Press release
Surge Arrester Market: Strong Growth Fueled by CAGR of 7.6% and Rising Power Consumption
Surge Arrester Market
What Is The Projected Market Size Of The Global Surge Arrester Market And Its Growth Rate?
The surge arrester market is growing significantly, fueled by increasing power usage and rising investments in energy infrastructure.
•2024 Market Size: $2.28 billion
•2025 Market Size: $2.46 billion (7.6% CAGR)
•2029 Market Size: $3.34 billion (7.9% CAGR)
This growth can be attributed to the burgeoning electricity demand, growing investments in renewable energy and rapid industrialization.
What Is Driving The Growth In The Surge Arrester Market?
The surge arrester market growth is primarily driven by the escalating power demand, owing to growing populations and the increasing usage of electrical and electronic appliances, particularly in emerging economies like China, India, Brazil, and some African countries. For instance, the World Economic Forum anticipates electricity demand to rise by about 4% in 2024, a considerable increase from 2.5% in 2023. Moreover, renewable electricity sources are set to expand from 30% in 2023 to 35% in 2025. Hence, the escalating electricity demand is driving significant growth in the surge arrester market.
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Who Are the Key Players Driving Surge Arrester Market Growth?
Major companies in the surge arrester market include,
•Siemens Energy
•General Electric
•Schneider Electric
•Hubbell
•Hitachi
•CG Power And Industrial Solutions Ltd
•Mitsubishi Electric
•Legrand Sa
•Eaton Corporation Plc
•Meidensha,
•Valuepower Earthing Private Limited
•Ideal Engineers
What Are The Key Trends In The Surge Arrester Market?
Key trends include:
•Focus on development of new technological solutions
•Launch of IoT-connected devices and solutions
•Expansion of production facilities
•Inclination towards mergers and acquisitions
What Are The Segments Of The Global Surge Arrester Market?
1)By Type: Polymeric, Porcelain
2)By Voltage Type: Low Voltage Surge Arresters, Medium Voltage Surge Arresters, High Voltage Surge Arresters
3)By End-User: Utilities, Industries, Transportation, Other End-Users
4)By Application: AIS (Air Insulated Switchgear), GIS (Gas Insulated Switchgear)
5)By Class: Distribution Class, Intermediate Class, Station Class
Which Region Leads The Surge Arrester Market?
North America was the largest region in the surge arrester market in 2024. However, Asia-Pacific is projected to emerge as the fastest-growing region in the forecast period. Other regions covered in the surge arrester market report include Western Europe, Eastern Europe, South America, Middle East, and Africa.
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What Is Covered In The Surge Arrester Market Global Market Report?
- Market Size Analysis: Analyze the Surge Arrester Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Surge Arrester Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Surge Arrester Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Surge Arrester Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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