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2022

Surge Arrester Market

Surge Arrester Market Size, Share, Competitive Landscape and Trend Analysis Report by Material, by Voltage Range, by End User : Global Opportunity Analysis and Industry Forecast, 2021-2031

EP : Equipment and Devices

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Author's: Mohd Arbaz | Eswara Prasad
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Surge Arrester Market Research, 2031

The global surge arrester market size was valued at $1.4 billion in 2021, and is projected to reach $2.2 billion by 2031, growing at a CAGR of 4.5% from 2022 to 2031.

Surge arresters are essentially protection devices that are widely used to prevent damages during the events of voltage range fluctuations. The working principle for these arresters is by discharging or by-passing surge current. Surge arresters are used to protect from direct lightning as well as protect from induced surges. In addition, surge arresters offer reliable protection which is why they are widely used and thus drives the global surge arrester market. Surge arrester finds application in direct and indirect connections. Some of the interconnections are with switchgear market, circuit breaker market, power quality equipment market, HVDC transmission market and many more. Any fluctuation or growth impact on above mentioned markets, positive or negative, directly impacts surge arrester market growth.

Surge Arrester Market

The transmission and distribution network are extensively being improved and developed at large scale. With huge investments pouring in, the requirement for surge arresters is also increasing. The global market for surge arresters is significantly driven by its increased use in smart grids. Moreover, applications in renewable energy business also paves the way for increased demand for surge arresters. However, flourishing duplicate product market for surge arresters is impacting market growth leading to abundant presence of poor-quality arresters. Meanwhile, delay in execution of several power and infrastructure projects also pose challenge to the market growth.

The surge arrester market analysis is segmented on the basis of material, voltage range, end-user, and region. Depending on material, the market is bifurcated in polymeric and porcelain. On the basis of voltage range, the market is divided into medium, high, and low. By end-user, the market bifurcation is done into commercial, industrial, and residential. Region wise, the surge arrester market forecast is analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa).

The key players in the market are Hitachi ABB, Siemens Energy, General Electric, Eaton, Hubbell, CG Power, Schneider Electric, Meidensha, Mitsubishi Electric, and Toshiba.

Surge Arrester Market by Material

Depending on material, polymeric surge arrester segment dominated the market share for 2021. It is projected to grow at a CAGR of 4.7%. This is owing to high reliability, good insulation, and durability of polymeric surge arresters. There is a tremendous growth in the building & construction industry, owing to booming real estate. Growing population and limited land space have led to several high-rise buildings in both intermediate and station sectors. This leads to surge in electricity demand, which needs to be regulated to prevent destruction caused due to electric short circuits and other hazards. Polymeric surge arresters employ a silicon carbide non-linear valve element and series spark gaps. The spark gaps keep the valve element and activates it when a surge emerges, but they create transients during the sparkover. This calls for smart and protective installation of surge arrester that can minimize the damage due to voltage range surgency. The above-mentioned factors act as driving factors for polymeric surge arresters.

Surge Arrester Market by Voltage Range

On the basis of voltage range, medium range surge arrester dominated the market share for 2021 followed by low range surge arrester. Medium voltage range surge arresters have application in heavy station complexes and intermediate buildings. These sectors have frequent power surges due to high electricity traffic. They are applicable in communication circuits, critical loads, medical equipment, and security systems. Thus, the need to protect electronic equipment and devices encourages spending on surge arrester, which acts as driver for the surge arrester market growth.

Surge Arrester Market by End User

By end-user, industrial sector contributed largely for 2021 and dominated the market share for 2021. This can be attributed to abundant use of the products in this sector as industrial activities and operations usually faces large voltage fluctuation. Moreover, the industrial areas are largely in remote places that are prone to lightning incidents thus, raising the demand for surge arresters.

The industrial sector incurs several fixed and variable costs through its operational activities. It also requires medium level of maintenance at the same time. incurring same cost or expense over similar damages or destruction can cost huge financial loss to the company. Thus, surge arresters provide reliability to these industries operating heavily on electricity. Owing to reliable and good insulation capacity of surge arrester and utmost prevention from destruction, surge arrester market is driven by industrial sector further aiding to the market growth. Rapid industrialization in developing and under developed economies are expected to drive demand for surge arrester offering huge growth opportunity.

Surge Arrester Market by Region

Region-wise, Asia-Pacific dominated the market growth for 2021 accounting for 43.0% surge arrester market share. It is also projected to grow at CAGR of 4.8%. This is attributed to rising investment in public infrastructure, renewable energy projects, smart grids, residential housing developments and others.

Asia-Pacific is the largest consumer in the global surge arrester market, owing to presence of key developing economies such as China, India, Japan, and Australia, which registered the medium market share in the intermediate sector, manufacturing, food & beverages, paper manufacturing, water treatment, and many other sectors leading to increase in use of surge arresters. In addition, rapid surge in demand for electronic items and rise in disposable income of Asia-Pacific propel growth of the surge arrester industry in the region.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the surge arrester market analysis from 2021 to 2031 to identify the prevailing surge arrester market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the surge arrester market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global surge arrester market trends, key players, market segments, application areas, and market growth strategies.

Surge Arrester Market Report Highlights

Aspects Details
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Market Size By 2031

USD 2.2 billion

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Growth Rate

CAGR of 4.5%

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Forecast period

2021 - 2031

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Report Pages

273

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By Material
  • Polymeric
  • Porcelain
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By Voltage Range
  • Low
  • Medium
  • High
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By End User
  • Industrial
  • Commercial
  • Residential
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, Italy, UK, Spain, France, Rest Of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest Of Asia-Pacific)
  • LAMEA  (Brazil, Saudi Arabia, South Africa, UAE, Rest Of LAMEA)
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Key Market Players

Siemens AG, Hakel, INAEL Electrical Systems, Hubbell Power Systems, CG Power and Industrial Solutions Limited, General Electric, TE Connectivity Ltd., Eaton Corporation, ABB Limited, Izoelektro D.O.O.

Analyst Review

This section provides opinions of top-level CXOs operating in the surge arrester market. According to the insights of CXOs, the market is consolidated in nature, and is expected to grow at a significant rate during the forecast period. This is attributed to rise in demand for protection of electrical and electronics devices from sudden power surges. The increased emphasis on boosting renewable energy installed capacity, are prompting private companies to invest in electricity transmission and distribution networks, as well as electrification projects, which further promotes the market growth for surge arresters. The market growth is hampered by presence of cheap quality duplicate surge arresters and delay in project execution for renewable energy infrastructure and others.

Author Name(s) : Mohd Arbaz | Eswara Prasad
Frequently Asked Questions?

The global market for surge arresters is significantly driven by its increased use in smart grids. Moreover, applications in renewable energy business also paves way for increased demand of surge arresters.

Additional growth strategies, such as expansion of production capacities, acquisition, and partnership in the development of the innovative products from manufacturers have helped to attain key developments in the surge arrester market trends.

Industrialization and urbanization have increased significantly across the globe. According to BP Statistical Review of World Energy, 2021, there was an increase of 6.2% in electricity generation for 2021 with 5.8% increase in primary energy demand. Thus, demand for transmission and distribution infrastructure is likely to increase fostering the market growth.

The key players in the market are Hitachi, ABB, Siemens Energy, General Electric, Eaton, Hubbell, CG Power, Schneider Electric, Meidensha, Mitsubishi Electric, Toshiba.

Asia-pacific is expected to grow at the fastest rate, registering a CAGR of 4.8%, throughout the forecast period.

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Surge Arrester Market

Global Opportunity Analysis and Industry Forecast, 2021-2031