The global surge arrester market is valued at US$ 2.01 billion in 2023 and is expected to grow to US$ 3.26 billion by 2033, reflecting a compound annual growth rate (CAGR) of 5% over the forecast period from 2023 to 2033.
Surge arresters, also known as lightning arresters, play a crucial role in safeguarding electrical equipment from voltage spikes, particularly in the case of lightning strikes or sudden surges in power lines. These devices help prevent damage to critical components of electrical systems, such as transformers, substations, and distribution networks, by diverting excess voltage to the ground. The surge arrester market has seen significant growth in recent years, driven by the increasing need for reliable power infrastructure and the growing trend of electrification across various sectors. With the rise of smart grids, renewable energy integration, and the expansion of transmission and distribution networks worldwide, surge arresters have become a key component in modern electrical systems.
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Surge Arrester Market Outlook
The outlook for the surge arrester market is highly promising, with continued growth expected over the next decade. This growth is driven by a combination of factors, including the expansion of power transmission networks, rising investments in renewable energy projects, and the increasing focus on grid stability and reliability. Governments and private sector players are investing in upgrading and modernizing aging electrical infrastructure to accommodate growing electricity demand, especially in fast-developing regions such as Asia-Pacific, Latin America, and Africa.
Additionally, as extreme weather events become more frequent due to climate change, there is an urgent need for surge protection to mitigate the impact of lightning strikes and other natural phenomena on power systems. This will further fuel demand for surge arresters in regions prone to storms, hurricanes, and other weather-related disturbances.
Looking ahead, technological advancements in surge arrester materials and design are expected to enhance their performance, leading to more efficient and cost-effective solutions. Manufacturers are focusing on improving the durability and operational longevity of arresters to meet the stringent demands of modern power networks.
Surge Arrester Market Growth
The global surge arrester market is experiencing consistent growth, driven by the increasing need to protect power systems from electrical surges. The rapid industrialization and urbanization occurring in emerging markets have led to a surge in electricity consumption, necessitating the development of extensive electrical infrastructure. This infrastructure needs protection from the damage that can be caused by sudden voltage increases, which has directly contributed to the rising demand for surge arresters.
In more developed regions, growth is also supported by the need to replace aging electrical equipment and modernize grid systems. As older electrical systems are upgraded or replaced, newer and more advanced surge arresters are being installed to ensure that the infrastructure can withstand modern power demands.
The renewable energy sector is another key growth driver for the surge arrester market. With the increasing adoption of solar, wind, and hydropower projects, the need for robust surge protection is on the rise. These installations require surge arresters to prevent damage to sensitive equipment from environmental factors and grid fluctuations.
List of Key Companies Profiled in The Report
Eaton
Mitsubishi Electric
Toshiba
Hubbell
Legrand
Meidensha
Tripp Lite
ABB Ltd
Others
Surge Arrester Market Recent Industry News
Recent industry news has highlighted several key developments in the surge arrester market. Companies are increasingly focusing on innovation, developing new materials and technologies to improve the performance and longevity of surge arresters. For example, manufacturers are investing in polymer-based surge arresters, which offer better resistance to environmental factors and longer operational life compared to traditional porcelain-based arresters.
In addition, several manufacturers have announced plans to expand their production capacity to meet the growing demand for surge arresters in both developed and developing markets. This expansion is driven by the need for surge protection in new power projects, including renewable energy installations and grid modernization efforts.
The industry is also witnessing increased collaboration between power companies and surge arrester manufacturers to develop custom solutions tailored to specific grid requirements. These partnerships are focused on ensuring that surge arresters can provide the necessary protection in increasingly complex and dynamic power systems.
Surge Arrester Market Notable Developments
Several notable developments have shaped the surge arrester market in recent years. One major trend is the shift toward polymer-based surge arresters, which are gaining popularity due to their superior performance in harsh environmental conditions. These arresters are lighter, more durable, and offer better insulation properties than traditional porcelain-based models, making them suitable for use in areas with extreme weather conditions.
Another key development is the growing focus on smart surge arresters, which are equipped with sensors and monitoring systems that can provide real-time data on power surges and arrester performance. This allows utilities to detect and address issues before they lead to equipment failure, improving grid reliability and reducing maintenance costs.
Competitive Landscape
The competitive landscape of the surge arrester market is characterized by companies expanding their range of surge protection solutions to cater to various voltage levels, industries, and applications, enabling them to attract a broader customer base and increase market share.
Key players are also driving revenue growth by developing innovative surge arrester products with advanced features, enhanced performance, and broad compatibility across different applications.
In July 2021, General Electric (GE) secured a supply agreement with GSI Helmholtzzentrum für Schwerionenforschung, a prominent research institution managing an ion accelerator complex in Darmstadt, Germany. Under this contract, GE is providing the facility with its advanced LV8 platform, which includes power transformers, medium voltage switchgear, surge arresters, and other essential components.