Global Surge Arrester Market Projected to Grow at 7.6% CAGR, Reaching $3.27 Billion by 2029

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What Will the Surge Arrester Industry Market Size Be by 2025?
In recent times, the market for surge arresters has seen significant growth. There is anticipated expansion from a market worth $2.28 billion in 2024 to one valued at $2.43 billion in 2025, showing a compound annual growth rate (CAGR) of 6.6%. The previous growth of this market is linked to heightened power usage, augmented government funding towards energy infrastructure, sturdy economic development in emerging markets, and elevated investments in transmission and distribution (T&D) networks.

What's the Long-Term Growth Forecast for the Surge Arrester Market Size Through 2029?
In the coming years, the surge arrester market is projected to undergo significant expansion. Its value is expected to reach $3.27 billion in 2029, growing at a compound annual growth rate (CAGR) of 7.6%. This growth during the predicted period is attributed to factors like increased demand for electricity, heightened investments in renewable energy, and a rapid surge in industrialization along with the expansion of manufacturing industries. The projected period will also see trends like the development of new technological solutions, the launch of IoT (internet of things) connected devices and solutions, expansion of production facilities, and a strategic focus on mergers and acquisitions.

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What Are the Key Growth Drivers Fueling the Surge Arrester Market Expansion?
The surge in electrical needs fuels the expansion of the market. This upsurge can be linked to population growth and the accelerated use of electronic appliances, particularly in emerging economies like China, India, Brazil, and several African nations. For instance, the World Economic Forum, a non-governmental organization based in Switzerland, projected in August 2024 that electrical demand would experience a substantial leap from 2.5% in 2023 to approximately 4% in 2024. Renewable electrical sources are predicted to experience swift growth, rising from 30% in 2023 to 35% in 2025. Consequently, escalating electricity requirements stimulate the surge arrester market's growth.

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What Are the Key Trends Driving Surge Arrester Market Growth?
Key players in the surge arrester market are concentrating on establishing new technology-based solutions to reinforce their market presence. For instance, Hitachi ABB Power Grids (now known as Hitachi Energy), a Swiss company known for manufacturing and developing power transformers and substations, unveiled a novel digital solution in November 2022. This innovation, known as the Wireless Spark Prevention Unit (SPU) Indicator, is aimed at enhancing grid stability against wildfires. It provides utilities with the ability to remotely monitor critical assets and optimize their maintenance and replacement strategies.

How Is the Surge Arrester Market Segmented?
The surge arrestermarket 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 Companies Are Leading the Charge in Surge Arrester Market Innovation?
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

Which Regions Are Leading the Global Surge Arrester Market in Revenue?
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.

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