The surge arrester market offers protection against transient overvoltages caused by events such as lightning strikes and switching surges in electric power systems. Surge arresters play a crucial role in preventing equipment damage and protecting lives by diverting excess current safely to ground. They are installed both indoor and outdoor applications across grid transmission lines and distribution networks.
The surge arrester market is estimated to be valued at USD 1.85 Bn in 2024 and is expected to reach USD 2.73 Bn by 2031, growing at a compound annual growth rate (CAGR) of 5.72% from 2024 to 2031.
Key Takeaways
Key players operating in the surge arrester market are ABB Ltd., Siemens AG, Eaton Corporation, Emerson Electric, Schneider Electric, Mitsubishi Electric Corporation, General Electric, Crompton Greaves, and Legrand S.A.
Surge Arrester Market help distribution system operators prevent equipment breakdown and ensure reliability of power supply during heavy thunderstorms and rapidly changing weather patterns. With growing investments in smart grid infrastructure, advanced digital surge protection devices are gaining traction. Leading manufacturers are focusing on development of miniature and modular surge arresters for indoor medium-voltage switchgear applications.
Market Drivers:
Rising investments by governments and utilities worldwide in upgrading aging power grids is a key driver for the surge arrester market. According to estimates, over $350 billion will be spent on grid infrastructure by 2030 to enhance electrification in developing regions. Surge arresters play a vital role in protecting high-voltage transmission systems from overvoltages caused due to direct lightning strikes. Growing construction of cross-country transmission lines is thus fueling demand.
Market Restraints:
Availability of low-cost substitutes such as metal oxide varistors can limit the sales of conventional surge arresters. MOVs offer better technical performance in terms of fast response however they have shorter lifespan compared metal oxide based surge arresters. Higher costs associated with specialty polymeric surge arresters for critical indoor applications also restraints their widespread adoption. Volatility in prices of raw materials used in manufacturing such as zinc oxide poses further challenge for manufacturers.
Segment Analysis
The surge arrester market is segmented based on voltage into low, medium, and high voltage. The low voltage segment holds a major market share owing to extensive installation of low voltage surge arresters in residential and commercial sectors to protect electronic devices from voltage surges. This segment is expected to maintain its dominance during the forecast period. The medium voltage segment holds a second largest share as surge arresters find widespread applications in distribution systems of commercial complexes, industrial plants, and utility infrastructure. This segment is anticipated to witness a gradual growth owing to extensive utility grid expansions across regions.
Global Analysis
Asia Pacific region holds a major share in the global surge arrester market and is poised to maintain its leading position during the forecast period. This is attributed to rapid infrastructural development and investments in utility grids across emerging economies of China and India. China dominates the Asia Pacific market and the demand for surge arresters is expected to escalate further with vast grid expansions underway in the country. Europe is another prominent regional market driven by widespread installations of surge arresters across grid infrastructure of Germany, UK, Italy and France. Stringent government regulations regarding grid safety have further propelled product adoption across the utility sector in Europe.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.
