Surge Arrester Market

Global Surge Arrester Market Size (2024 to 2029)

The Global Surge Arrester Market size was estimated at USD 2.17 billion in 2024 and is projected to grow at a CAGR of 4.9 % to reach USD 2.76 billion in 2029.

A conventional surge arrester includes a ground terminal and a high-voltage terminal to allow for connection to the power source. As a result of a strong electrical surge that travels from the power supply to the surge arrester, the high voltage current from the surge arrester is routed directly to the insulation or the ground to prevent the system from getting damaged.

Global Surge Arrester Market Drivers:

In recent years, it has been widely acknowledged that the deployment of smart grid infrastructure is a fast process that includes the deployment of multiple generators and consumers with cutting-edge communication and control technologies in a power system that provides flexible, accessible, and reliable electricity at a very low cost. As a result, there has been an increase in the construction of new transmission lines and the repairs of existing ones. These key factors for developing electrical infrastructure in most countries are driving the demand for surge arresters in the market. In addition, due to the rapid increase in population in the Asia-Pacific region, there are an increasing number of electrification projects due to the increased demand for power.

Global Surge Arrester Market Restraints:

The local players compete with big brands in the market since they offer low-cost products to consumers and compete with the big brands in the market. The more prominent brands have lowered the quality of their products to remain competitive in the market and not lose their customers. For the surge arrester market to grow, the slow adoption rate of advanced technologies in the electrification and power generation sectors is a major obstacle to its growth. 

Impact of COVID-19 on the Global Surge Arrester Market:

There has been a significant impact on many sectors worldwide due to COVID-19, including the power sector. Furthermore, this pandemic has delayed all electrification projects worldwide, pushing back their completion dates. It also prevented the closure of manufacturing sectors, resulting in a decrease in surge arrester production. Market growth was restricted because of the increase in demand that exceeded the increase in production rate; consequently, the market was unable to grow. 

REPORT COVERAGE:

This research report on the global surge arrester market has been segmented and sub-segmented based on type, voltage, class, application, end-user and region.

Global Surge Arrester Market - By Type:

• Polymeric
• Porcelain

Based on the segment type, the polymeric lead held the surge arrester market share in 2021 and is expected to grow at the highest rate during the forecast period. There are many advantages to using polymeric over porcelain, such as that polymeric has a higher tensile strength than an insulator made of porcelain. When used in contaminated areas, it performs much better than in uncontaminated areas. The lightweight nature of the polymer reduces the strain placed on the supporting framework, thus reducing the strain on the structure. In addition, because the insulator is hydrophobic, less washing is needed. These advantages of polymeric over porcelain are the key factors driving the growth of the surge arrester market. As one of the oldest forms of insulation, porcelain has been in use for a long time. Still, due to the various advantages that polymeric insulation offers, its use has rapidly increased and has now become a first choice for companies worldwide.

Global Surge Arrester Market - By Voltage:

• Low Voltage
• Medium Voltage
• High Voltage

Based on the voltage segment, the high voltage segment led the market share in 2021 and is expected to grow during the forecast period. Furthermore, it can also prove to be very helpful to workers in the industry. This is because it can help them determine whether or not their device is properly earthed or not.

The low voltage segment is also growing significantly since the power demand is increasing rapidly. Installing them in residential areas is easy since they are easily available. In addition, transformers and low-voltage overhead lines utilize them.

Global Surge Arrester Market - By Class:

• Distribution
• Intermediate
• Station

Based on the class segment, the station class leads the market share in 2021 and is expected to grow during the forecast period. Electrical power stations, substations, and other high-voltage structures and regions frequently use station-class arrestors. These arrestors protect against lightning strikes and overvoltages, which occur when an electrical device is operating at a higher current level than intended. The benefits include providing active over-voltage protection, reducing system outages, and protecting expensive terminal equipment. These are the key factors driving the growth of the station class segment in the surge arrestor market.

