The global Surge Arrester Market is projected to reach USD 1.9 billion by 2025 from an estimated USD 1.5 billion in 2020, at a CAGR of 4.9% during the forecast period. The rising demand for electricity in APAC and the growing focus of on increasing renewable energy installed capacity are encouraging utilities to invest in the electricity transmission and distribution networks, as well as in electrification projects. These investments, along with investments to replace aging electric infrastructure in North America and Europe are expected to create the demand for surge arrester market.
The utilities segment is expected to lead the surge arrester market
The surge arrester market, by end-user, is segmented into utilities, industries, and transportation. Utilities are the major end-user industry of surge arresters owing to the fact that the sheer size of an electrical network operated by utilities is bigger compared to the industrial and transportation electric infrastructure.
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The medium voltage segment is expected to capture the major share of the Surge Arrester Market
The medium voltage surge arresters segment is expected to be the largest segment by voltage. These surge arresters find common application across end-users from the utilities, industrial, and transportation sectors. The demand for medium-voltage surge arresters is on the rise due to their use in grid-connected renewable power applications as the utilities and plant operators install surge arresters near the point of connection (PoC) to protect the network elements. Major drivers for the rising demand for medium-voltage surge arresters are the growing number of electrification projects in developing countries and the increasing focus on grid modification in developed countries for better integration of renewable energy sources.
Asia-Pacific is expected to be the largest surge arrester market
Rising demand for surge arresters in China, and India are expected to drive the Surge Arrester Market in Asia-Pacific. Surging demand for electricity and the growing need to increase renewable power generation capacity encourage utilities in these countries to invest in transmission and distribution infrastructure. Increased investments in EHV and UHV transmission projects in China and India spur the growth of the surge arrester market in APAC.
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Some of the prominent key players profiled in the Surge Arrester Market are Hitachi ABB (Switzerland), Siemens Energy (Germany), General Electric (US), Eaton (Ireland), and Hubbell (US).