Surge Arrester Market Size was valued at USD 2.61 billion in 2023. The Surge Arrester market industry is projected to grow from USD 2.72 Billion in 2024 to USD 3.62 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.64% during the forecast period (2024 - 2032). Increased demand for electrical appliances, deployment of electrical equipment, and boost in power generation are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review
Surge arresters are essential to protect electrical equipment in transmission and distribution networks. They are installed in substations, transmission lines, and other parts of electrical networks. One of the prime factors driving the surge arrester market is increasing investments in transmission & distribution (T&D) networks. Expansion and upgrade of T&D networks have a direct impact on market growth. According to IEA World Energy Outlook 2020, USD 2.3 trillion was invested globally in the electric network during 2012-2019, with an average annual investment of about USD 283 billion during the same period.
Investment in electrical networks is necessary to meet the towering electricity demands reliably. With the growing electrification of traditionally non-electric sectors, such as transportation, due to the adoption of electric vehicles, the electricity demand is expected to further augment during the forecast period. This factor drives the Market CAGR.
Additionally, investments in renewable energy technology have increased during the last decade. Rapidly falling installation prices due to rapid technology breakthroughs and various countries converting to green energy power generation are assisting in the rise of renewable energy technologies. This is deployed in the upcoming renewable energy projects at connection points and substations. A substation is a built-in grid-connected renewable energy installation to allow grid connectivity. This is used in these substations. Globally, the proportion of renewable energy generation is expanding, and increased investment in renewable energy projects presents prospects for manufacturers.
Furthermore, energy network regulators' typical approach has been to avoid the risk of over-investing in well-meshed electrical systems, particularly in industrialized economies. Electricity is supplied by a few major utility-scale plants to meet slow-growing consumer demand. Thus, driving the lightning arrester market revenue.
The Surge Arrester market segmentation, based on Type, includes Polymeric, Porcelain. The polymeric segment dominated the market and the market for polymeric is likely to increase due to its wide adaptability across various voltage ranges. Compared to porcelain, the product will be more popular due to its ease of handling and installation, dependable performance in challenging settings, inexpensive production, operational costs, and superior breaking resistance under overload situations. Furthermore, growing demand from numerous businesses to effectively combat system faults and significant investments to enhance existing power infrastructure would significantly improve the market globally.
Figure 1: Surge Arrester Market, by Type, 2024 & 2032 (USD billion)
Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review
Based on voltage, the Surge Arrester market segmentation includes Low, Medium, and High. The high segment dominated the market; It has a wide application in switchgear, transformer, and over-the-line to protect the device's overvoltage transient. The growth of the medium voltage segment will be fueled by economic diversification and the need to protect heavy equipment from voltage surges. Unprecedented demand for transformers and switchgear will add to the industry's landscape. This is because old systems are being replaced and upgraded, which will add to the landscape.
Based on class, the Surge Arrester market segmentation includes distribution, intermediate, and station. The station segment dominated the market; Station class surge arrestors guard against lightning and overvoltage, which occur when an electrical item draws more current than it is designed to manage in the system. These arrestors protect equipment with a voltage greater than 20 MVA. Significant aspects driving the station class market size include high-pressure relief capability, high durability, improved contamination resistance, and outstanding cantilever strength.
The Surge Arrester market segmentation, based on Application, includes Industrial, Commercial, and Residential. The industrial segment dominated the market, and increasing attention to power quality issues in industrialized economies due to widespread voltage spikes and surges will substantially impact the adoption of these units. In addition, as the economy grows and develops, electricity's part in total industrial energy consumption is expected to rise.
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Surge Arrester market will dominate due to significant industrial and electrical infrastructural growth, projected to increase demand as replacements and new installations will boost the market growth in this Region.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Surge Arrester Market Share By Region 2022 (%)
Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review
Europe's Surge Arrester market accounts for the second-largest market share due to the Region's power generating, transmission, and distribution infrastructures being mature. The grid deployment business's growth will increase investments in modernizing the smart grid infrastructure due to more strict E.U. regulations. Further, the German Surge Arrester market held the largest market share, and the U.K. Surge Arrester market was the fastest-growing market in the European Region.
The Asia-Pacific Surge Arrester Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the increase in their electricity generation to accommodate burgeoning populations. Moreover, China’s Surge Arrester market held the largest market share, and the Indian Surge Arrester market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the Surge Arrester market, grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Surge Arrester industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturer’s use in the Surge Arrester industry to benefit clients and increase the market sector. The Surge Arrester industry has offered some of the most significant advantages in recent years. Major players in the Surge Arrester market, including Siemens (Germany), G.E. Oil & Gas (U.S.), Hubbell (U.S.), Schneider Electric (France), Mitsubishi Electric (Japan), C.G. Power (India), NGK Insulators (Japan), ABB (Switzerland), Eaton (Republic of Ireland), Legrand S.A (France), Emerson Electric (U.S.), HAKEL spol. S r. (Czech Republic), Vertiv. (U.S.), T.E.
Connectivity (Switzerland), Lamco (India), Leviton Manufacturing (U.S.), Raycap Corporation S.A. (U.S.)., and others are attempting to increase market demand by investing in research and development operations.
Hitachi ABB Power Grids today announced that it will be evolving to become Hitachi Energy in October 2021. The decision to change the name has board and shareholder consent and coincides with the business' first anniversary since it started operations on 1 July 2020. Hitachi ABB Power Grids opened a new surge arrester factory in Xiamen, Fujian Province, east China, to address safety demand for transmission and distribution systems.
The headquarters of the Japanese multinational company Toshiba Corporation, also known as Toshiba and stylised as TOSHIBA, are in Minato, Tokyo. Toshiba to increase Polymer-based production. Toshiba announced that its current polymer-based capacity would nearly triple by April 2022. Toshiba ESS manufactures a surge arrester that protects electricity transmission/distribution infrastructure and equipment from lightning-induced overvoltage and operates circuit breakers for Hamakawasaki Operations in Japan.
| Attribute/Metric | Details |
| Market Size 2023 | USD 2.61 billion |
| Market Size 2024 | USD 2.72 billion |
| Market Size 2032 | USD 3.62 billion |
| Compound Annual Growth Rate (CAGR) | 3.64% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Voltage, Class, Application, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Siemens (Germany), G.E. Oil & Gas (U.S.), Hubbell (U.S.), Schneider Electric (France), Mitsubishi Electric (Japan), C.G. Power (India), NGK Insulators (Japan), ABB (Switzerland), Eaton (Republic of Ireland), Legrand S.A (France), Emerson Electric (U.S.), HAKEL spol. Sr. (Czech Republic), Vertiv. (U.S.), T.E. Connectivity (Switzerland), Lamco (India), Leviton Manufacturing (U.S.), Raycap Corporation S.A. (U.S.) |
| Key Market Opportunities | New product launches and R&D amongst major key players |
| Key Market Dynamics | Increased demand for electrical appliances Deployment of electrical equipment's Boost in power generation Replacement of existing infrastructure of power |
Surge Arrester Market Highlights:
Frequently Asked Questions (FAQ):
The global Surge Arrester market size was valued at USD 2.61 Billion in 2023.
The global market is projected to grow at a CAGR of 3.64% during the forecast period, 2024-2032.
North America had the largest share of the global market
The key players in the market are Siemens (Germany), G.E. Oil & Gas (U.S.), Hubbell (U.S.), Schneider Electric (France), Mitsubishi Electric (Japan), C.G. Power (India), NGK Insulators (Japan), ABB (Switzerland), Eaton (Republic of Ireland), Legrand S.A (France), Emerson Electric (U.S.).
The Polymeric category dominated the market in 2022.
The Industrial had the largest share of the global market.
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Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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