Press release
Evolving Market Trends In The Surge Arrester Industry: Hitachi Abb Power Grids Pioneers Grid Resilience With Innovative Wireless Spark Prevention Unit
Surge Arrester
What Is the Expected Surge Arrester Market Size During the Forecast Period?
Recent years have seen a significant expansion in the surge arrester market. The market value, which stood at $2.28 billion in 2024, is set to escalate to $2.46 billion in 2025, with a 7.6% compound annual growth rate (CAGR). The growth trajectory traced in the earlier period is the outcome of enhanced power consumption, bolstered governmental funding for energy infrastructure, robust economic development in emergent markets and increased investment in the Transmission and Distribution (T&D) networks.
The market for surge arresters is projected to experience robust expansion in the upcoming years, with an anticipated valuation of $3.34 billion in 2029, signifying a compound annual growth rate (CAGR) of 7.9%. This expansion during the forecast period could be due to the escalated demand for electricity, amplified investment into renewable energy, and rapid progression and expansion within manufacturing industries. Notable trends anticipated during this forecast period include emphasis on the development of novel technological remedies, launching of IoT (internet of things) interconnected devices and solutions, expansion of production facilities, and an emphasis on mergers and acquisitions.
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What Are the High-Growth Segments in the Surge Arrester Market?
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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What Key Drivers Are Expected to Influence Future Surge Arrester Market Growth?
The surge arrester market is experiencing growth due to the increasing demand for electricity. The escalation in the requirement for electricity can be credited to expanding populations and the rising use of electronic devices, particularly in developing nations like India, China, Brazil, and some African countries. The World Economic Forum, a non-governmental organization based in Switzerland, provided data in August 2024 stating an expected significant growth in electricity demand by almost 4% in 2024, compared to 2.5% in 2023. Renewable electricity sources are anticipated to experience swift expansion, moving up from 30% in 2023 to 35% in 2025. Thus, the surge in electricity demand is fueling the expansion of the surge arrester market.
Which Companies Hold the Largest Share Across Different Surge Arrester Market Segments?
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
What Trends Are Driving Growth in The Surge Arrester Market?
Leading businesses in the surge arrester market are channeling their efforts towards the creation of innovative technological solutions to fortify their market standing. To illustrate, Hitachi ABB Power Grids (rebranded as Hitachi Energy), a Swiss firm specializing in the manufacturing and development of power transformers and substations, unveiled a novel digital solution in November 2022. This development aims at enhancing grid resilience in the face of wildfires. The newly introduced Wireless Spark Prevention Unit (SPU) Indicator aids utilities in the upkeep of crucial assets through enabling remote surveillance along with enhanced maintenance and replacement strategies.
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What Are the Emerging Geographies for The Surge Arrester Market Growth?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Surge Arrester Market?
2. What is the CAGR expected in the Surge Arrester Market?
3. What Are the Key Innovations Transforming the Surge Arrester Industry?
4. Which Region Is Leading the Surge Arrester Market?
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