Categories: Market Research

Surge Arrester Market Size, Share, Trends, and Outlook Report 2024-2033: Exploring Growth Insights and Demand Patterns

The Surge Arrester by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Surge Arrester, The surge arrester market size has grown strongly in recent years. It will grow from $2.12 billion in 2023 to $2.29 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to the rise in power consumption, increasing government investments to support energy infrastructure, strong economic growth in emerging markets and increasing investments in transmission and distribution (t&d) networks..

The surge arrester market size is expected to see strong growth in the next few years. It will grow to $3.05 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to the increasing demand for electricity, growing investments in renewable energy and rapid industrialization and growth in manufacturing industries. Major trends in the forecast period include focus on developing new technological solutions, focus on launching iot (internet of things) connected devices and solutions, focus on expanding production facilities and focus on mergers and acquisitions..

The growing electricity demand supports the growth of the market. The increasing electricity demand can be attributed to growing populations and increasing use of electrical and electronic appliances, especially in developing countries such as China, India, Brazil and some African countries. For example, according to the International Energy Agency (IEA), the global electricity demand increased by 6%, or 1,500 terawatt hours (TWh) in 2021. South East Asia is forecast to experience the highest growth at 5% on average between 2022 and 2024. The Asia Pacific region, including China, is predicted to experience the second-highest growth in electricity demand at about 4%. The demand in North America and Latin America is anticipated to increase by about 1% between 2022 and 2024, with Mexico and Canada experiencing the biggest percentage increases at 3-4% annually. The projected electricity demand growth for Europe is 1.7% in 2022, followed by flat demand in 2023 and 2024. Therefore, the increasing demand for electricity will boost the development of new power generation stations, supporting the demand for surge arresters

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The surge arrester market covered in this report is segmented –

1) By Type: Polymeric, Porcelain

2) By Voltage Type: Low Voltage Surge Arresters, Medium Voltage Surge Arresters, High Voltage Surge Arresters

3) By End-User: Utilities, Industries, Transportation, Other End-Users

4) By Application: AIS (Air Insulated Switchgear), GIS (Gas Insulated Switchgear)

5) By Class: Distribution Class, Intermediate Class, Station Class

Major companies operating in the surge arrester market are focused on developing new technological solutions to strengthen their position in the market. For example, in November 2022, Hitachi ABB Power Grids (Hitachi Energy), a Swiss manufacturer and developer of power transformers and substations, launched a new digital solution designed to improve grid resilience against wildfires. The new Wireless Spark Prevention Unit (SPU) Indicator assists utilities in maintaining critical assets by enabling remote monitoring and improved maintenance and replacement planning.

The surge arrester market report table of contents includes: