What's driving the Surge Arrester Market Growth?

The 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.

A surge arrester, also known as a lightning arrester or surge protector, is a protective device used in electrical systems to protect against transient voltage surges or spikes. It is designed to divert excess voltage to the ground and limit the voltage levels that sensitive equipment is exposed to, thus preventing damage or disruption to electrical systems.

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Surge arresters are primarily used to protect electrical equipment and systems from voltage surges caused by lightning strikes, switching operations, or other transient events. Voltage surges can cause damage to electronic devices, appliances, and electrical infrastructure, and surge arresters help mitigate the effects of these surges.

Asia-pacific is expected to grow at the fastest rate, registering a CAGR of 4.8%, throughout the forecast period.

Surge arresters do require periodic inspection and maintenance to ensure their effectiveness. They should be inspected for physical damage, signs of overheating, and degradation over time. If a surge arrester has been subjected to a significant surge event or has reached the end of its service life, it may need to be replaced to maintain adequate protection.

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

Industrial end-user is the fastest-growing segment in the global surge arrester market, expected to grow at a CAGR of 5.0% during 2021-2031.

In 2021, the polymeric surge arrester segment accounted for about 69.5% of the share in the global surge arrester market, and is expected to maintain its dominance till the end of the forecast period.

In 2021, the medium voltage range segment accounted for 44.8% surge arrester market share in the year 2021.

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 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.

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Most surge arresters use metal-oxide varistor (MOV) technology, which consists of a ceramic disk made of a metal oxide material. MOVs have nonlinear voltage-current characteristics, meaning they have high resistance under normal voltage conditions and low resistance under high voltage conditions. When a surge occurs, the MOV conducts the excess energy to the ground, protecting the connected equipment.

The companies involved in the manufacturing of surge arresters focus on reducing the cost of surge arresters, which will provide more benefits to the consumers. This development will help the surge arresters to penetrate more in the market. The surge arresters find their applications in diverse sectors such as commercial, industrial, and residential.

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 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.

Manufacturer are required to consider spacings, power concerns, and isolation requirements in the design phase and overcurrent protection requirements.

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.

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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.

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