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  • Surge Arrester Market Forecast Analysis | 2023-2028

    Surge Arrester Market Forecast Analysis | 2023-2028

    Surge Arrester Market Forecast Analysis | 2023-2028
    Report code - SRCE300 Delivery - 2 Weeks
    Surge Arrester Market Size, Share, Trends, Dynamics, Growth, & Forecast Analysis See more...

    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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    What is a surge arrester?

    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.

    Surge Arrester Market Highlights

    Market Size in 2022

    USD 1.69 billion

    Market Size in 2028

    USD 2.33 billion

    Market Growth (2023-2028)

    5.41% CAGR

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    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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    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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    Market Segmentation

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The 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)

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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.

    Research Methodology

    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 10 detailed primary interviews with the market players across the value chain in all four regions and with 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 the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Surge Arrester Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirements?

    10% free customization

    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.

    Frequently Asked Questions (FAQs)

    The surge arrester market was estimated at USD 1.69 billion in 2022.

    The surge arrester market is likely to reach USD 2.33 billion in 2028.

    The surge arrester market is expected to witness an impressive growth of 5.41% CAGR.

    ABB Limited, CG Power and Industrial Solutions Limited, DEHN, Eaton Corporation, General Electric, Hakel, Hubbell Power Systems, INAEL Electrical Systems, Siemens AG, and TE Connectivity are among the key players in the market.

    Europe is expected to be the leading market.

    The industrial segment is expected to account for the major share of the market.

    The polymer material is expected to register a high growth rate in the market.

    Growing electricity demand, large-scale renewable integration, refurbishment of existing grid networks, and increasing electric infrastructure spending are the factors driving the growth of the market.