Surge Arrester Global Market Report 2024

A surge arrester is a protective device designed to limit voltage on equipment by discharging or bypassing surge current in substations, including transformers, circuit breakers, and bushings. Its purpose is to safeguard against the effects of lightning and switching surges, preventing the continued flow of current to ground. Surge arresters are capable of repeating these protective functions in accordance with ANSI standard C62.

The primary types of surge arresters are polymeric and porcelain. Polymeric surge arresters are characterized by being lightweight and hydrophobic, making them suitable for the protection of electrical equipment in both indoor and outdoor systems. These are gapless zinc oxide surge arresters designed for the overhead distribution network. Their optimal mechanical strength allows for use in harsh environmental conditions. Surge arresters are classified into distribution class, intermediate class, and station class, with voltage types including low voltage surge arresters, medium voltage surge arresters, and high voltage surge arresters. They find applications in both AIS (air-insulated substation) and GIS (gas-insulated substation). End-users of surge arresters include utilities, industries, transportation, and other sectors.

The surge arresters market research report is one of a series of new reports from The Business Research Company that provides surge arresters market statistics, including surge arresters industry global market size, regional shares, competitors with a surge arresters market share, detailed surge arresters market segments, market trends and opportunities, and any further data you may need to thrive in the surge arresters industry. This surge arresters market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The surge arrester market size has grown strongly in recent years. It will grow from $2.12 billion in 2023 to $2.29 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The expansion observed in the historical period can be attributed to several factors, including the rise in power consumption, increasing government investments to support energy infrastructure, strong economic growth in emerging markets, and growing investments in transmission and distribution (T&D) networks.

The surge arrester market size is expected to see strong growth in the next few years. It will grow to $3.05 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. Forecasted growth is driven by the increasing demand for electricity, growing investments in renewable energy, and rapid industrialization in manufacturing industries. Key trends include a focus on developing new technological solutions, launching IoT (Internet of Things) connected devices and solutions, expanding production facilities, and engaging in mergers and acquisitions.

The escalating demand for electricity serves as a significant driver for market growth. This increased demand is primarily fueled by expanding populations and the heightened utilization of electrical and electronic appliances, particularly evident in developing nations such as China, India, Brazil, and certain African countries. As per the International Energy Agency (IEA), global electricity demand surged by 6% or approximately 1,500 terawatt hours (TWh) in 2021. Projections indicate Southeast Asia will witness the most substantial growth at an average of 5% between 2022 and 2024, while the Asia Pacific region, including China, is anticipated to experience a 4% increase in electricity demand. North America and Latin America are forecasted to witness a 1% rise in demand during the same period, with Mexico and Canada displaying the most significant annual percentage growth at 3-4%. Europe's projected electricity demand growth is estimated at 1.7% in 2022, followed by a period of stagnant demand in 2023 and 2024. Consequently, the surging demand for electricity is poised to stimulate the establishment of new power generation stations, consequently driving the demand for surge arresters.

The rapid industrialization and expansion of manufacturing industries are set to bolster the surge arrester market. According to the United Nations Industrial Development Organization (UNIDO), global manufacturing production soared by 9.4% in 2021. Notably, the Indian manufacturing sector experienced significant growth, with a 210% surge in the fiscal year 2021-2022 compared to the preceding fiscal year 2020-2021. This sector also witnessed a substantial increase in new investments and ordering activities, marking a remarkable 460% growth in 2021-2022 compared to 2019-2020. This robust growth within manufacturing industries is anticipated to drive the development of electronic devices and equipment, consequently amplifying the demand for surge arresters.

Leading companies within the surge arrester market are intensively focused on pioneering new technological innovations to fortify their market standing. As an illustration, in November 2022, Hitachi ABB Power Grids (Hitachi Energy), a Swiss-based manufacturer and developer specializing in power transformers and substations, introduced a novel digital solution aimed at enhancing grid resilience against wildfires. The Wireless Spark Prevention Unit (SPU) Indicator, a part of this solution, empowers utilities by facilitating remote monitoring. This innovation enables improved maintenance practices and strategic planning for asset replacement, contributing to the preservation of critical assets.

Companies operating in this market are actively launching Internet of Things (IoT)-connected devices and solutions engineered to safeguard equipment and bolster system reliability. For instance, in March 2021, Eaton Corporation, a US-based powerhouse in power management, unveiled the Power Xpert SPD (surge protective device). This IoT-connected surge protective device harnesses advanced connectivity features to shield essential equipment from potentially detrimental surge occurrences. The Power Xpert SPD empowers users to remotely monitor surge data in real-time, allowing for the capture and classification of surge events into low, medium, and high categories. This capability provides enhanced control and proactive measures for safeguarding crucial equipment.

In August 2021, Leviton, a U.S.-based provider of lighting controls, wiring devices, and networking services for residential, commercial, and industrial customers, successfully acquired Berk-Tek for an undisclosed sum. This strategic acquisition is anticipated to establish Leviton as a comprehensive single-source manufacturer offering end-to-end systems, encompassing connectivity and cabling solutions, to customers worldwide. Berk-Tek, the acquired company, is a U.S.-based manufacturer specializing in high-performance and enhanced fiber optic and copper cables designed for the transmission of high-speed data, voice, and power.

Major companies operating in the surge arrester market report are Siemens Energy, General Electric, Schneider Electric, Hubbell, Hitachi, CG Power And Industrial Solutions Ltd., Mitsubishi Electric, Legrand Sa, Eaton Corporation PLC, Meidensha, Valuepower Earthing Private Limited, Ideal Engineers, Pentagon Earthing & Lightning Arrester, Abcot Lighting Protection System Private Limited, Hangzhou Yongde Electric Appliances Co Ltd., Yueqing Sarah Electrical Technology Co Ltd., Wenzhou Yikun Electric Co. Ltd., Yueqing Wortai Electric Co. Ltd., Zhejiang Haivo Electrical Co. Ltd., Zhejiang Zhongneng Electrical Co. Ltd., Otowa Electric Co. Ltd., Ge Oil & Gas, Ngk Insulators, Abb, Emerson Electric, Hakel Spol. S R., Vertiv, Te Connectivity, Lamco, Leviton Manufacturing, Raycap Corporation Sa, Interconexion Electrica, Enel X, Al Yamuna Densons, Dehn, Saudi Electricity Company

North America was the largest region in the surge arresters market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the surge arrester market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the surge arrester market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The surge arrester market consists of sales of Silicon Carbide (SiC) Valve-type surge arresters, and metal-oxide surge arresters (MOSA) including gapless, series-gapped, and shunt-gapped. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Surge Arrester Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on surge arrester market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

• Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
• Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
• Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
• Measure the impact of high global inflation on market growth.
• Create regional and country strategies on the basis of local data and analysis.
• Identify growth segments for investment.
• Outperform competitors using forecast data and the drivers and trends shaping the market.
• Understand customers based on the latest market shares.
• Benchmark performance against key competitors.
• Suitable for supporting your internal and external presentations with reliable high quality data and analysis
• Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
• All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for surge arrester? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The surge arrester market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Polymeric; Porcelain
• 2) By Voltage Type: Low Voltage Surge Arresters; Medium Voltage Surge Arresters; High Voltage Surge Arresters
• 3) By End-User: Utilities; Industries; Transportation; Other End-Users
• 4) By Application: AIS (Air Insulated Switchgear); GIS (Gas Insulated Switchgear)
• 5) By Class: Distribution Class; Intermediate Class; Station Class
• Companies Mentioned: Siemens Energy; General Electric; Schneider Electric; Hubbell; Hitachi
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery Format: PDF, Word and Excel Data Dashboard.