New York, Nov. 06, 2023 (GLOBE NEWSWIRE) -- The global surge arrester market size is expected to expand at ~4% CAGR from 2023 to 2035. The market is anticipated to garner a revenue of USD 3 billion by the end of 2035, up from a revenue of ~USD 2 billion in the year 2022.The growing investment in electricity grids and rising deployment of grids is expected to drive the market growth. Electricity grid investment shot up by roughly 8% in 2022, owing to advanced and emerging nations speeding expenditure to promote and facilitate electrification of buildings, industries, and transportation, as well as to handle fluctuating renewables in the power system.
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As the grid's power loads increase, transient voltage spikes and fluctuations occur, which can be reduced by surge arrestors and prevent the system from failing. Moreover, to meet the Net Zero Emissions by 2050 (NZE) Scenario, investment in smart grids must exceed twofold by 2030, particularly in emerging markets and developing economies (EMDEs).
Improved Technology is to Boost the Growth of Surge Arrester Market
According to government data, the incidence and duration of blackouts are increasing, and a new study demonstrates that they negatively impact already vulnerable groups. For some, power outages are just an inconvenience: they can't charge their phones, their food in the fridge may spoil, and their remote work may suffer. According to EIA data, the typical length of a power outage in the United States increased from around 3.5 hours to more than seven hours between 2013 and 2021. The number of outages per customer per year increased from 1.2 to 1.42. It redirects lightning, controls voltage, and protects parallel-installed equipment. Surge arresters can be used to safeguard anything from a home to a utility substation.
Surge Arrester Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Installment of Renewable Energy Sources is to Boost the Market Growth in Asia Pacific Region
Solar installed capacity in Asia-Pacific exceeded 500 GW in 2021, an increase of nearly 19% over 2020. With capacity predicted to expand by around 2 terawatts by 2030, Asia-Pacific has the potential to become the primary destination for renewable-energy development and investment in the 2020s. Green recovery after a pandemic programme is likely to help the sector grow further. Consumption is expanding faster than in any other part of the world, fueled by growing populations, high growth in economic prospects, and significant potential due to renewables' low market penetration. Because of higher returns particularly in the early stages of projects and the location-related benefits associated with several Asian countries, APAC might become the second-largest offshore wind market, with capacity hitting 78 gigatonnes by 2030.
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Rising Installment of Smart Grids and Development of Smart Cities is to Elevate Market Growth in North America
The National Science Foundation and the National Institute of Standards and Technology have proposed more than USD 35 million in new grants and more than USD 10 million in proposed investments to develop a research infrastructure for Smart Cities. Moreover, over USD 45 million in planned investments and nearly USD 70 million in additional expenditures aim to unleash new solutions in safety, energy, environmental emergency preparedness, shipping, health, and other areas. The rising investment in smart city projects will also increase the establishment of smart grid supply in the region which will also boost the use of surge arresters.
Surge Arrester, Segmentation by Type
- Porcelain
- Polymeric
Surge Arrester, Segmentation by Application
- AIS
- GIS
Surge Arrester, Segmentation by Voltage
- Medium
- High
- Extra-High
Surge Arrester, Segmentation by End User
- Utilities
- Industries
- Transportation
On the basis of end-user, the transportation segment in surge arrester market is expected to dominate the market growth by the end of 2035. The growth of the segment is attributed to rising adoption of electric vehicles. Electric bus usage in urban public transport fleets is increasing throughout the world. It originated in China, and it has taken several years for other regions to catch up. Nevertheless, Europe has also boomed in 2019 will be acknowledged as the year when electric bus sales will have definitively increased. In 2020, six European countries, including the Netherlands, Luxembourg, Norway, Poland, Finland, and the United Kingdom acquired a number of zero-emission buses (battery-electric plus fuel cell buses), accounting for more than 25% of Class I registrations.
Surge Arrester, Segmentation by Class
- Secondary
- Distribution
- Intermedia
- Station
On the basis of class, the station segment in surge arrester market is expected to gain the highest market revenue over the forecasted period. The development of flexible distribution grids is projected to drive segment growth. These grids provide higher protection and reduce energy waste and watt-loss inside. Transmission across vast distances results in power losses. The majority of energy losses in transformers and power lines are caused by the Joule effect. Heat is lost as energy in the conductors. The total losses between the power plant and the customer base are generally between 8 and 15%.
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A few of the well-known industry leaders in surge arrester market that are profiled by Research Nester are Siemens AG, General Electric, Schneider Electric, CG Power & Industrial Solutions Ltd, Legrand S.A, Emerson Electric Co., CS Technologies s.r.o, Vertiv Group Corp., TE Connectivity, and Lamco Industries Pvt Ltd.
Recent Developments in the Surge Arrester Market
- General Electric announced the execution of a supply agreement with GreenTech Energy Company (GTE), one of GE's licensed Channel Partners for Jenbacher* gas engines in Russia, for 21 Jenbacher gas engines with a total capacity of 26 megawatts (MW) to be delivered by the end of 2018. GTE will produce "GreenTechPower" packages at a new plant in St. Petersburg. On the basis of GE's Jenbacher gas engines, combined heat and power (CHP) units with single capacities ranging from 1 MW to 1.5 MW will be used to help enhance greener power generation
- Legrand SA has announced the acquisition of 7 manufacturers associated with electrical utilities. Among these manufacturers, the leading Brazillian manufacturer of surge arrester is also included.
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