Surge Arresters Market Market Size
[170+ Pages Research Reports] Surge Arresters Market to surpass USD 2.8 billion by 2032 from USD 1.63 billion in 2021 at a CAGR of 5.0% in the coming years, i.e., 2022-32.
Surge arrester is a tool that guards against overvoltage transients brought either by internal switching incidents or external lightning strikes. This sort of device, also known as a transient voltage surge suppressor (TVSS) or a surge protection device (SPD), is used to safeguard equipment in power transmission and distribution networks. In order for a surge occurrence on the surge arrester to bypass the apparatus and go to the ground instead of passing through it, a surge arrester must have a low impulse ratio. Arresters are frequently placed close to important devices or points of entry, like a generator or an electrical panel. The arrester acts when potentially hazardous lightning strikes and directs the lightning to the earth, where it will harmlessly scatter.
Market Highlights
The Surge Arresters Market is expected to project a notable CAGR of 5.0% in 2032.
Surge Arresters to surpass USD 2.8 billion by 2032 from USD 1.63 billion in 2021 at a CAGR of 5.0% in the coming years, i.e., 2022-32. The progress of transmission and distribution (T&D) network investment is one of the main factors influencing the market growth. Expansion and development of the T&D network have a direct impact on market growth. The market is anticipated to be driven in the coming years by the rising number of electrification projects in China and India as well as network expansions to support the integration of renewable energy in the U.S., Europe, and other developed nations.
Figure - Market Analysis of Surge Arresters Market
Surge Arresters: Segments
The High Voltage segment is expected to grow with a higher CAGR during 2022-32
Surge Arresters Market is categorized on the basis of Voltage Level into High Voltage, Medium Voltage, and Low Voltage. The high voltage sector made the biggest contribution in 2021 and is predicted to continue to do so throughout the projected period. The High Voltage portion enables the device to be properly earthed, protecting installation and maintenance personnel. It is widely used to project the devices' overvoltage transient in switchgear, transformers, and over lines.
The Utility segment is expected to grow with a higher CAGR during 2022-32
Surge Arresters Market is categorized on the basis of Application into Utility and Industrial. The utility category, which held the maximum share in 2021, is anticipated to rule the market during the forecast period. Surge Arresters are largely used in the utility, due to the size of the utility's electrical network, which is larger than the industrial electric infrastructure.
Figure - Market Analysis of Global Surge Arresters
Market Dynamics
Growth Drivers: Rising Investments in Transmission & Distribution (T&D) Networks
Growing investments in transmission and distribution (T&D) networks are one of the key factors propelling the surge arrester market. T&D network upgrades and expansions directly affect market growth. Electrical networks must be improved if the soaring electricity demand is to be reliably met. The demand for electricity is anticipated to increase further throughout the projection period as a result of the increased electrification of previously non-electric sectors, such as transportation, due to the adoption of electric vehicles.
Rising Number of Electrification Initiatives by Governments
The governments of different nations are funding electrification projects to bring power to every location. Surge arrester demand is increasing due to these reasons, and this trend is anticipated to last during the projection period. Manufacturers of surge arresters will see chances for expansion as the use of surge arresters in the transportation and industrial sectors increases. In the upcoming years, surge arresters are projected to be in higher demand due to the growing number of electrification projects in China and India as well as network expansions to support the integration of renewable energy sources in the US, Europe, and other developed nations.
Restraint: Growing Competition among Small Local (Organized) Players
Major producers are in severe competition with unlicensed sellers of cheap, low-quality goods in the unorganized market. These small local businesses offer goods that are manufactured there without securing the necessary authorization. The industry leaders' brand identities are being tarnished as the grey market expands due to the marketing of low-quality products under their names. The likelihood that global players would increase their earnings is decreased if local major market participants increase their sales.
Recent Developments
- Hitachi ABB Power Grids constructed a new surge arrester factory in Xiamen, Fujian Province, east China, in November 2021, to meet the demand for safety in transmission and distribution networks.
