The surge arrester market is estimated to expand at a CAGR of 5% over the forecast period, reaching US$ 2.6 Bn by 2032. Improvements in the electrical line infrastructure in developing nations is expected to remain a key growth driver for the surge arrester market during the forecast period.
Rise in the electricity demand across the globe, as well as a growing focus on increasing renewable energy capacity, are encouraging authorities to invest in electricity transmission and distribution networks, as well as electrification projects. Surge arrester demand is expected to rise as a result of these investments and plans, as well as investments to replace ageing electric infrastructure across various countries.
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Surge arresters are widely used in substations, transmission lines, and other electrical network components, with significant coverage of the application areas. Furthermore, one of the primary factors driving the market is increased investment in transmission and distribution (T&D) networks.
The expansion and development of transmission and distribution network has been estimated to have a direct impact on surge arrester market growth. Increasing number of electrification projects in China and India, as well as network expansions to support renewable energy integration in the U.S. and European countries will augment the growth in the market.
The demand for electricity is expected to rise further during the forecast period, owing to growing electrification in the transportation sector and the adoption of electric vehicles.
Growing requirement for protective devices to limit the voltage load on an equipment caused by any internal or external events are bolstering sales of the arrester. Rising demand for electricity from industrial, commercial, and residential sectors and growth in the production of electricity from renewable sources are anticipated to enhance the electric infrastructure worldwide. This is anticipated to spur demand for surge arrester in the forthcoming years.
Increasing government-backed investments to supply electricity to the rural areas, as well as a growing emphasis on commercial facilities operating in harsh weather conditions with high lightning strikes, will drive sales of surge arresters in 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.
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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.
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