Surge Arrester Market is Rapidly Growing with Huge Application Scope and Opportunities by 2022-2031

Surge arrester market size was valued at $1.4 billion in 2021, and is estimated to reach $2.2 billion by 2031, growing at a CAGR of 4.5% from 2022 to 2031. Surge arrester is a protective device. Surge arresters can be designed for preventing electrical damage of electronic equipment. Surge arrester dissipates the extra voltage range to the ground instead passing through the electronic device, while allowing the normal voltage range continue to flow. These functions of surge arresters can be repeated according to ANSI standard C62.11.

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The market is consolidated in nature, and is expected to grow at a significant rate during the forecast period. This is attributed to rise in demand for protection of electrical and electronics devices from sudden power surges. The increased emphasis on boosting renewable energy installed capacity, are prompting private companies to invest in electricity transmission and distribution networks, as well as electrification projects, which further promotes the market growth for surge arresters. The market growth is hampered by presence of cheap quality duplicate surge arresters and delay in project execution for renewable energy infrastructure and others.

The surge arrester industry is not heavily regulated by government across the globe. There are several certifications for different materials of surge arresters that are needed to be acquired by manufacturers. These certifications are almost universal and are mandatory. There are several non-profit organizations and certification bodies that regulate and certify surge arrester products. Manufacturer are required to consider spacings, power concerns, and isolation requirements in the design phase and overcurrent protection requirements.

Moreover, there are regulations that require consideration of geographic locations of the country, whether it is an area with extra power surges and lightening incidences and frequency of such events. There are different standards defined for different low voltage range, high voltage range, and medium voltage range surge arresters. It also varies according to the material of surge arresters.

The surge arrester market analysis is segmented on the basis of material, voltage range, end-user, and region. Depending on material, the market is bifurcated in polymeric and porcelain. On the basis of voltage range, the market is divided into medium, high, and low. By end-user, the market bifurcation is done into commercial, industrial, and residential. Region-wise, the surge arrester market forecast is analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa).

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Depending on material, polymeric surge arrester segment dominated the market share for 2021. It is projected to grow at a CAGR of 4.7%. This is owing to the growing population and limited land space have led to several high-rise buildings in both intermediate and station sectors. This leads to surge in electricity demand, which needs to be regulated to prevent destruction caused due to electric short circuits and other hazards.

On the basis of voltage range, medium range surge arrester dominated the market share for 2021 followed by low range surge arrester. This was attributed to need to protect electronic equipment and devices encourages spending on surge arrester, which acts as driver for the surge arrester market growth.

By end-user, industrial sector contributed largely for 2021 and dominated the market share for 2021. This can be attributed to Rapid industrialization in developing and under developed economies are expected to drive demand for and are offering huge surge arrester market opportunities.

Region-wise, Asia-Pacific dominated the market growth for 2021 accounting for 43.0% market share. It is also projected to grow at CAGR of 4.8%. This is attributed to rising investment in public infrastructure, renewable energy projects, smart grids, residential housing developments and others. However, Asia-Pacific and Europe market for surge arrester are the top investment pockets, owing to various factors such as growing transmission & distribution network, increased use of smart grid, and rise in demand from residential sector owed to electricity connectivity in remote areas.

The key players in the market are Hitachi ABB, Siemens Energy, General Electric, Eaton, Hubbell, CG Power, Schneider Electric, Meidensha, Mitsubishi Electric, and Toshiba.

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