Surge Arrester Market By Material (Polymeric, Porcelain), By Voltage Range (Low, Medium, High), By End User (Industrial, Commercial, Residential): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global surge arrester market 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.
Power surge arrester is designed to protect electrical appliances from voltage range spikes. These arresters limit voltage range flow. They are used in automatic control buses, electric power supply networks, telephone networks, and various communication systems.
Increased investment in renewable projects and smart grid technology is a key driving factor of surger arrester market. According to BP Statistical Review of World Energy, 2021, renewable primary energy showed annual growth rate of 15%, which signifies that the production and demand for renewable energy sources have increased. Furthermore, there are several targets and climate goals set by countries to achieve net zero emissions, which lead to increased investments in renewable energy projects. Smart grids add further resiliency by dispatching energy more accurately and rapidly relaying data on optimized load balancing. Thus, investment in both sectors where surge arresters are abundantly used positively promote the market growth acting as a driving factor.
However, as the surge arrester market has huge growth potential and thus attracts many profit seekers. This has led to many unorganized players entering the market. They offer non-standard complaint, low quality, and cheap in-house built products and thus, falters the market ingenuity. The gray market also damages the brand images and discourages global growth for surge arresters.
The surge arrester market is segmented on the basis of material, voltage range, end-user, and region. Depending on material, the market is divided in polymeric and porcelain. On the basis of voltage range, the division of market is done into medium, high, and low. By end-user, the market bifurcation is done into commercial, industrial, and residential. Region wise, surge arrester market 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, Toshiba.
COVID-19 impact analysis:
Operations of production and manufacturing industrial have been heavily impacted by the outbreak, which led to slowdown in growth of the surge arrester market in 2021. According to the surge arrester market trends, the COVID-19 pandemic has severely impacted the global transmission and distribution networks as projects have stalled, which, in turn, led to significant decrease in demand in industrial sector. Emergence of COVID-19 has declined growth of the surge arrester market in 2021, and is estimated to witness slow growth till the end of 2021. Implementation of partial or complete lockdown across various countries globally is the prime reason for this decline in the growth rate. As industries, assembly units, and manufacturing units were temporarily shut, it reduced the need for maintenance from various industrial. The instances about the spread of new variant of the virus resulted in repeated travel and trade bans, which further impacted the global as well as economy of Japan. The country being a neighbor to the origin country has suffered huge losses and has later shown positive recovery. However, Omicron variant, known to be more infectious, is again creating concerns regarding the uncertain future of the global economy and the surge arrester market.
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.
Key Market Segments
By Material
Polymeric
Porcelain
By Voltage Range
Low
Medium
High
By End User
Industrial
Commercial
Residential
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
Key Market Players
TE Connectivity Ltd.
ABB Limited
General Electric
CG Power and Industrial Solutions Limited
Eaton Corporation
Siemens AG
Hubbell Power Systems
Izoelektro D.O.O.
INAEL Electrical Systems
Hakel
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