Global Surge Arrester Market Size Study & Forecast, By Type (Porcelain, Polymeric) By Class (Station Class, Intermediate Class, Distribution Class), By Voltage Level (High, Medium, Low), by Application (Utility, Industrial) and Regional Analysis, 2023-203

Global Surge Arrester Market Size Study & Forecast, By Type (Porcelain, Polymeric) By Class (Station Class, Intermediate Class, Distribution Class), By Voltage Level (High, Medium, Low), by Application (Utility, Industrial) and Regional Analysis, 2023-2030

Global Surge Arrester Market is valued at approximately USD 1.91 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 4.70% over the forecast period 2023-2030. A Surge Arrester is a crucial component of electrical systems designed to protect equipment and devices from voltage spikes or surges. These surges can occur due to lightning strikes, switching operations, or other transient events in the electrical grid. Surge Arresters divert excess voltage to the ground, preventing it from reaching and damaging sensitive equipment connected to the electrical system. Surge arresters work by diverting excess voltage to the ground, thereby preventing it from reaching and damaging sensitive equipment connected to the electrical system. The Surge Arrester market is expanding because of factors such as an increase in the deployment of smart grid infrastructure, growing adoption of electronics and IoT devices, and increasing investment in renewable energy projects.

Surge arresters play a vital role within transmission and distribution networks, serving as essential safeguards for electrical equipment. They find application in substations, transmission lines, and various other components of electrical networks. The surge arrester market is experiencing significant growth primarily due to increased investments in transmission and distribution (T&D) networks. As T&D networks expand and improve, directly influenced by the surge in investment, the market experiences a notable boost. The surge in electrification projects in China and India, along with network expansions aimed at facilitating the integration of renewable energy sources in the U.S., Europe, and other developed nations, is poised to propel market growth in the coming years. According to the International Energy Agency (IEA), investments in smart grids are projected to reach USD 290 billion in 2021, surpassing the USD 270 billion recorded in 2019. This surge in investment is attributed to the ambitious development plans of state-owned utilities, aligning with the net-zero targets set for 2060 and the ambitious renewable energy agenda outlined in the 14th Five-Year Plan. In addition, rising technological advancement such as integration of new technology in surge arrester and development of eco friendly products and increasing incidence of lightning strikes are creating new opportunities for market growth. However, fluctuations in raw material prices stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Surge Arrester Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 owing to factors such as rapid urbanization and industrialization, investments in power infrastructure, increasing renewable energy integration, and expansion of telecommunications and data centers in the region. North America is expected to grow at the fastest rate during the forecast period, owing to factors such as increasing demand for electricity, rising investments in renewable energy, stringent safety regulations, increasing awareness about power quality, and replacement and upgradation of aging infrastructure.

Major market players included in this report are:
ABB Ltd.
Siemens AG
Eaton Corporation
Schneider Electric SE
General Electric Company
Mitsubishi Electric Corporation
TE Connectivity Ltd.
Littelfuse, Inc.
Legrand SA
Hubbell Incorporated

Recent Developments in the Market:
 In November 2021, Hitachi ABB Power Grids inaugurated a state-of-the-art surge arrester manufacturing facility in Xiamen, Fujian Province, China, aimed at meeting the escalating safety requirements for transmission and distribution systems in the region.
 In September 2021, Toshiba unveiled plans to significantly enhance its production capacity for polymer-based surge arresters. With an anticipated threefold increase by April 2022, this expansion at Toshiba ESS is geared toward meeting the surging demand for surge arresters that safeguard critical electricity transmission and distribution infrastructure from lightning-induced overvoltage. These surge arresters also play a pivotal role in the operation of circuit breakers at Hamakawasaki Operations in Japan.

Global Surge Arrester Market Report Scope:
 Historical Data – 2020 - 2021
 Base Year for Estimation – 2022
 Forecast period - 2023-2030
 Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
 Segments Covered – Type, Class, Voltage Level, Application, Region
 Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define the market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters to detailed information about the crucial aspects such as driving factors & challenges that will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with a detailed analysis of the competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Type:
Porcelain
Polymeric
By Class:
Station Class
Intermediate Class
Distribution Class
By Voltage Level:
High
Medium
Low
By Application:
Utility
Industrial
By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Please note:The single user license is non-downloadable and non-printable. Global Site license allows these actions.