Surge Arrester Market Analysis | 2023-2028

Market Insights

The surge arrester market was estimated at USD 1.69 billion in 2022 and is likely to grow at a CAGR of 5.41% during 2023-2028 to reach USD 2.33 billion in 2028.

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Market Dynamics

Introduction

A surge arrester is basically a device that is used to provide protection to electrical equipment in power transmission and distribution systems, from over-voltage transients caused by external lightning or internal switching events.

Market Drivers

The growth of the surge arrester market is primarily driven by

• Growing electricity demand.
• Large-scale renewable integration.
• Refurbishment of existing grid networks.
• Increasing electric infrastructure spending.

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Key Players

Some of the key players in the market are-

• ABB Limited
• CG Power and Industrial Solutions Limited
• DEHN
• Eaton Corporation
• General Electric
• Hakel
• Hubbell Power Systems
• INAEL Electrical Systems
• Siemens AG
• TE Connectivity.

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Voltage Type

Based on the voltage type, the market is segmented as low, medium, and high. Low voltage is estimated to witness significant growth in the market during the forecast period owing to the growing electrification of rural areas across developing economies coupled with the rapid expansion of residential establishments. On the other hand, medium voltage is also estimated to register significant growth in the market during the forecast period owing to rapid industrialization on account of economic diversification.

By Class Type

Based on the class type, the market is segmented into distribution, intermediate, and station. Distribution class is estimated to witness high growth in the market during the forecast period on account of the superior overvoltage protection provided by it. Further, station class is also estimated to account for a significant share of the market owing to various lucrative features, such as high-pressure relief capability, superior performance to resist contamination, high durability, and excellent cantilever strength offered by it.

By Material Type

Based on the material type, the market is segmented as polymer and porcelain. The polymer material is estimated to register a high growth rate in the market during the forecast period. The growth of the segment is attributed to its extensive suitability across distinct voltage ranges and features, such as easy handling & installation, low manufacturing & operational cost, and reliable performance in harsh environments. Further, porcelain is also estimated to witness significant growth in the market owing to its capability to be self-supporting and resist environmental aging.

By Application Type

Based on the application type, the market is segmented as residential & commercial, industrial, and utility. The industrial segment is estimated to account for the major share of the market on account of the growing focus on mitigating power quality issues across the industrialized economies, fueling the overall industry growth during the forecast period.

Regional Insights

In terms of regions, Europe is estimated to be the leading region in the market during the forecast period owing to growing investments by the government imposing stringent regulations to modernize smart grid infrastructures. In addition, in North America, the U.S. is estimated to account for a significant share of the market on account of increasing investments by utilities toward capital additions coupled with increasing security compliance standards, fueling the regional market growth. Moreover, Asia-Pacific is also estimated to offer substantial growth opportunities over the forecast period.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s surge arrester market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

The surge arrester market is segmented into the following categories.

By Voltage Type

• Low
• Medium
• High

By Class Type

• Distribution
• Intermediate
• Station

By Material Type

• Polymer
• Porcelain

By Application Type

• Residential & Commercial
• Industrial
• Utility

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the material types by application type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.