Surge Arrester Market 2023-2032 | Size, Share, Growth, Trends, Revenue, Competitive Landscape, Forecast Report

As per The Business Research Company's Surge Arrester Opportunities And Strategies Market Report 2023, The global surge arrester market grew from $1,670.9 million in 2017 to $1,947.5 million in 2022 at a compound annual growth rate (CAGR) of 3.1%. The market is expected to grow from $1,947.5 million in 2022 to $2,632.2 million in 2027 at a CAGR of 6.2%. The market is expected to grow to $3,450 million in 2032 at a CAGR of 5.6%.

During the forecast period, the growing demand for electricity will support growth of the market. The increasing demand for electricity can be attributed to growing populations and increasing use of electrical and electronic appliances, especially in developing countries such as China, India, Brazil and some African countries. For example, according to the International Energy Agency (IEA), the global demand for electricity increased by 6%, or 1,500 terawatt hours (TWh) in 2021. South East Asia is forecast to experience the highest growth at 5% on average between 2022 and 2024. The Asia Pacific region, including China, is predicted to experience the second-highest growth in electricity demand at about 4%. The demand in North America and Latin America is anticipated to increase by about 1% between 2022 and 2024, with Mexico and Canada experiencing the biggest percentage increases at 3-4% annually. The projected electricity demand growth for Europe is 1.7% in 2022, followed by flat demand in 2023 and 2024. Therefore, the increasing demand for electricity will boost the development of new power generation stations, supporting the demand for surge arresters.

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Major companies operating in the surge arrester market are focused on developing new technological solutions to strengthen their position in the market. For example, in November 2022, Hitachi ABB Power Grids (Hitachi Energy), a Swiss manufacturer and developer of power transformers and substations, launched a new digital solution designed to improve grid resilience against wildfires. The new Wireless Spark Prevention Unit (SPU) Indicator assists utilities in maintaining critical assets by enabling remote monitoring and improved maintenance and replacement planning.

The top growth potential in the surge arrester market by type will arise in the polymeric segment, which will gain $510.9 million of global annual sales by 2027. The top growth potential in the surge arrester market by end-user will arise in the utilities segment, which will gain $409.2 million of global annual sales by 2027. The top growth potential in the surge arrester market by voltage type will arise in the high voltage surge arresters segment, which will gain $295.6 million of global annual sales by 2027. The top growth potential in the surge arrester market by application will arise in the GIS segment, which will gain $392.5 million of global annual sales by 2027. The top growth potential in the surge arrester market by class will arise in the distribution class segment, which will gain $320.1 million of global annual sales by 2027. The surge arrester market size will gain the most in the USA at $145.2 million.

Surge Arrester Market Segmentation:
The Surge Arrester market is segmented By Type, By End-User, By Voltage Type and By Application, By Class.

By Type -
a) Polymeric
b) Porcelain

By End-User-
a) Utilities
b) Industries
c) Transportation
d) Other End-Users

By Voltage Type-
a) Low Voltage Surge Arresters
b) Medium Voltage Surge Arresters
c) High Voltage Surge Arresters

By Application-
a) AIS
b) GIS

By Class-
a) Distribution Class
b) Intermediate Class
c) Station Class

Major players in the Surge Arrester market include Siemens Energy, General Electric, Schneider Electric, Hubbell, Hitachi.

The regions covered in the global Surge Arrester market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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The latest report from The Business Research Company, 'Global Surge Arrester Opportunities And Strategies Market Report - Forecast To 2032,' provides a comprehensive global perspective with data and statistics from 60+ geographies, analyzing 7000+ market segments. The regional and country breakdowns section offers insights into each geography's market analysis, size, historic and forecast growth, and key strategies for industry competitiveness.

Surge Arrester Market Report Table Of Content
1. Executive Summary
2. Table Of Contents
3. List Of Figures
4. List Of Tables
5. Report Structure
6. Introduction and Market Characteristics
……
19. Company Profiles
20. Key Mergers And Acquisitions
21. Opportunities And Strategies
22. Surge Arrester Market, Conclusions And Recommendations
23. Appendix

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