engaging in strategic mergers and acquisitions to expand their market presence and enhance their product portfolios. Many companies are focusing on expanding their operations in emerging markets like Asia-Pacific, where urbanization and industrialization are on the rise.
In September 2021, Toshiba Energy Systems & Solutions Corporation announced that its current product capacity of polymer housed surge arresters*1 will be nearly tripled by April 2022. Toshiba ESS is manufacturing a surge arrester which can protect power transmission/distribution facilities and equipment, such as power plants, substations and transmission lines, from overvoltage caused by lightning, as well as carrying out the operation of circuit breakers for Hamakawasaki Operations in Japan.
GLOBAL SURGE ARRESTER MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
ABB Ltd.
Siemens AG
Eaton Corporation
General Electric Company
Schneider Electric SE
Mitsubishi Electric Corporation
Emerson Electric Co.
CG Power and Industrial Solutions Limited
Hubbell Incorporated
Legrand SA
Toshiba Corporation
Lamco Industries Pvt Ltd
Elpro International Ltd.
DEHN + SOHNE GmbH + Co KG
TE Connectivity Ltd.
Raycap Corporation S.A.
Others