NEWARK, Del, Nov. 06, 2023 (GLOBE NEWSWIRE) -- The surge arrester market is expected to be worth US$ 2,625.8 million in 2023, expanding at a 5.0% CAGR from 2023 to 2033. With this consistent growth, the surge arrester industry is expected to reach an estimated valuation of US$ 4,277.3 million by 2033.
The surge arrester industry is being propelled by several key drivers, including the rising demand for electricity across various sectors such as residential, commercial, and industrial. The rapid industrialization and urbanization in developing economies have increased the need for reliable power transmission and distribution systems, bolstering the demand for surge arresters. Furthermore, the rise in the integration of renewable energy sources, such as solar and wind, into the power grid has further accentuated the need for robust surge protection solutions to safeguard sensitive equipment from voltage fluctuations and transient surges. Additionally, stringent government regulations mandating the use of surge protection devices to ensure the safety and resilience of electrical infrastructure have been instrumental in driving the growth of the surge arrester industry.
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Despite the promising growth prospects, the surge arrester industry faces certain restraints that hinder its full potential. One such challenge is the high initial cost associated with installing advanced surge protection systems, which often discourages small-scale enterprises and budget-constrained industries from adopting these technologies. Moreover, the complexity associated with the maintenance and monitoring of surge arresters poses a significant operational challenge for end users, leading to additional maintenance costs and technical expertise requirements. Additionally, the fragmented nature of the market, characterized by the presence of numerous regional and local players, often results in pricing pressures and intense competition, thereby impeding the overall profitability and market consolidation within the surge arrester industry.
The surge arrester industry is presented with several opportunities for growth and expansion. The increasing focus on upgrading aging power infrastructure and the development of smart grids in both developed and emerging economies offer a favorable environment for the adoption of advanced surge protection technologies. Furthermore, the rising investments in the modernization of electrical networks, coupled with the growing awareness regarding the significance of uninterrupted power supply, offer lucrative opportunities for surge arrester manufacturers to expand their product portfolios and cater to the evolving needs of the power transmission and distribution sector.
The surge arrester industry is experiencing a paradigm shift driven by the integration of advanced technologies and the emergence of new trends. One such trend is the increasing integration of Internet of Things (IoT) capabilities in surge protection systems, enabling real-time monitoring, predictive maintenance, and remote diagnostics, thereby enhancing the overall operational efficiency and reliability of surge arresters. Additionally, there is a notable emphasis on the development of compact and high-performance surge arresters that can effectively handle high-energy surges while occupying minimal space within electrical installations.
“The increasing demand for sustainable and eco-friendly surge protection solutions, driven by the global emphasis on reducing carbon emissions, presents a promising avenue for innovation and the development of environmentally responsible surge arrester products.”- says Lead Analyst. opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI)
Key Takeaways from the Surge Arrester Market:
- With a significant market share of 70.5% in 2023, polymeric surge arresters emerged as the leading product type in the surge arrester market.
- The station class segment held a significant share of 33.1% in 2023, establishing its prominence in the industry.
- China is anticipated to emerge as a country with lucrative growth prospects, with a CAGR of 7.40% during the forecast period.
- With a moderate CAGR of 5.10% from 2023 to 2033, the United States retains a significant position in the North American surge arrester industry.
- With a steady CAGR of 4.80% from 2023 to 2033, Canada maintains its relevance within the North American surge arrester industry.
- Germany is the leading surge arrester industry in Europe, with a CAGR of 6.60% through 2033, driven by its strong industrial sector and growing renewable energy sector.
- Italy, maintaining a significant CAGR of 5.50% from 2023 to 2033, sustains its influence in the Europe surge arrester industry.
- France, demonstrating a steady CAGR of 6.30% from 2023 to 2033, solidifies its pivotal position in the Europe surge arrester industry.
- The United Kingdom, exhibiting an average CAGR of 5.80% from 2023 to 2033, presents diverse growth opportunities within the Europe surge arrester industry.
- Spain contributed significantly to the Europe surge arrester industry with a moderate CAGR of 6.20% from 2023 to 2033.
- India, maintaining a notable CAGR of 6.80% from 2023 to 2033, demonstrates significant potential in the Asia Pacific surge arrester industry.
- Japan, exhibiting a substantial CAGR of 6.50% from 2023 to 2033, contributes significantly to the Asia Pacific surge arrester industry.
- ASEAN is projected to be a promising surge arrester market with a notable CAGR of 6.80% from 2023 to 2033.
- Australia and New Zealand (ANZ), demonstrating a notable CAGR of 7.20% from 2023 to 2033, offer promising growth prospects in the Asia Pacific surge arrester industry.
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Competitive Landscape of the Surge Arrester Market
The competition in the surge arrester market is characterized by several key players vying for market share and competitive advantage. Prominent companies in this sector consistently focus on product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position and expand their global footprint.
Industry leaders such as ABB, Siemens AG, and Eaton Corporation have established a strong foothold in the market through their extensive product portfolios, robust distribution networks, and a strong emphasis on research and development initiatives. These companies are known for offering a comprehensive range of surge arrester solutions tailored to meet the specific requirements of diverse industries, including utilities, industrial manufacturing, and commercial sectors.
Regional players such as Littelfuse, Inc. and HAKEL Ltd. have gained significant traction by catering to the surge protection needs of local markets while fostering strong relationships with regional distributors and end-users. These companies often emphasize the development of cost-effective and reliable surge protection products, catering to the demands of small to medium-scale enterprises and residential consumers.
Emerging players, including DEHN SE Co KG and TE Connectivity, are rapidly gaining prominence in the surge arrester market by focusing on technological innovation and the development of advanced surge protection solutions equipped with smart monitoring and diagnostic capabilities. These companies actively invest in research and development activities to introduce novel product offerings that effectively address the evolving challenges associated with power distribution and transmission systems.
Top 10 Key Players in the Surge Arrester Market
- Siemens AG
- ABB AG
- GE
- Schneider Electric SE
- Eaton Corporation
- Hubbell Incorporated
- Megger Group Limited
- Furse Surge Protection
- Ingeteam
- CIRCUTOR
Recent Developments in the Surge Arrester Market:
- Siemens Energy won a contract from the Iraqi Ministry of Electricity for the design, construction, equipment supply, and commissioning of the 400 kV Al Hamudhia substation in Iraq.
- Hitachi ABB Power Grids opened a new surge arrester factory in Xiamen, China. The factory will produce various surge arresters for various applications, including transmission and distribution lines, substations, and industrial facilities.
- Eaton launched a new series of surge arresters designed for harsh environments.
- Raycap developed a new type of surge arrester based on metal oxide varistor (MOV) technology. MOV arresters are known for their high energy absorption capacity and fast response time.
- Leviton introduced a new line of surge arresters designed for residential and commercial buildings.
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Key Segments
By Product Type:
- Polymeric
- Porcelain
By End Use:
- Utilities
- Industries
- Transmission
- Transportation
By Application:
- AIS
- GIS
- Others
By Voltage:
- Medium
- High
- Very High
By Class:
- Secondary Class
- Distribution Class
- Intermediate Class
- Station Class
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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