Surge Arrester Market

Surge Arrester Market

Growth Factors of Surge Arrester Market

The surge arrester market size was valued at USD 1.97 billion in 2023, and the market is now projected to grow from USD 2.06 billion in 2024 to USD 2.99 billion by 2032, exhibiting a CAGR of 4.8% during the forecast period of 2024-2032.

COVID-19 has had a big global effect on the arena, inflicting a bad call for shock in all regions. Industry executives predicted supply and production delays because of covid-19-associated closures. Components and components are in general acquired from China, the United States, and Europe. The pandemic's effect on production in China and the USA can also cause a extreme discount in the market.

Global funding in renewable electricity technology has surged all through the previous decade. The upward thrust of renewable power technologies is fueled by dropping set up fees, technological advancements, and governments transitioning to inexperienced power technology. This is used in prospective renewable power initiatives at connecting points and substations. A substation connects renewable strength installations to the grid. This is applied in those substations. Renewable energy technology is on the upward push globally, growing opportunities for surge arrester market growth.

Historically, electricity community government have prioritized fending off over-funding in properly-meshed electrical networks, specifically in evolved nations. Several utility-scale facilities supply electricity to meet slow-growing consumer demand . The European Commission's 2030 weather ambition plan, posted in September 2020, goals to make investments USD 70 billion annually in grid infrastructure amongst 2021 and 2030, consistent with the International Energy Agency. The Fit for 55 plan, released in July 2021, targets to reduce emissions with the aid of way of 55% from 1990 degrees by using 2030, in assessment to the preceding 40% cut price.

Comprehensive Analysis of Surge Arrester Market

The market for surge arresters is divided into porcelain and polymeric segments, with the polymeric segment expected to dominate due to its adaptability across voltage ranges, ease of handling, and superior breaking resistance. The porcelain segment is self-sustaining and resistant to environmental aging, and its popularity will increase if stable, low raw material costs, and good mechanical strength are present. The market is also divided into station class, intermediate class, and distribution class surge arresters. Station class surge arrestors guard against lightning and overvoltage, while intermediate class arresters protect equipment with a voltage greater than 20 MVA. The distribution class segment is driven by increased reliability standards and the need to upgrade outdated distribution networks. The market is divided into high voltage, medium voltage, and low voltage levels, with high voltage segment contributing the largest share in 2023. The utility segment is expected to dominate, primarily used in the utility's electrical network due to its larger size. The industrial segment is expected to contribute significantly due to increasing attention to power quality issues in industrialized economies and the rise in electricity's role in total industrial energy consumption.

The Asia Pacific region lead the surge arrester market share by benefitting a market size of USD 0.62 billion in 2023 due to as energy demand grows, utilities in those nations are investing in transmission and distribution infrastructure. China and India are investing extra in EHV and UHV transmission, riding development within the Asia Pacific enterprise. The location has had notable increase in current years and is expected to keep. China and India have boosted electric output to satisfy developing populations, commercial, and industrial desires. China's energy technology improved from 4207.2 TWh in 2010 to 7511.4 TWh by using 2020. India's energy technology has grown from 937.Five TWh in 2010 to 1381.8 TWh in 2020. This trend is anticipated to hold, strengthening the enterprise inside the region.

The international marketplace is fragmented with key players that specialize in production capabilities and research. Hitachi ABB brought a wireless surge arrester reveal in January 2021, providing customers with actionable facts for substation reliability. Key organizations profiled encompass Siemens, Schneider Electric, General Electric, e-Eaton, Mitsubishi Electric, Toshiba, Hubbell, Legrand, CG Power, and Meidensha.

In November 2021, Hitachi ABB Power Grids launched a new surge arrester facility in Xiamen, Fujian Province, east China, to fulfill safety needs for transmission and distribution networks.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 4.8% from 2024 to 2032

Segmentation By Class

- Station Class

- Intermediate Class

- Distribution Class

By Voltage Level

- High

- Medium

- Low

By Application

- Utility

- Industrial

By Region

- North America (By Type, By Class, By Voltage Level, By Application, By Country)

• U.S. (By Application)
• Canada (By Application)

- Europe (By Type, By Class, By Voltage Level, By Application, By Country)

• U.K. (By Application)
• Germany (By Application)
• France (By Application)
• Italy (By Application)
• Spain (By Application)
• Rest of Europe (By Application)

- Asia Pacific (By Type, By Class, By Voltage Level, By Application, By Country)

• China ((By Application)
• India (By Application)
• Japan (By Application)
• Southeast Asia (By Application)
• Rest of Asia Pacific (By Application)

- Latin America (By Type, By Class, By Voltage Level, By Application, By Country)

• Brazil (By Application)
• Mexico (By Application)
• Rest of Latin America (By Application)

- Middle East & Africa (By Type, By Class, By Voltage Level, By Application, By Country)

• GCC (By Application)
• South Africa (By Application)
• Rest of the Middle East & Africa (By Application)


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