Surge Arrester Market is expected to top a valuation of US$ 2.6 Bn by 2032, at a CAGR of 5.0% from 2022-2032 – Future Market Insights, Inc.
Germany is projected to register growth at a 6.6% CAGR in the surge arrester market between 2022 and 2032. Tier-1 firms such as Siemens Energy, General Electric, Eaton, Hubble, and Schneider Electric are estimated to be the key manufacturers in the global market of surge arrester.
NEWARK, Del., July 17, 2022 – The global surge arrester market is anticipated to reach a value of US$2.6 Bn in 2032, growing at a CAGR of 5.0% during the assessment period of 2022-2032. Elevated demand for energy all over the world coupled with growing industrialization, improving urban infrastructure and rising investment in smart cities will boost market growth for surge arresters.
Rapid development of the electrical sector and rising importance of surge arrester installation as a part of electrical infrastructure contribute to the market expansion of surge arresters. These devices protect equipment from voltage surges. Voltage surges generally lead to safety issues and cause energy losses. Safety regulations put emphasis on the installation of surge arresters which bodes well for the market.
Since surge arresters provide protection to electrical lines and equipment from surges, they are crucial for transmission and distribution networks. Increasing investments in transmission and distribution networks is a substantial growth opportunity for surge arrester market.
“Surge arrester manufacturers are focusing on reducing surge arrester costs; benefiting the end-user and presumably augmenting the sales of surge arresters in the global market over the forecast period,”
says an FMI analyst
Key Takeaways:
- Investments in grid modernization to boost market possibilities.
- China, Japan, India, Germany, and the U.S. are expected to account for substantial market share.
- The U.S. surge arrester market is expected to reach US$ 240 Mn in 2022.
- Rising vehicle electrification will bolster surge arrester market in China.
- Germany is set to account for 19.7% of Europe surge arrester market.
- Demand for polymeric surge arrester will dominate the market for the forecast period.
- Station class surge arresters will account for 33.1% of market share.
Competitive Landscape
Hitachi ABB Power Grids, Siemens Energy, General Electric (GE), Eaton, Hubbell, TE Connectivity, Toshiba are some of the major players in the surge arrester market that are profiled in the full version of the report.
Major organizations in the market are investing in novel and advanced material technologies that will aid in the production of high quality surge arresters. Market players are also generating long-term relationships with OEMs and with manufacturers in India and European countries.
More Insights into the Surge Arrester Market Report
In its latest report, FMI offers an unbiased analysis of the global surge arrester market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022-to 2032. To understand the global market potential, growth, and scope, the market is segmented based on product type (polymeric, porcelain), end use (utilities, industrial, transmission, transportation), application (AIS, GIS, others), voltage (medium, high, very high), class (secondary, distribution, intermediate, station) and region.
Surge Arrester Market Regional Analysis
According to FMI reports, the U.S. surge arrester market will reach a value of around US$240 Mn in 2022. Elevated electric usage and high load on transmission lines causes wear and tear of these lines. These factors will lead to market growth of surge arresters. Rising need for electricity in cities all over the U.S. along with the need to protect power lines from natural calamities will contribute to the surge arrester market.
Increasing vehicle electrification coupled with rising demand for electrification from industrial and residential sectors is driving the market growth for surge arresters in China. This regional market is expected to surpass US$0.18 Bn over the forecast period. Furthermore, electrification initiatives undertaken by the government is going to bolster this regional market.
Germany is predicted to be the fastest-growing surge arrester market in Europe. Accounting for almost 19.7% of Europe surge arrester market, the market growth in Germany is driven by growing electricity demands as well as increasing investments in electricity transmission and distribution networks, and other electrification projects
Surge Arrester Market Segmentation Analysis
By product type, polymeric surge arrester segmentation will account for around 70.5% of the total surge arrester market share over the forecast period. Lighter weight, superior performance in polluted environments and capacity to handle high energy promote the market growth of this segment.
Based on class, the station sector surge arresters will retain their popularity. Accounting for 33.1% of the surge arrester market share by 2032, superior overvoltage protection property will drive the market expansion for this segment.
Surge Arrester Market by Category
- By Product Type:
- Polymeric
- Porcelain
- By End Use:
- Utilities
- Industries
- Transmission
- Transportation
- By Application:
- AIS
- GIS
- Others
- By Voltage:
- Medium
- High
- Very High
- By Class:
- Secondary Class
- Distribution Class
- Intermediate Class
- Station Class
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