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Global Surge Arresters Market Poised for Growth, Projected at USD 3.25 Billion by 2027 - TMR Analysis
Surge Arresters Market
Market Overview
Surge arresters play a crucial role in stabilizing power consumption and safeguarding electrical infrastructure. The market, valued at US$2.07 billion in 2018, is projected to reach US$3.25 billion by 2027, expanding at a CAGR of 5.10% during 2019-2027. The increased focus on electrification, industrialization, and infrastructure development is expected to drive market demand globally.
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Latest Developments
Technological Advancements - Companies are investing in innovative materials and smart surge arresters integrated with IoT for real-time monitoring.
Increased Renewable Energy Integration - The rise in renewable energy installations worldwide is prompting the need for surge protection solutions.
Government Initiatives - Investments in electrification projects across emerging economies are propelling market growth.
Post-Pandemic Recovery - While COVID-19 impacted manufacturing activities, market demand is rebounding as economies stabilize.
Competitive Landscape
The market is highly concentrated, with the top five players accounting for over 60% of the market share in 2018:
ABB Ltd.
Schneider Electric
Eaton Corp.
General Electric
Emerson Electric
Other key players include Siemens AG, Mitsubishi Electric Corp., Crompton Greaves, Legrand S.A., and Raycap Corp., all actively contributing to market expansion.
Future Outlook
Looking ahead, the market is set for steady growth due to:
• Increasing power generation and the transition to renewable energy sources.
• Rising electrification needs, especially in densely populated regions.
• Expansion of industrial and transportation sectors requiring enhanced electrical protection.
• Advancements in surge arrester technology, making them more efficient and reliable.
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Key Market Drivers
Growing Disposable Income - Increased spending power boosts the demand for electronic appliances, necessitating surge protection.
Need for Electrification - Expanding electrical infrastructure in emerging economies is a key driver.
Industrialization and Urbanization - Rapid industrial expansion is increasing the adoption of surge arresters worldwide.
Government Investments - Electrification initiatives in China, India, and other developing countries are driving market growth.
By Voltage types
• Low voltage surge arresters
• Medium Voltage surge arresters
• High voltage surge arresters
By Application
• Industrial applications
• Commercial applications
• Household applications
By geography
North America
• U.S.
• Canada
Europe
• U.K.
• Germany
• France
• Rest of Europe
Asia Pacific
• China
• Japan
• Rest of Asia Pacific
Rest of the World
• Latin America
• Middle East
• Africa
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