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Market Scenario
Surge Arrester Market Size was valued at USD 2.5 billion in 2022. The Surge Arrester market industry is projected to grow from USD 2.605 Billion in 2023 to USD 3.62 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.20% during the forecast period (2023 – 2032).
Globally, there is increasing demand for power generation, expanding the smart grid network, increasing investment in transmission and distribution facilities, increasing industrialization and energy infrastructure development. The market’s main drivers are increased demand for electrical appliances, deployment of electrical appliances, boost in power generation, and replacement of existing power infrastructure with new ones. North America accounts for the largest share of the global demand for surge arresters led by China, the fastest growing region.
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A further reason for growth in this market is technological advances in the sector. Increasing focus on mitigating power quality issues across industrialized economies due to widespread voltage spikes & surges issues will substantially enhance the adoption of these units. Increasing the share of electricity in total industrial energy consumption due to economic growth & development would also fuel the penetration of the systems.
The factor that restrains the global demand for surge arresters is that competition from the unorganized power sector and arrester installation costs, particularly in developing nations. However, it’s expected to have an edge over rivals and improvements to help players deal with the situation, technology wise, The demand for surge arresters is growing every day, as companies such as Siemens are working tremendously on application-based technology to ensure that the outcome is popular, reliable and secure.
In the locomotive sector the demand for surge arrester is growing. Increasing government efforts towards electrification to boost access to electricity in rural areas coupled with increasing emphasis on commercial facilities operating under harsh weather conditions with high lightning strikes will fuel the growth of the residential & commercial surge arrester industry.
Competitive Dynamics
The surge arrester market is expected to grow in the coming years due to several key drivers, including:
These drivers are expected to create opportunities for growth in the surge arrester market, as more and more industries and individuals seek to protect their electrical equipment from voltage spikes and surges.
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Market Segmentation
The global surge arrester market is bifrucated by type into polymeric & porcelain. The polymeric surge arrester segment led the market owing to the versatility of design, which leads to a wide range of arresters with respect to short-circuit behavior, mechanical properties, and costs. by voltage, the market has been segmented into low, medium & high, by class, the market has been segmented into distribution, intermediate & station. Due to the rise of smart grid infrastructure and an increase of industrialisation in developing countries, the distribution class segment dominates the industry.
The distribution class market in Asia Pacific and South America is projected to rise at the highest CAGR, with growth focused on India , China, Brazil , and Argentina during the forecast period. The global market for surge arresters is segmented into industrial, commercial , and residential applications. Among them, revenue generation from commercial sector is projected to expand at a CAGR of approx. 8.50% during the forecast period.
Regional Outlook
The global surge arrester market stretches across Europe, Asia Pacific, North America and the rest of the world. Over the recent past North America has led the way for surge arresters. The existence of a large pool of surge arrester producers has significantly boosted the growth of this regional market. During the forecast period the European market is projected to have the largest share of the global economy. The ageing of electrical infrastructure and the need to reduce equipment failure triggered by repeated spikes in voltage push the European market.
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