- Toshiba will enhance the production of polymer-based products in September 2021. Toshiba stated that by April 2022, its existing polymer-based capacity would nearly triple. For Hamakawasaki Operations in Japan, Toshiba ESS creates a surge arrester that guards electrical transmission and distribution equipment from lightning-induced overvoltage and manages circuit breakers.
- The acquisition of Tripp Lite by Eaton, which would expand Eaton's power quality business in the Americas, was finalized in March 2021. The objective is to enhance both human life and the environment by using power management technology and services.
Surge Arresters:
Key Players
- General Electric
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
- Schneider Electric
- Mitsubishi Electric
- Emerson Electric
- Toshiba
- Siemens Energy
- TE Connectivity
- Eaton
- Hitachi ABB
- Hubbell
- CG Power
- Legrand
- Meidensha
- Tripp Lite
- GE Oil & Gas
- Other Prominent Players
Surge Arresters: Regions
Surge Arresters Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia Pacific is projected to be the largest market for the estimated period. Utilities in these nations are under pressure to invest in transmission and distribution infrastructure due to the growing need to increase the capacity of renewable energy generation and the rising demand for electricity. Due to rising funding for EHV and UHV transmission projects in China and India, the market in the Asia Pacific region is expanding.
On the international market, North America is ranked second largest. The enormous expansion of the region's electrical and industrial infrastructure is expected to raise demand for replacements and new installations. Moreover, North America was an early adopter of this technology, which had a crucial role in the dominance of this region in the industry.
Impact of Covid-19 on Surge Arresters Market
Industrial leaders expect delays in delivery and construction, possibly as a result of industry closures to limit the spread of the coronavirus. China, Europe, the United States are major sources of components and parts. The market may witness a considerable decline in the near future due to manufacturing challenges caused by this pandemic in China and the United States. Also, as a result of the COVID-19 outbreak, the value of the native currencies of several nations has decreased, causing financial losses for metal producers. The costlier key components used in the manufacturing process are frequently purchased in US dollars.
Surge Arresters is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
Surge Arresters report also contains analysis on:
Surge Arresters Segments:
- By Type
- Porcelain
- Polymeric
- By Class
- Station Class
- Intermediate Class
- Distribution Class
- By Voltage Level
- High Voltage
- Medium Voltage
- Low Voltage
- By Application
- Utility
- Industrial
- Surge Arresters Market Dynamics
- Surge Arresters Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
Surge Arresters Market Report Scope and Segmentation
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
USD 1.63 billion |
|
Revenue Forecast in 2032 |
USD 2.8 billion |
|
Growth Rate |
CAGR of 5.0% from 2022 to 2032 |
|
Base Year for Estimation |
2021 |
|
Quantitative Units |
Revenue in USD billion and CAGR from 2022 to 2032 |
|
Report Coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
|
Segments Covered |
Type, Class, Voltage Level, Application, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
|
Key Companies Profiled
|
General Electric, Schneider Electric, Mitsubishi Electric, Emerson Electric, Toshiba, Siemens Energy, TE Connectivity, Eaton, Hitachi ABB, Hubbell, CG Power, Legrand, Meidensha, Tripp Lite, GE Oil & Gas, and Other Prominent Players. |
Frequently Asked Questions (FAQ):
The Surge Arresters Market size was estimated at USD 1.63 billion in 2021 and is expected to reach USD 2.8 billion in 2032.
A surge arrester is a tool that guards against overvoltage transients brought either by internal switching incidents or external lightning strikes. This sort of device, also known as a transient voltage surge suppressor (TVSS) or a surge protection device (SPD), is used to safeguard equipment in power transmission and distribution networks.
The High Voltage and Utility segments accounted for the larger share of the Surge Arresters Market.
Key players in the Surge Arresters Market are General Electric, Schneider Electric, Mitsubishi Electric, Emerson Electric, Toshiba, Siemens Energy, TE Connectivity, Eaton, Hitachi ABB, Hubbell, CG Power, Legrand, Meidensha, Tripp Lite, GE Oil & Gas, and Other Prominent Players.
The progress of transmission and distribution (T&D) network investment is one of the main factors influencing the market growth. Expansion and development of the T&D network have a direct impact on market growth.
.png){kind=icon}
