Over the projected timeframe, the Surge Arrester Market is poised to demonstrate notable growth, exhibiting a Compound Annual Growth Rate (CAGR) of 5%, ultimately reaching a market valuation of approximately US$ 2.6 billion by the year 2032. This anticipated growth trajectory can be largely attributed to ongoing advancements within the electrical line infrastructure sector, especially within emerging economies, which are expected to remain a substantial driving force behind the surge arrester market.
Authorities across the globe are facing increasing pressure to allocate substantial investments towards the enhancement of electricity transmission and distribution networks. This call to action is primarily prompted by the surging global demand for electricity, coupled with an escalating emphasis on the expansion of renewable energy capacities. Consequently, as these infrastructure development plans and financial commitments unfold, alongside endeavors aimed at the replacement of aging electrical infrastructure in various nations, the demand for surge arresters is expected to witness a noteworthy upswing.
Surge arresters find extensive utility in various critical segments, including substations, transmission lines, and assorted components within electrical networks, thereby encompassing a wide spectrum of application areas. Furthermore, a pivotal catalyst propelling market growth is the amplified investments channeled into the expansion and fortification of transmission and distribution (TD) networks. This expansion and fortification of TD networks have been discerned to exert a direct and positive influence on the growth trajectory of the surge arrester market.
Notably, the escalating number of electrification projects underway in nations such as China and India, in conjunction with network expansions aimed at accommodating the integration of renewable energy sources in the United States and various European countries, stands poised to further bolster market expansion. These developments collectively underscore the promising outlook for the surge arrester market in the foreseeable future.
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The demand for electricity is poised to experience a notable upswing in the foreseeable future. This surge can be primarily attributed to the expanding electrification efforts within the transportation sector and the widespread adoption of electric vehicles.
Furthermore, the increasing need for protective devices aimed at mitigating voltage overload on equipment, stemming from both internal and external factors, is significantly augmenting the sales of surge arresters. This trend is further amplified by the escalating requirement for electricity across industrial, commercial, and residential domains, as well as the burgeoning generation of electricity from renewable sources. These factors collectively contribute to the advancement of global electric infrastructure, consequently driving the demand for surge arresters in the coming years.
Moreover, the surge in government-backed initiatives directed at extending electricity access to rural areas, coupled with a heightened emphasis on safeguarding commercial facilities operating in challenging weather conditions characterized by high occurrences of lightning strikes, is expected to propel the sales of surge arresters within the residential and commercial sectors.
“Rising adoption of electric vehicles and electric home appliances across the globe, along with growing need to streamline power generation from renewable energy sources will boost the adoption of surge arresters over the forecast period,” says an FMI analyst.
Key Takeaways:
- By product type, demand in the polymeric segment is expected to growt at a CAGR of 5.1% over the forecast period.
- Based voltage type, very high voltage segment is forecast to dominate the market, accounting for about 44.2% of the total market share.
- In terms of end use, sales in the industrial segment are projected to grow at a 5% CAGR through 2032.
- By class, the standard segment will hold 33.1% of the total surge arrester market share by 2032.
- Total sales in the U.S. surge arrester market will reach a valuation of US$ 240 Mn by 2032.
- The China surge arrester market will offer an absolute opportunity of US$ 0.18 Bn over the assessment period.
- Surge arrester sales in Germany are forecast to account for 19.7% of the Europe surge arrester market share in 2022.
Competitive Landscape
Siemens Energy, General Electric (GE), Eaton, Hubbell, Schneider Electric and Mitsubishi Electric are some of the leading manufacturers in the global surge arrester market.
Manufacturers of surge arresters are investing in product development to improve sales in the market. Key players are further investing in software technology to enhance the performance of surge arresters.
Surge Arrester Market By Category
By Product Type:
- Polymeric
- Porcelain
By End Use:
- Utilities
- Industries
- Transmission
- Transportation
By Application:
- AIS
- GIS
- Others
By Voltage:
- Medium
- High
- Very High
By Class:
- Secondary Class
- Distribution Class
- Intermediate Class
- Station Class
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East Africa
