Surge arresters are devices that protect electrical equipment from over-voltage surges caused by external events such as lightning strikes, switching operations and nearby faults. They divert excess electric current to ground to prevent equipment damage and minimize risk of service interruption. Surge arresters are an integral part of substations and transmission lines where they safeguard critical equipment like transformers, circuit breakers and other switchgear. Rise in investments towards modernization of aging power infrastructure and construction of new transmission networks across developed and developing regions is expected to drive the global surge arrester market. With growing electrification and emphasis on universal electricity access, demand for reliable power supply will increase substantially which will necessitate installation of robust grid protection systems using surge arresters.
The surge arrester market is estimated to be valued at USD 1.85 Bn in 2024 and is expected to reach USD 2.73 Bn by 2031, growing at a compound annual growth rate (CAGR) of 5.72% from 2024 to 2031.
Key Takeaways
Key players - The major players operating in the surge arrester market are ABB Ltd., Siemens AG, Eaton Corporation, Emerson Electric, Schneider Electric, Mitsubishi Electric Corporation, General Electric, Crompton Greaves, and Legrand.
Growing demand - Rapid industrialization and urbanization in emerging economies have increased electricity consumption substantially Surge Arrester Market which is driving investments towards grid expansion. This will augment the demand for surge arresters to safeguard new transmission assets.
Technological advancement - Ongoing research and development is helping manufacturers introduce novel surge arrester designs with improved performance characteristics like small size, light weight, high surge handling capability and self-monitoring features for condition assessment.
Market Trends- Use of nanomaterials - Ongoing R&D for manufacturing surge arresters using nanomaterials like aluminum oxide nanofibers promises performance enhancement in terms of response time and durability.- Smart grid integration - Modern surge arresters equipped with embedded sensors and IoT capabilities allow remote monitoring and help enable functionalities like predictive maintenance in smart grid applications.
Market Opportunities - Renewable energy integration - Increasing share of volatile renewable energy like solar and wind in the power mix raises grid instability issues necessitating advanced surge protection solutions.- Rural electrification programs - Government initiatives worldwide to provide electricity access to remote rural communities through micro-grids and decentralized systems present an opportunity for supplying matching surge arresters.
Impact of COVID-19 on Surge Arrester Market Growth:The COVID-19 pandemic has significantly impacted the surge arrester market growth. During the initial phases of lockdown across major economies, the demand from the utilities sector saw a sharp decline due to disrupted supply chains and halted construction activities. This led to a reduction in demand for arresters from the transmission and distribution networks. However, as lockdowns eased, the focus shifted to strengthening the power infrastructure with improved surge protection systems. This fuelled demand from the renewable integration and grid stability applications. Furthermore, the pandemic highlighted the importance of reliable electricity networks. Many governments announced economic stimulus packages focusing on modernizing the aging power infrastructure. This provided an impetus to invest in advanced surge protection technologies. The popularity of work from home culture also enhanced the requirement for robust household electrical safety mechanisms using surge arresters. The replacement of obsolete surge protection devices further supported market expansion. Overall, while witnessing short term contraction, the surge arrester market is anticipated to regain growth momentum in the coming years backed by grid hardening initiatives and incorporation of smart grid technologies.
Geographical Regions with Highest Surge Arrester Market Value:The Asia Pacific region dominates the global surge arrester market in terms of value. This is majorly attributed to the massive investments directed towards modernizing the electricity infrastructure in populous countries like China and India. Both nations are intensely focusing on integrating renewable resources into their grid networks. This amplifies the necessity for flexible surge protection solutions to ensure grid reliability. Additionally, rapid urbanization and industrialization have led to increased power demand alongside aging transmission systems in the Asia Pacific. This catalyzes the replacement activities and drives the regional market size.
Fastest Growing Regional Market for Surge Arresters:The Middle East and Africa surge arrester market is poised to witness the highest growth rate during the forecast period. This is owing to the ongoing initiatives forcapacity expansion of transmission and distribution networks across Gulf countries and Sub-Saharan Africa. The significant renewable expansion projects under construction also necessitate robust surge protection for wind and solar installations. Furthermore, investments into smart grid technologies are rising to enhance power quality amid rising electricity demand from rising populations. These factors are expected to contribute significantly to the accelerated surge arrester market growth within the Middle East and Africa region over the coming years.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
