Medium Voltage Surge Arrester Market Size - By Material (Polymer, Porcelain), By Application (Residential & Commercial, Industrial, Utility), Growth Opportunities, Industry Analysis, Regional Insights & Forecast, 2023 - 2032

Medium Voltage Surge Arrester Market Size - By Material (Polymer, Porcelain), By Application (Residential & Commercial, Industrial, Utility), Growth Opportunities, Industry Analysis, Regional Insights & Forecast, 2023 - 2032

Medium Voltage Surge Arrester Market size is projected to expand at 5.2% CAGR from 2023 to 2032 driven by the ongoing efforts to modernize power grids across the globe. With multiple countries investing for upgrading their power infrastructure, the focus on enhancing grid resilience and protecting against voltage fluctuations is significantly soaring. For instance, in October 2023, ESO, Bulgaria's transmission system operator initiated a €760 million project to replace and rebuild a portion of its existing power network infrastructure. The increasing integration of smart technologies and digital monitoring within grid modernization will further propel the demand for advanced surge protection solutions, thereby fueling the industry expansion.

The medium voltage surge arrester market is segmented into material, application, and region.

In terms of material, the industry value from the porcelain segment will gain significant traction from 2023-2032. Porcelain surge arresters boast of robust design, high insulation levels, and reliability. This is contributing to their increasing preference in applications, such as substations and power distribution networks. Moreover, the increasing demand for durable and long-lasting power distribution infrastructure across utilities and industrial facilities will favor the segment growth.

Medium voltage surge arrester market is anticipated to observe substantial growth from the industrial application segment between 2023 and 2032. A large number of industries are depending on stable and uninterrupted power supplies, further increasing the criticality of surge protection for sensitive equipment. Surge arresters also safeguard industrial systems from voltage spikes for preventing equipment damage and downtime, leading to their rising demand across manufacturing facilities and industrial operations globally. To that end, the growing efforts by industry players on production expansion investments will fuel the segment growth. For instance, in April 2022, Toshiba Energy Systems & Solutions Corporation tripled its product capacity of polymer-housed surge arresters to protect transmission/distribution facilities from overvoltage caused by lightning as well as operating circuit breakers for Hamakawasaki Operations in Japan.

Regionally, the North America medium voltage surge arrester market is set to expand at a robust CAGR through 2032 owing to the strong focus on enhancing electrical infrastructure and grid reliability in the region. The increasing integration of renewable energy sources is also fueling the need for effective surge protection in North America. Additionally, the emergence of stringent regulations and standards emphasizing equipment safety and reliability will augment the regional industry outlook.