Surge Arrester Market
Surge Arrester Market
New York, January 2024: According to a new research study by Global Insight Services (GIS), the Surge Arrester Market is expected to grow rapidly over the next 10 years to reach a value of more than US$ 2.8 billion by 2033.
A surge arrester, also known as a lightning arrester or surge protector, is a crucial electrical device designed to safeguard sensitive electronic equipment and systems from voltage surges or transient overvoltages. These surges can result from lightning strikes, power grid fluctuations, or other abrupt changes in electrical conditions. The surge arrester acts as a protective barrier by diverting excess voltage away from the connected equipment, preventing damage and ensuring the reliable operation of electrical systems. Essentially, it serves as a defense mechanism to absorb and dissipate the energy associated with sudden voltage spikes, maintaining the integrity and longevity of electronic devices in various applications, including residential, commercial, and industrial settings.
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Global Surge Arrester Market: Market Drivers and Trends
The escalating demand for reliable and efficient electrical infrastructure to safeguard sensitive electronic equipment and ensure uninterrupted power supply. As industries continue to digitize and incorporate sophisticated electronic devices, the susceptibility of electrical systems to voltage fluctuations and transient overvoltages rises. Surge arresters play a crucial role in mitigating these risks by swiftly diverting excess voltage away from equipment, preventing potential damage. This growing awareness of the importance of surge protection, coupled with increasing investments in infrastructure development, is fueling the surge arrester market’s expansion as businesses and consumers prioritize the safeguarding of their electrical assets.
Global Surge Arrester Market: Market Restraints and Challenges
The high initial cost associated with advanced surge protection technologies. The deployment of sophisticated surge arrester systems, designed to safeguard electrical equipment and systems from transient voltage spikes, often requires substantial upfront investments. This can pose a challenge for budget-conscious consumers and businesses, deterring widespread adoption of these protective devices. Additionally, the ongoing maintenance and replacement costs may contribute to the overall economic burden for end-users. As a result, the cost factor remains a key obstacle, limiting the broader accessibility and market penetration of surge arrester solutions, especially in regions or industries with financial constraints.
Global Surge Arrester Market Report Findings
The porcelain segment is likely to hold the major share of the market in 2023
On the basis of material, the Surge Arrester Market is segmented into polymer, and porcelain. Among these, in 2023, the porcelain segment in the surge arrester market has witnessed significant growth owing to its superior material properties. Porcelain, renowned for its excellent electrical insulation, mechanical strength, and durability, has become a preferred choice for surge arrester applications. This surge in demand can be attributed to the material’s ability to withstand high electrical stress and harsh environmental conditions, ensuring reliable and long-lasting performance. As industries and utilities increasingly prioritize robust and resilient solutions for surge protection, the porcelain segment continues to experience a surge in market share, reflecting the growing recognition of its effectiveness in safeguarding electrical systems against transient.
The distribution class segment is likely to hold the major share of the market in 2023
On the basis of class, the Surge Arrester Market is segmented into distribution class, intermediate class, and station class. Among these, in 2023, the distribution class segment has emerged as a noteworthy driver of growth over the past year. This is attributd to the expanding demand across various distribution class segments. This surge in growth can be attributed to the increasing awareness and adoption of advanced technologies to safeguard electrical systems from voltage spikes and transient overvoltages. In particular, the distribution class segment has witnessed a notable uptick as utilities and industries recognize the critical importance of reliable surge protection in enhancing the overall resilience of their power distribution networks. This trend is expected to persist as the market continues to evolve, with ongoing developments in technology and a heightened emphasis on ensuring uninterrupted power supply across diverse applications.
The high voltage segment is likely to hold the major share of the market in 2023
On the basis of voltage, the Surge Arrester Market is segmented into low voltage, medium voltage, and high voltage. Among these, in 2023, the high voltage segment has emerged as a noteworthy driver of growth over the past year. This is attributd to the increased demand for robust voltage protection solutions. As industries and infrastructure continue to expand, there is a growing need to safeguard electrical systems from voltage surges and transient overvoltages. The high voltage surge arrester segment is witnessing a surge in adoption due to its ability to effectively mitigate the risks associated with elevated voltage levels, ensuring the reliability and longevity of electrical equipment. This trend is indicative of a broader emphasis on enhancing the resilience of power distribution networks and sensitive electronic devices, ultimately contributing to the overall advancement of electrical safety measures in various applications.
The gas insulated substation (GIS) segment is likely to hold the major share of the market in 2023
Based on application, the Surge Arrester Market is segmented into air insulated substation (AIS), and gas insulated substation (GIS). Out of these, in 2023, gas insulated substation (GIS) segment emerging as a key contributor to this expansion. This expansion can be attributed to the increasing adoption of GIS technology in power distribution systems, where space constraints and environmental considerations are critical factors. GIS provides a compact and efficient solution, enhancing the overall reliability and performance of substations. As the need for reliable power transmission and distribution infrastructure rises globally, the surge arrester market, particularly in the GIS segment, is poised for continued growth, driven by the imperative to ensure the uninterrupted and safe operation of electrical networks.
