Westford, USA, Dec. 11, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that surge arrester market size will attain the value of USD 2.87 Billion by 2031, with a CAGR of 4.7% during the forecast period (2024-2031). The surge arrestor industry will continue to grow on factors such as increasing flexibility in the power grid, increased focus on renewable energy and increasing lightning protection needs in residential and commercial sectors. The surge arrester industry grows because of the new demand for smart grid infrastructure, replacing old equipment and bringing new end-use industries, particularly in renewable energy projects. Surge arresters also play a crucial role in guard electrical equipment, in the transmission and distribution networks.
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Surge Arrester Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 1.98 Billion |
| Estimated Value by 2031 | USD 2.87 Billion |
| Growth Rate | Poised to grow at a CAGR of 4.7% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Class, Voltage Level, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Rising Awareness about Equipment Protection |
| Key Market Opportunities | Adoption of Smart Grids and Advanced Power Systems |
| Key Market Drivers | Rising Demand for Electrical Equipment Protection |
Polymeric Segment to Dominate Due to Huge Investment in the Current Electricity Infrastructure
As per the surge arrester market outlook, the polymeric segment is dominating and held the largest share in 2023. Polymers are expected to hold a high market share due to their ability to operate in a wide range of voltages. The huge investment in the current electricity infrastructure will further boost the market globally. This will also benefit greatly from increased demands from many organizations to combat system inefficiencies.
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Industrial Segment is Growing Due to Increasing Power Quality Problems
On the other hand, the industrial segment is predicted to be the fastest growing region during the forecast period. The demand for reliable lightning protection systems will increase as developed countries face increasing power quality problems, especially high voltage and high voltage. The increasing awareness of energy efficiency is driving the demand for high-end technologies aimed at providing stable and reliable energy. Moreover, the share of electricity consumption in total energy consumption increases with gradual economic and technological development. This factor will further increase the demand for efficient power management systems.
Asia-Pacific is Growing Due to Greater Acceptance of Precision Agricultural Practices
As per the surge arrester market analysis, Asia Pacific had the largest market share. Moreover, its growth is also projected to witness a CAGR of 4.8% during the forecast period. This is due to increasing investments in smart grid, renewable energy projects, public infrastructure, residential buildings, and other such sectors. Asia-Pacific is the region with the largest consumer base in the global surge arrester market due to the presence of important developing economies such as China, India, Japan, and Australia. Asia Pacific is witnessing increasing demand for electronics and increasing disposable income, leading to growth.
Surge Arrester Market Insights:
Drivers
- Increasing Investments in Power Infrastructure Development.
- Rising Demand for Electrical Equipment Protection.
- Growing Integration of Renewable Energy Sources.
Restraints
- High Installation and Maintenance Costs.
- Availability of Low-Cost Substitutes.
- Challenges in Harsh Environmental Conditions.
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Prominent Players in Surge Arrester Market
- Hitachi ABB
- Siemens
- Schneider Electric
- General Electric
- Eaton
- Mitsubishi Electric
- Toshiba
- Hubbell
- Legrand
- CG Power
- Meidensha
Key Questions Answered in Surge Arrester Market Report
- Who are the key players in the market?
- Which is the dominating region in the market?
- What are the key drivers of the market?
- Which is the growing region in the market?
This report provides the following insights:
Analysis of key drivers (rising demand for electrical equipment protection), restraints (high installation and maintenance costs), opportunities (adoption of smart grids and advanced power systems) influencing the growth of surge arrester market.
- Market Dynamics: Comprehensive information about the various products offered by the dominant players in the surge arrester market.
- Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the surge arrester market.
- Market Growth: Detailed information on profitable growing industries.
- Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
- Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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