Press release
Key Trend Reshaping the Surge Arrester Market in 2025: Hitachi Abb Power Grids Pioneers Grid Resilience With Innovative Wireless Spark Prevention Unit
Surge Arrester Market Size
The surge in electricity demand is propelling the market's expansion. Rising electricity requirements are largely due to increasing populations and a higher usage of electrical and electronic devices, particularly in emerging economies such as China, India, Brazil, and some African nations. In August 2024, the World Economic Forum, a non-profit organization based in Switzerland, anticipates that electricity demand will experience about a 4% increase in 2024, a significant rise from 2.5% in 2023. The share of renewable electricity is projected to grow significantly, jumping from 30% in 2023 to 35% in 2025. The increase in electricity demand is therefore a major factor promoting the surge arrester market's growth.
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What is the projected compound annual growth rate (CAGR) of the surge arrester market from 2025 to 2034, and what factors influence it?
In recent times, there has been a sturdy growth in the surge arrester market size. It is predicted to expand from $2.28 billion in 2024 to $2.46 billion in 2025, with a compound annual growth rate (CAGR) of 7.6%. Factors such as rising power usage, escalated government investments bolstering energy infrastructure, robust economic growth in developing markets, and increased deployments in transmission and distribution (T&D) networks are reasons behind the growth experienced in the historic period.
The market for surge arresters is projected to witness significant growth in the coming years, expanding to $3.34 billion in 2029 at a compound annual growth rate (CAGR) of 7.9%. The escalation during the prediction period is due to the rising electricity demand, increased backing for renewable energy, and swift industrialization coupled with the expansion in manufacturing sectors. Major tendencies during the prediction period involve an emphasis on creating new technological innovations, launching IoT (internet of things) linked devices and solutions, extending production facilities, and a concentration on mergers and acquisitions.
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What trends are poised to drive the future success of the surge arrester market?
The foremost firms in the surge arrester market are concentrating on creating innovative technological solutions to fortify their market standing. For instance, in November 2022, Hitachi ABB Power Grids (now known as Hitachi Energy), a Swiss company specialising in the production and development of power transformers and substations, introduced a groundbreaking digital solution to boost grid resilience against wildfires. The newly launched Wireless Spark Prevention Unit (SPU) Indicator facilitates utilities in preserving essential assets by permitting remote monitoring and enhancing maintenance and replacement strategizing.
What are the major segments of the surge arrester market and their role in driving growth?
The surge arrester market covered in this report is segmented -
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
Subsegments:
1) By Polymeric: Silicone Rubber Surge Arresters, Ethylene Propylene Diene Monomer (EPDM) Surge Arresters
2) By Porcelain: Station Class Porcelain Surge Arresters, Distribution Class Porcelain Surge Arresters
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Which regions are key players in the growth of the surge arrester market?
North America was the largest region in the surge arresters market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the surge arrester market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the surge arrester market?
Major companies operating 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, Pentagon Earthing & Lightning Arrester, Abcot Lighting Protection System Private Limited, Hangzhou Yongde Electric Appliances Co Ltd, Yueqing Sarah Electrical Technology Co Ltd, Wenzhou Yikun Electric Co. Ltd, Yueqing Wortai Electric Co. Ltd, Zhejiang Haivo Electrical Co. Ltd, Zhejiang Zhongneng Electrical Co. Ltd, Otowa Electric Co. Ltd, Ngk Insulators, Abb, Emerson Electric, Hakel Spol. S R., Vertiv, Te Connectivity, Lamco, Leviton Manufacturing, Raycap Corporation Sa, Interconexion Electrica, Enel X, Al Yamuna Densons, Dehn, Saudi Electricity Company
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What Is Covered In The Surge Arrester Global Market Report?
• Market Size Forecast: Examine the surge arrester market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the surge arrester market for a structured understanding.
• Key Players Overview: Analyze major players in the surge arrester market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the surge arrester market.
• Segment Contributions: Evaluate how different segments drive overall growth in the surge arrester market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the surge arrester market.
• Industry Challenges: Identify potential risks and obstacles affecting the surge arrester market.
• Competitive Landscape: Review strategic developments in the surge arrester market, including expansions, agreements, and new product launches.
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