The residential segment is likely to hold the major share of the market in 2023
Based on end-user, the Surge Arrester Market is bifurcated into residential, commercial, industrial, and utility. Among these, in 2023, the residential segment in the Surge Arrester Market has witnessed remarkable growth, driven by increased awareness and demand for enhanced electrical protection among end-users. As homeowners become more cognizant of the potential risks associated with power surges, such as damage to sensitive electronic devices and appliances, the adoption of surge arresters has seen a significant uptick. This surge in demand can be attributed to a growing emphasis on safeguarding residential electrical systems against voltage fluctuations and lightning-induced surges. The residential segment’s expansion in the surge arrester market underscores the importance that end-users place on securing their homes from electrical disturbances, contributing to the overall positive trajectory of the industry.
The North America region is accounted for the majority of market share in 2023
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. In 2023, North America has witnessed significant growth driven by several key factors. The ongoing modernization of electrical infrastructure, coupled with a heightened awareness of the destructive impact of power surges, has led to increased adoption of advanced surge protection technologies across various industries. The region’s susceptibility to extreme weather events has underscored the importance of resilient power distribution systems, further boosting the demand for surge protection devices.
North America stands out as an early adopter of advanced technologies, with a high level of awareness regarding the benefits of Surge Protection Devices (SPDs). In the U.S., where residential and commercial electricity consumption comprises around 37% of the total, the adoption of SPDs is particularly pronounced. States like Florida, Louisiana, Mississippi, and Alabama, prone to lightning strikes, exhibit a heightened adoption of SPDs to protect electronic appliances from sudden energy fluctuations. Consequently, North America has emerged as the largest regional market, driven by these factors. Looking globally, the surge protection devices market in Asia Pacific is anticipated to experience the highest Compound Annual Growth Rate (CAGR) over the forecast period. This growth is fueled by increasing awareness in countries like China, India, and Japan about the advantages offered by SPDs. Rising disposable incomes in the region enable individuals to invest in premium consumer electronics, driving the demand for surge protection and emphasizing the importance of safeguarding consumer electronics, enhance market growth.
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To obtain a competitive edge in the rapidly expanding Surge Arresters Market, players are focusing on strategic collaborations to enhance their product offerings. Some prominent participants in the Surge Arrester Market Report includes TE Connectivity, ABB Ltd. CG Power & Industrial Solutions Ltd., CHINT Group, DEHN SE, Eaton, Ensto, Elpro, General Electric Company, Hubbell, INAEL, S.A., Izoelektro, Raycap Corporation SA , Siemens Energy, Surgetek, Schneider Electric SE, Leviton Manufacturing Company, Inc., TDK Electronics AG, and Mitsubishi Electric Corporation (Mitsubishi Electric), among others.
Global Surge Arrester Market: Recent Developments
- In November 2021, Hitachi ABB Power Grids inaugurated a state-of-the-art surge arrester manufacturing facility in Xiamen, situated in the Fujian Province of Eastern China.
- In July 2021, General Electric (GE) successfully clinched a supply agreement with GSI Helmholtzzentrum für Schwerionenforschung, a renowned research institution that manages an ion accelerator complex situated in Darmstadt, Germany. Within the framework of this contract, GE is furnishing the research facility with its cutting-edge LV8 platform, encompassing a diverse array of elements including power transformers, medium voltage switchgear, surge arresters, and various other components.
Surge Arrester Market Report Coverage
- The report offers a comprehensive quantitative as well as qualitative analysis of the current Surge Arrester Market outlook and estimations from 2023 to 2033, which helps to recognize the prevalent opportunities.
- The report also covers qualitative as well as quantitative analysis of Surge Arrester Market in terms of revenue ($Million) and volume (Kilotons).
- Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the Surge Arrester Market.
- A thorough analysis of market trends and restraints is provided.
- By region as well as country market analysis is also presented in this report.
- Analytical depiction of the Surge Arrester Market along with the current trends and future estimations to depict imminent investment pockets. The overall Surge Arrester Market opportunity is examined by understanding profitable trends to gain a stronger foothold.
- Porter’s five forces analysis, SWOT analysis, Pricing Analysis, Case Studies, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Surge Arrester Market are also analysed.
Global Surge Arrester Market Segmentation
- Distribution Class
- Intermediate Class
- Station Class
- Low Voltage
- Medium Voltage
- High Voltage
- Air Insulated Substation (AIS)
- Gas Insulated Substation (GIS)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Rest of the World
- Latin America
- Middle East
- TE Connectivity
- ABB Ltd.
- CG Power & Industrial Solutions Ltd.
- CHINT Group
- DEHN SE
- General Electric Company
- INAEL, S.A.
- Raycap Corporation SA
- Siemens Energy
- Schneider Electric SE
- Leviton Manufacturing Company, Inc.,
- TDK Electronics AG
- Mitsubishi Electric Corporation (Mitsubishi Electric)