New York, United States , Aug. 07, 2024 (GLOBE NEWSWIRE) -- The Global Surge Arrester Market Size is to Grow from USD 1.73 Billion in 2023 to USD 2.76 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 4.78% during the projected period.
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A surge arrester protects other electrical devices by "arresting" or carrying out surge currents generated by internal or external forces. It is also referred to as a surge protection device or, less commonly, a voltage surge inhibitor. Surge arresters protect against overvoltage caused by lightning or changing surges. They provide some protection against electrical wiring transients caused by lightning strikes near the conductor. In this regard, surge arresters can redirect fluctuations similar to those caused by lightning or faulty switching in a high-voltage system. The rise in the number of positive government efforts around the world to increase the quality of their electrical power supply, as well as offer assets and funding for the upgrading of their current infrastructure, has resulted in a greater demand for surge arresters to be used in these initiatives, propelling market growth forward at a rapid pace. However, the increasing competition from unorganized enterprises hinders market expansion.
Browse key industry insights spread across 214 pages with 110 Market data tables and figures & charts from the report on the “Global Surge Arrester Market Size, Share, and COVID-19 Impact Analysis, By Type (Porcelain, and Polymeric), By Voltage Level (High Voltage Level, Medium Voltage Level, and Low Voltage Level), By Application (Utility, and Industrial) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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The polymeric segment is projected to have the highest share of the market over the forecast period.
Based on type, the global surge arrester market is divided into porcelain and polymeric. Among these, the polymeric segment is projected to have the highest share of the market over the forecast period. The polymeric product is likely to be the most popular due to its ease of use and setup, dependable performance in challenging conditions, inexpensive production and operating costs, and improved breaking resistance under overload. Furthermore, rising demand from businesses to successfully combat system malfunctions, as well as considerable investments in improving current electrical infrastructure, might greatly enhance the global market. These arrestors offer excellent performance and fidelity in surge-altering and medium-voltage networks.
The medium voltage level is expected to dominate the market during the projected timeframe.
Based on voltage level, the global surge arrester market is divided into high voltage levels, medium voltage levels, and low voltage levels. Among these, the medium voltage level is expected to dominate the market during the projected timeframe. Medium voltage surge arresters are often utilized in large station complexes and intermediate buildings. Because of the tremendous demand for electricity, these industries frequently encounter power spikes. They have applications in communication circuits, critical loads, medical equipment, and surveillance systems. The necessity to protect electrical equipment and devices encourages spending on surge arresters, resulting in market growth.
The industrial segment has the highest share of the market during the forecast period.
Based on application, the global surge arrester market is classified into utility and industrial. Among these, the industrial segment has the highest share of the market during the forecast period. The global expansion of various industries, including as factories, petroleum products, automobiles, and many others, has resulted in greater energy consumption and an increased risk of voltage surges. Aside from that, the increasing usage of renewable energy sources such as wind and solar power in the industrial sector demands surge protection for sensitive devices in power generating and distribution applications. These devices can safeguard machinery and systems in factories and other industrial environments, including telecommunications, automation systems, and security interlock circuits.
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Asia-Pacific is expected to hold the largest share of the surge arrester market over the forecast period.
Asia-Pacific is expected to hold the largest share of the surge arrester market over the forecast period. The Asia Pacific region dominated the global market with a substantial share and is likely to maintain this dominance during the forecast period. The regional market growth is primarily caused by a rise in EHV and UHV transmission investments in significant developing nations such as India and China, as well as an important rise in electricity generation to meet the region's growing population and diverse production and commercial industries. According to CEIC, China's power production rose to 768,520 GWh in June 2024, up from 717,850 GWh the previous month.
North America is predicted to grow at the fastest pace in the surge arrester market during the projected timeframe. North America is predicted to expand fast as a result of the increased proliferation of electronic devices in industrial, residential, and commercial settings, as well as the growing need to replace old power grid infrastructure across the continent. Aside from that, the region is vulnerable to severe weather occurrences such as thunderstorms, hurricanes, and tornadoes, which can result in power outages and major damage to equipment and infrastructure.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Surge Arrester Market are Hitachi ABB, Hubbell Power Systems, INAEL Electrical Systems, Legrand, Mitsubishi Electric, Schneider Electric, Siemens Energy, TE Connectivity Ltd., Toshiba Corporation, Tripp Lite, CG Power and Industrial Solutions Ltd., Eaton Corporation, General Electric Company, Hakel and Other Key Vendors.
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Recent Developments
- In April 2024, President Ferdinand R. Marcos Jr. built the Mobile Energy System (MES) and the Energy Sector Emergency Operations Center (ESEOC), which improved the country's energy and power supplies.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global surge arrester market based on the below-mentioned segments:
Global Surge Arrester Market, By Type
- Porcelain
- Polymeric
Global Surge Arrester Market, By Voltage Level
- High Voltage Level
- Medium Voltage Level
- Low Voltage Level
Global Surge Arrester Market, By Application
- Utility
- Industrial
- Global Surge Arrester Market, By Regional
-
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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