Intermediate is the second after the station sub-segment. Globally, microgrids are growing due to increased investment in electrical grid networks. Governments in various nations are also very interested in and working hard to expand the grid. They also protect like stations but are designed to be used in medium-voltage equipment areas, such as electrical utility stations, substations, transformers, or other substation equipment.

Global Surge Arrester Market - By Application:

• AIS
• GIS
• Others

Based on the application segment, the GIS class will lead the market share in 2021 and is expected to grow during the forecast period. GIS is known as gas-insulated switchgear. SF6-to-air bushings with air-insulated surge arresters often offer sufficient protection for the GIS from lightning impulse voltages. Due to the limited space, these GIS installations are fast growing in metropolitan areas. Compact metal-enclosed switchgear called GIS contains high-voltage parts.

Global Surge Arrester Market - By End-User:

• Utilities
• Industries
• Transmission
• Transportation

Based on the end-use segment, utilities lead the market share in 2021 and are expected to grow during the forecast period. Most of the power consumption among end users is in the utility sector. The utility industry offers services like electric power, natural gas, steam supply, water supply, and sewage removal. The rise of the utility industry is fueling the surge arrester market's expansion.

Global Surge Arrester Market - Region:

• North America
• Europe
• Asia Pacific
• Latin America 
• Middle East and Africa

Asia-Pacific holds the largest market share in the region and is projected to grow at a high rate during the forecast period. During the past decade, the energy consumption of this region has increased by more than 80%, making it one of the regions in the world with the fastest growth rates in energy consumption. As a result of urbanization, industrialization, and rising incomes, this growth is driven by several factors. Energy consumption in the region will rise by at least 60% by 2040. The economy will be at least twice the size it is today, and there will be an additional 120 million residents in the region, primarily in metropolitan areas. China will have consumed a total of 4.1 trillion kilowatt-hours by 2022, an increase of 2.9% over the current level. In 2022, the power consumption of India will rise slightly by 3.8%, to 128.38 billion units of electrical energy. The region's two highly populated countries are investing huge amounts in power generation to meet the growing demand. These key factors are boosting the growth of the surge arrester market.

North America is second in the region, holds the largest market share, and is projected to grow significantly during the forecast period. A good part of this expense is associated with running and maintaining current transmission systems and investing in new transmission infrastructure that will be installed in the future. The market for this region is being driven by the region's early adoption of technology and the expansion of industrial and electrical transmission lines backed by the government.

KEY MARKET PLAYERS:

Major Key Players in the Global Surge Arrester Market are ABB Ltd, General Electric Company, Siemens AG, Schneider Electric SE, CG Power and Industrial Solutions Ltd, Hubbell, Toshiba, Mitsubishi Electric, CG Power, Meidensha, and others.

RECENT HAPPENINGS IN THE MARKET:

• In September 2021, Toshiba Energy Systems & Solutions Corporation announced that it would almost triple its capacity for producing polymer-housed surge arresters. The business is introducing manufacturing tools like injection molding machines and boosting efficiency with smart investments. The company has chosen to boost production capacity to address the growing demand for polymer-housed surge arresters. In May 2021, Scottish and Southern Electricity Networks (SSEN), a distribution network operator, is testing new surge arrestors to strengthen the network's resistance to lightning strikes. As many as 150 surge arresters have been put on overhead cables in the Basingstoke region as part of the £510,000 project. These provide a lightning strike management strategy that is speedier, more effective, and more visible. If this study is a success, the business hopes to implement these new surge arresters in distribution areas in central and southern England as well as the north of Scotland that experience regular lightning strikes.
• In January 2021, DC Systems B.V. will be acquired by Schneider Electric to push distribution-related advancements. This acquisition strengthens Schneider Electric's ability to offer resilient and sustainable energy infrastructures. The company is streamlining its portfolio through the acquisition to provide customers with more simplicity and resilience for pertinent applications like constructing microgrids in environments with unreliable public grids or long-distance applications like public illumination.