Surge Arrester Market - Global Market Share, Trends, Analysis and Forecast, 2023-2032

The global surge arrester market was estimated to be US$ 1.70 Billion in 2022 and is expected to grow at a CAGR of 5.3% between 2023 to 2032.

A surge arrester, also known as a surge protector or lightning arrester, is a device designed to protect electrical systems from voltage surges or spikes caused by lightning strikes, power grid switching, or other electrical disturbances.

When a surge or spike occurs, the arrester acts as a safety valve, providing a low-impedance path to ground for the excess current. This helps prevent damage to electrical equipment, such as computers, televisions, and other sensitive electronic devices, that can be caused by overvoltage conditions.

Surge arresters are typically installed on incoming power lines to buildings or on individual electrical devices to protect them from surges that may occur during operation. They can be found in a variety of applications, including residential, commercial, and industrial settings, and are an important part of electrical system safety and reliability.

Surge Arrester Market Drivers

Increasing demand for power transmission is fueling the market growth

The surge arresters market is being driven by several factors, including the increasing demand for power transmission and distribution systems, expansion of industrial and commercial infrastructure, growing concern for the protection of electronic devices from power surges, increasing occurrences of lightning strikes and power outages, and technological advancements in surge arrester design and manufacturing.

The increasing demand for power transmission and distribution systems is driven by the growing population, urbanization, and industrialization, leading to a surge in power consumption. To ensure a constant power supply and prevent equipment damage, surge arresters are installed in these facilities.

Lightning strikes and power outages are common in many parts of the world, leading to the installation of surge arresters in residential and commercial buildings to protect power equipment and electronic devices.

The growing concern for the protection of electronic devices from power surges is driven by the increasing use of these devices, leading to a higher demand for surge arresters. The technological advancements in surge arrester design and manufacturing have led to the development of more efficient and effective surge arresters.

For instance, metal oxide varistors (MOVs) have led to the production of highly effective surge arresters that offer better protection against voltage surges and spikes. These advancements have led to the installation of surge arresters in various applications, such as in solar power plants, wind farms, and electric vehicles. Overall, the surge arresters market is expected to continue to grow due to these and other factors.

Type segmentation of Global Surge Arrester Market

Polymeric surge arresters dominate the market

Based on the type, the market is segmented into Polymeric, and Porcelain.

Among these, polymeric surge arresters are lightweight, corrosion-resistant, and highly flexible, making them easy to install and maintain. They are ideal for use in harsh outdoor environments where there is a high risk of lightning strikes and power surges. Polymeric surge arresters are commonly used in wind turbines, solar panels, and underground power distribution systems.

Porcelain surge arresters are highly resistant to heat and have a longer lifespan than polymeric surge arresters. They are typically used in high-voltage applications such as power transmission and distribution systems, transformers, and substations. Porcelain surge arresters are more expensive than polymeric surge arresters, but they offer better protection against voltage surges and spikes.

Ultimately, the choice between polymeric and porcelain surge arresters depends on the specific application and the requirements of the user.

The surge arresters market is driven by a variety of factors, including the increasing demand for power transmission and distribution systems, expansion of industrial and commercial infrastructure, growing concern for the protection of electronic devices from power surges, increasing occurrences of lightning strikes and power outages, and technological advancements in surge arrester design and manufacturing.

Voltage segmentation of Global Surge Arrester Market

Very High Voltage segment is expected to witness the highest growth rate

Based on the voltage, the market is segmented into Medium Voltage, High Voltage, and Very High Voltage.

Among these, the High Voltage segment is currently the largest, owing to the widespread use of surge arresters in high voltage power transmission and distribution systems. High voltage surge arresters are designed to protect the electrical equipment from transient overvoltage and are used in substations, transformers, and other high voltage equipment.

High voltage surge arresters are typically used in voltage ranges of 72.5 kV to 800 kV and offer reliable protection against power surges, making them the most preferred type in the market.

While, the Very High Voltage segment is expected to witness the highest growth rate in the coming years. This is due to the increasing demand for renewable energy sources, such as wind and solar power, which require the installation of very high voltage surge arresters in their transmission and distribution systems.

Very high voltage surge arresters are typically used in voltage ranges of 800 kV and above and provide effective protection against transient overvoltage in very high voltage systems.

The increasing demand for power transmission and distribution systems, expansion of industrial and commercial infrastructure, and technological advancements in surge arrester design and manufacturing are expected to drive the growth of the very high voltage segment in the surge arresters market.

Regional trends of the Global Surge Arrester Market

North-America region will lead the global surge arrester market

Geographically, the global surge arrester market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America.

Following are some of the major trends in these regions –

North America has a well-established power sector, and the region has seen an increase in the installation of renewable energy sources such as solar and wind power. As a result, there has been a growing demand for surge arresters to protect renewable energy equipment from voltage surges and spikes.

The region is also witnessing the replacement of aging power infrastructure, which has further driven the demand for surge arresters. In addition, the increasing adoption of electric vehicles is expected to fuel the growth of the surge arresters market in North America.

Europe has a mature energy market, with a focus on renewable energy and energy efficiency. The region has implemented strict regulations and standards for power quality and safety, leading to the increased adoption of surge arresters in various applications.

The European Union has set a target to increase the share of renewable energy in its energy mix to 32% by 2030, which is expected to drive the demand for surge arresters. Moreover, the increasing demand for electric vehicles and charging infrastructure is expected to further drive the growth of the surge arresters market in Europe.

The Asia-Pacific region is witnessing rapid industrialization and urbanization, leading to a surge in power consumption. The region is investing heavily in power infrastructure development, including power transmission and distribution systems, to meet the growing demand for electricity.

This has driven the demand for surge arresters to protect power equipment and infrastructure from voltage surges and spikes. In addition, the increasing adoption of renewable energy sources, particularly solar and wind power, is expected to further drive the growth of the surge arresters market in the Asia-Pacific region.

The Middle East and Africa region has a high demand for power, and the region is investing in the development of renewable energy sources and power infrastructure.

The increasing demand for power transmission and distribution systems has driven the demand for surge arresters to protect power equipment and infrastructure from voltage surges and spikes. The region is also investing in electric transportation systems, which is expected to fuel the growth of the surge arresters market.

South America is witnessing an increase in the installation of renewable energy sources such as solar and wind power, which has driven the demand for surge arresters to protect renewable energy equipment from voltage surges and spikes.

The region is also investing in power infrastructure development, including power transmission and distribution systems, to meet the growing demand for electricity. The increasing adoption of electric vehicles and charging infrastructure is expected to further drive the growth of the surge arresters market in South America.

Key players and market strategies:

Companies operating in the global surge arrester market are adopting various growth strategies to increase their market share and revenue. One of the primary strategies is product innovation and development, where companies are investing in the research and development of new and advanced surge arresters to cater to the changing market demand. Companies are also expanding their product portfolio to offer a wide range of surge arresters to meet the diverse customer requirements.

Market players are also focusing on strategic partnerships and collaborations with other companies in the value chain to expand their market presence and customer base. They are also investing in mergers and acquisitions to increase their market share and gain a competitive advantage.

Additionally, companies are focusing on expanding their operations in emerging markets to tap into the growing demand for power infrastructure and renewable energy sources.

Furthermore, companies are adopting marketing and advertising strategies to increase their brand awareness and customer reach. They are also investing in digital marketing and online sales channels to reach out to a larger customer base.

Overall, companies operating in the global surge arrester market are focusing on diversifying their product portfolio, expanding their market presence, and investing in research and development to maintain a competitive edge in the market.

Some of the biggest companies operating in the global surge arrester market are Hitachi ABB, Siemens Energy, General Electric, Eaton, Hubbell, CG Power, Schneider Electric, Meidensha, Mitsubishi Electric (Japan), and Toshiba (Japan), and many more.

Global Surge Arrester Market Segmentation:

By Type

• Polymeric
• Porcelain

By Voltage

• Medium Voltage
• High Voltage
• Very High Voltage

By End-user

• Utilities
• Industries
• Transportation

By Region:

• North America
  • United States
  • Canada
  • Rest of North America
• Europe
  • Germany
  • United Kingdom
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  
  • Japan
  • India
  • China
  • Australia
  • South Korea
  • Rest of Asia Pacific
• Middle East & Africa
  •  UAE
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• South America
  • Brazil
  • Rest of South America