PUBLISHER: Polaris Market Research | PRODUCT CODE: 1421646
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1421646
The global surge arrester market size is expected to reach USD 2.59 billion by 2032, according to a new study by Polaris Market Research. The report "Surge Arrester Market Share, Size, Trends, Industry Analysis Report, By Type (Porcelain, Polymeric); By Class; By Application; By End-User; By Region; Segment Forecast, 2024 - 2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
Various government organizations, including energy departments, have made substantial investments in grid modernization in recent years in order to upgrade their national grid, and proliferation among governments for launching favorable initiatives to enhance electrical power supply are key factors fostering global market growth. In addition, continuous expansion and upgradation of T&D networks and the emergence of surge arresters as essential components for the protection of electrical equipment in distribution and transmission networks are likely to boost product sales and generate huge growth opportunities for the market. For instance, in June 2023, Littelfuse announced the launch of its new NEMA-style Surge Protective Device series, which is designed to safeguard equipment from transient over-voltage events. The new surge protection devices include direct modes of protection, including line-to-neutral, line-to-ground, and neutral-to-ground.
There has been a significant increase in the number of surge protection manufacturers focusing on developing and offering customized and innovative solutions tailored to specific needs and requirements of industries and applications while ensuring that the surge protection systems meet the unique needs of their customers, which in turn, likely to open up new growth avenues for the global market. For instance, in August 2023, Toshiba Electronic Devices & Storage Corporation has recently unveiled their new surge-protection Zener diodes, the "XCUZ Series". This series is AEC-Q101 qualified and is particularly designed for automotive equipment. The device can be used for various voltage lines and helps improve the overall quality of automotive equipment.
Furthermore, with the rise in focus on reducing downtime because of equipment failure and rising focus towards resolving power quality issues in the industrialized nations caused the voltage spikes, the demand and adoption of innovative and advanced surge arresters all over the world are growing rapidly and likely to continue the trend in the coming years at a significant rate.
Polaris Market Research has segmented the surge arrester market report based on type, class, application, end-user, and region: