New York, May 15, 2023 (GLOBE NEWSWIRE) — The Surge Arrester Market is expected to reach $2.3 billion by 2030 from $1.9 billion in 2022, registering impressive expansion at a compound annual growth rate (CAGR) of 4.6%. The Global Surge Arrester Market is dominated by major players such as Hitachi ABB Power Grids, Siemens Energy, General Electric (GE), Eaton, Hubbell, Schneider Electric, CG Power, and Industrial Solutions.
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Surge Arrester Market analysis provides an examination of various segments that are supposed to witness the quickest development amid the estimated forecast frame. The market study of this report takes into consideration market attractiveness analysis, where each segment is benchmarked based on its market size, growth rate, and general attractiveness. This market research report helps the clients understand the various drivers and restraints impacting the market during the forecast period. Market research reports like this Surge Arrester Market surely helps to reduce business risk and failure. For an effectual business growth, companies must adopt market research report service which has become quite vital in this rapidly changing marketplace.
The surge arrester market is estimated to grow at a CAGR of more than 4.6% from 2023 to 2030. Significant expenditures in energy systems and smart grids, equipment protection against sudden voltage fluctuations, and aging power infrastructure in developed countries are among the factors that are predicted to boost the market. The surge arrester market is expected to grow in response to the rising electricity demand from the commercial, industrial, and residential sectors. However, the market’s growth has been significantly hindered by product forgeries by local firms.
The industrial sector is predicted to grow significantly throughout the forecast period for several reasons, including economic expansion and the expansion of manufacturing capacity in developing nations like China, India, and others.
To meet the increased demand for electrical energy required to enable global growth, there must be consistent and considerable investments in power supply generation. Due to this, the surge arrester market recently had the chance to grow, and it is anticipated that this will happen again within the anticipated time frame.
Surge Arrester Market Overview
In 2022, the surge arrester market size was projected to exceed $1 billion; this figure is predicted to rise even more as a result of factors including the rapid urbanization and industrialization of developing countries like India, China, and others.
The market has expanded recently and is expected to do so during the projected period as more focus is being placed on addressing power quality issues brought on by voltage spikes in industrialized nations and minimizing downtime brought on by equipment failure.
The aforementioned factors are likely to drive the market throughout the forecast period, following the trend exhibited in recent years.
Key Companies & Market Share Insights
Some of the key players operating in the global surge arrester market are Hitachi ABB Power Grids, Siemens Energy, General Electric (GE), Eaton, Hubbell, Schneider Electric, CG Power And Industrial Solutions, Mitsubishi Electric, TE Connectivity, Meidensha, Elpro International, Lamco Industries, Oblum Electrical Industries, Elektrolites, Dehn International, Toshiba, Hm Corporation, Ensto, Zhejiang Haivo Electrical, and NGK Insulators among others.
Recent Developments
- Hitachi ABB Power Grids built a new surge arrester factory in Xiamen, China, in November 2020. The facility uses the most cutting-edge manufacturing techniques and is anticipated to aid China’s transition to a sustainable future.
- In June 2020, the Iraqi Ministry of Electricity awarded Siemens Energy a contract for the planning, development, provision of equipment, and commissioning of the 400 kV Al Hamudhia substation.
- In April 2020, Hitachi ABB Power Grids inked a 5-year framework deal with one of the biggest utilities in South America to provide circuit breakers, instrument transformers, shunt reactors, and hybrid modules in addition to gas-insulated switchgear (GIS), air-insulated switchgear (AIS), and GIS + AIS.
Surge Arrester Market Segmentation Analysis
The polymeric surge arrester segment is expected to have the highest growth rate, during the forecast period
Based on type, the surge arrester market is segmented into polymeric and porcelain segments. The polymeric category is predicted to rule the market from 2023 to 2030. Because of their low weight, simplicity of upkeep, enhanced performance in contaminated environments, and high energy handling capacity, polymeric insulators are becoming more and more common.
The GIS segment by application is expected to be the fastest-growing market during the forecast period
The AIS and GIS application segments make up the surge arrester market. Due to the increasing installation of GIS in metropolitan areas, where space is the primary limitation, the GIS application sector is anticipated to experience the greatest growth rate during the projection period of 2023 to 2030.
The utility segment is expected to lead the surge arrester market by end-user throughout the forecast period
The market is divided into utilities, industry, and transportation, according to end-user. Utilities are the most common end-user of surge arresters due to the sheer size of an electrical network operated by them compared to industrial and transportation electric infrastructure.
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Surge Arrester Market Regional Insights
To assess the surge arrester market, five geographical areas were considered: Asia Pacific, North America, Europe, the Middle East & Africa, and South America. From 2023 to 2030, Asia Pacific is anticipated to be the largest market. 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 electricity demand. Due to rising funding for EHV and UHV transmission projects in China and India, the market in the Asia Pacific region is expanding.
China’s energy-intensive steel industry has experienced enormous growth in recent years. The surge arrester market grew alongside the steel sector throughout this expansion, and this trend is anticipated to continue during the projected period.
Surge Arrester Market outlook
Drivers: Increasing investments in T&D networks to drive demand for surge arresters
Surge arresters are essential components for the safety of electrical equipment in transmission and distribution networks. They are situated in the substations, transmission lines, and other elements of electrical networks. One of the main drivers of the surge arrester market is the increase in investments in transmission and distribution (T&D) networks. Market expansion is directly impacted by T&D network upgrades and expansions. If the rising electricity demand is to be reliably provided, electrical networks must be enhanced. Due to the rising electrification of formerly non-electric sectors, such as transportation, brought on by the adoption of electric vehicles, it is predicted that the energy demand will continue to rise over the projection period. 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 countries, are expected to increase demand for surge arresters in the upcoming years.
Restraints: Presence of grey market for surge arresters
Major surge arrester producers are fighting against fierce competition from unorganized market participants that are selling inexpensive, subpar goods without a license. These small local businesses offer products that they own-brand without the required authorization. These market participants from the unorganized sector outperform the major firms in terms of price competitiveness and the upkeep of local supply networks, which is challenging for major international players to do. Since low-quality products are offered under the brand names of the industry leaders, the development in surge arrester sales in the grey market devalues those names. The growing sales by regional competitors in the grey market limit the potential revenue growth for international competitors.
Restraints: Increasing investments in renewable energy projects and smart grids are likely to drive demand for surge arresters
Major surge arrester producers are fighting against fierce competition from unorganized market participants that are selling inexpensive, subpar goods without a license. These small local businesses offer products that they own-brand without the required authorization. These market participants from the unorganized sector outperform the major firms in terms of price competitiveness and the upkeep of local supply networks, which is challenging for major international players to do. Since low-quality products are offered under the brand names of the industry leaders, the development in surge arrester sales in the grey market devalues those names. The growing sales by regional competitors in the grey market limit the potential revenue growth for international competitors.
Challenges: Long lead times and delays in projects pose challenges to surge arrester market growth
Transmission and distribution projects require a long time to finish. With increasing project size, the transmission and distribution project takes longer to complete. Projects to expand the grid are slowed down by things like political sabotage, environmental reviews, and protracted government approval procedures. These delays increase the time it takes to implement grid expansion projects and have an effect on the demand for surge arresters. Due to grid expansion project delays, extra-high voltage surge arrester producers have a very difficult time organizing their production because most of these devices are made in response to the specific needs of the consumers.
Global Surge Arrester Market Table of Contents
Type Outlook
- Polymeric
- porcelain
End-User outlook
- Utilities
- Industries
- Transportation
Application outlook
Voltage outlook
- Medium Voltage
- High Voltage
- Extra High Voltage
Class outlook
- Distribution Class
- Intermediate Class
- Station Class
Regional Outlook
- Europe
-
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- Austria
- Finland
- Belgium
- Turkey
- Russia
- Poland
- Hungary
- Czech Republic
- Switzerland
- Netherlands
- Rest of Europe
-
- North America
-
- U.S.
- Canada
- Mexico
-
- Asia-Pacific
-
- Japan
- China
- India
- Australia
- South Korea
- Vietnam
- New Zealand
- Philippines
- Thailand
- Malaysia
- Hong Kong
- Taiwan
- Singapore
- Indonesia
- Sri Lanka
- Rest of Asia-Pacific
-
- South America
-
- Brazil
- Argentina
- Chile
- Colombia
- Rest of South America
-
- Middle East And Africa
-
- South Africa
- U.A.E.
- Saudi Arabia
- Oman
- Qatar
- Iran
- Egypt
- Rest of Middle East and Africa
-
Key Players of the Surge Arrester Market
- Hitachi ABB Power Grids
- Siemens Energy
- General Electric (GE)
- Eaton
- Hubbell
- Schneider Electric
- CG Power And Industrial Solutions
- Mitsubishi Electric
- TE Connectivity
- Meidensha
- Elpro International
- Lamco Industries
- Oblum Electrical Industries
- Electrolytes
- Dehn International
- Toshiba
- HM Corporation
- Ensto
- Zhejiang Haivo Electrical
- NGK Insulators
Surge Arrester Market Report Scope
| Report Feature | Descriptions |
| Growth Rate | CAGR of 4.6% during the forecasting period, 2023-2030 |
| Historical Data | 2019-2021 |
| Forecast Years | 2023-2030 |
| Base Year | 2022 |
| Units Considered | Revenue in USD billion and CAGR from 2023 to 2030 |
| Report Segmentation | Type, End-Use, Voltage, Class, Application, and Region. |
| Report Attribute | Market Revenue Sizing (Global, Regional and Country Level) Company Share Analysis, Market Dynamics, Company Profiling |
| Regional Level Scope | North America, Europe, Asia-Pacific, South America, and Middle East and Africa |
| Country Level Scope | U.S., Japan, Germany, U.K., China, India, Brazil, UAE, South Africa (50+ Countries Across the Globe) |
| Companies Profiled | Hitachi ABB Power Grids, Siemens Energy, General Electric (GE), Eaton, Hubbell, Schneider Electric, CG Power And Industrial Solutions, Mitsubishi Electric, TE Connectivity, Meidensha, Elpro International, Lamco Industries, Oblum Electrical Industries, Elektrolites, Dehn International, Toshiba, Hm Corporation, Ensto, Zhejiang Haivo Electrical, and NGK Insulators among others. |
| Available Customization | In addition to the market data for Surge Arrester Market, Delvens offers client-centric reports customized according to the company’s specific demand and requirement. |
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