Global Surge Arrester Market Insights Forecasts to 2033

• The Global Surge Arrester Market Size was Valued at USD 1.73 Billion in 2023
• The Market Size is Growing at a CAGR of 4.78% from 2023 to 2033
• The Worldwide Surge Arrester Market Size is Expected to Reach USD 2.76 Billion by 2033
• North America is Expected to Grow the fastest during the forecast period.

The Surge Arrester Market Size is Anticipated to Exceed USD 2.76 Billion by 2033, Growing at a CAGR of 4.78% from 2023 to 2033. The rising energy demand around the world, rapid growth in industrialization and urbanization, and continuous Growth in the global electricity business are among the main drivers of the surge arrester demand and sales.

SURGE ARRESTER MARKET REPORT OVERVIEW

A surge arrester safeguards other electrical devices by "arresting" or carrying out surge currents caused by inside or outside forces. It is also known as a surge safeguard device, or, less commonly, a voltage surge inhibitor. Surge arresters protect against overvoltage resulting from lightning or changing surges. They provide a degree of protection in opposition to electrical wiring transients induced by lightning strikes that occur in the general vicinity of the conductor. In this respect, surge arresters can divert fluctuations similar to those caused by lightning or defective changes in a high-voltage system.

The increase in the number of positive government attempts across different nations globally that seek to enhance or improve their electrical power supply, as well as provide assets and funding for the upgrading of their current infrastructure, has resulted in a higher need for surge arresters to be used in these initiatives, which is propelling market growth forward at a rapid rate.

Surge arresters ensure an ongoing and uninterrupted generation of green power by providing dependable protection against transient voltage spikes, contributing to the renewable energy sector's all-around reliability and effectiveness.

In June 2023, following several deaths caused by lightning strikes in recent years, the state government of UP directed that lightning conductors and arrestors be installed atop government buildings.

Report Coverage

This research report categorizes the market for the surge arrester market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the surge arrester market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the surge arrester market.

DRIVING FACTORS:

“The growing funding in energy efficient initiatives is expected to drive the market growth”

The global expenditure on clean energy technology has risen over the forecast period. The rapid developments in technology, as well as various countries moving to green energy power generation, are all contributing growth of the market. According to the IEA (International Energy Agency)'s renewable report, the COP28 climate change conference in Dubai, more than 130 national governments, which include the European Union, agreed to collaborate to triple the world's installed renewable energy capacity to at least 11,000 GW by 2030. According to the International Energy Agency, the world will add 50% more renewable energy capacity in 2023, with China leading the way. Scaling up solar and wind power while reducing fossil fuel use is critical in the fight against climate change. However, the world is not on track to triple renewable capacity by 2030, as agreed to at the COP28 climate summit.

RESTRAINING FACTORS

“The increasing rivalry from unorganized firms restricts the market growth”

Large producers confront intense rivalry from informal market competitors who sell low-cost, low-quality products without a license. These inadequate local players sell products manufactured in-house without the necessary approval; the market executives' brand identities get damaged as low-quality products are sold under their names. Hence, that can be impact on the market growth.

Market Segmentation

The global surge arrester market share is classified into type, voltage level, and application

Which segment is expected to hold the largest share of the global surge arrester market during the forecast period?

“The polymeric segment is expected to hold the largest share of the global surge arrester market during the forecast period”

Based on type, the global surge arrester market is classified into porcelain and polymeric. As compared to porcelain, the polymeric product is expected to be most popular due to easy handling and setup, reliable performance in difficult circumstances, low manufacturing and operating expenses, and superior breaking protest under overload. Additionally, increasing demand from companies to effectively combat system faults, as well as substantial expenditures for enhancing the current electrical infrastructure, could significantly boost the global market. These arrestors provide superior performance and fidelity for surge-changing and medium-voltage networks. The maintenance of service safety is provided for both beneath-the-ground and overhead setups without requiring prolonged exposure to the outside.

Why medium voltage level is most dominating factor of the global surge market over the forecast period?

“The medium voltage level of the surge arrester is the most dominating factor due to the substantial need for electricity”

Based on voltage level, the global surge arrester market is classified into high voltage level, medium voltage level, and low voltage level. The medium voltage level has the largest proportion of the market over the forecast period. Medium voltage surge arresters are commonly used in heavy station complexes and intermediate buildings. Due to the high demand for electricity, these sectors experience prevalent power surges. They find application across communication circuits, critical loads, healthcare devices, and surveillance systems. The need to protect electrical equipment and devices promotes spending on surge arresters, which drives market growth.

Why industrial segment is having more acceptance of the global surge arrester market?

“The industrial segment has the highest share of the market due to the wide acceptance of surge arrester in different industrial settings such as telecommunication, control systems, and safety interlock circuits”

Based on application, the global surge arrester market is classified into utility and industrial. The industry segment is projected to grow at the highest growth rate during the forecast period. The increasing growth of different industries around the world, such as production, petroleum products, automobiles, and many others, leads to higher electricity consumption and an increased risk of voltage surges. Aside from that, the growing use of green energy sources such as wind and solar power in the industrial sector necessitates surge protection for sensitive electronics in power generation and distribution applications. These devices can protect machinery and systems in factories and other industrial settings, such as telecommunications, automation systems, and security interlock circuits.

Regional Segment Analysis of the Global Surge Arrester Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Which region is expected to hold the largest share of the surge arrester market over the forecast period?

“Asia-Pacific region is holding the highest share of the global surge arrester market during the forecast period” 

The Asia Pacific region dominated the global market with a sizable share and is expected to maintain its market dominance throughout the forecast period. The regional market growth is largely due to an increase in EHV and UHV transmission investments in major developing countries such as India and China, as well as a significant increase in electricity generation to accommodate the region's increasing population and various manufacturing and commercial industries. According to CEIC, the electricity production in China increased to 768,520 GWh in June 2024, up from 717,850 GWh the previous month.

Why North America is growing at the fastest CAGR in the global surge arrester market?

North America is expected to grow rapidly as a result of the increased proliferation of electronic devices in industrial, residential, and commercial settings, as well as the growing need to replace aging power grid infrastructure throughout the region. Aside from that, the region is susceptible to severe weather events such as thunderstorms, hurricanes, and tornadoes, which can cause power outages and cause significant damage to equipment and infrastructure. As a result, the demand for surge protection solutions such as arresters has increased significantly during the forecast period.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global surge arrester market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Hitachi ABB
• Hubbell Power Systems
• INAEL Electrical Systems
• Legrand
• Mitsubishi Electric
• Schneider Electric
• Siemens Energy
• TE Connectivity Ltd.
• Toshiba Corporation
• Tripp Lite
• CG Power and Industrial Solutions Ltd.
• Eaton Corporation
• General Electric Company
• Hakel
• Others

Key Market Developments

• In April 2024, Safran Electrical & Power introduced the GENeUSCONNECT, a high-powered electrical harness. The launch completes the wide range of electrical systems required for the development of all hybrid and electric aircraft.

• In April 2024, President Ferdinand R. Marcos Jr. established the Mobile Energy System (MES) and the Energy Sector Emergency Operations Center (ESEOC), which strengthen the country's energy systems and power supply.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global surge arrester market based on the below-mentioned segments: 

Global Surge Arrester Market, By Type

• Porcelain
• Polymeric

Global Surge Arrester Market, By Voltage Level

• High Voltage Level
• Medium Voltage Level
• Low Voltage Level

Global Surge Arrester Market, By Application

• Utility
• Industrial

Global Surge Arrester Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa