How Has The Computer Vision in Surge Arrester Market Size Evolved In Recent Years?
The surge arrester market has seen considerable growth due to a variety of factors.
• In recent years, the market for surge arresters has seen robust growth. Its size is projected to increase from $2.28 billion in 2024 to $2.46 billion in 2025, with a compound annual growth rate (CAGR) of 7.6%.
The significant growth historically is due to factors such as increased power demand, escalated government backing for energy infrastructure, stable economic expansion in emerging markets, and rising investments in transmission and distribution (T&D) networks.
What Is the Forecasted Market Size and Growth Rate for The Surge Arrester Market?
The surge arrester market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the surge arrester market is anticipated to witness robust growth over the coming years, reaching $3.34 billion by 2029, with a compound annual growth rate (CAGR) of 7.9%.
This progression during the projected period can be credited to a rising demand for electricity, amplified investments in renewable energy, and swift industrialization accompanied by growth in manufacturing sectors. Significant trends projected for this period include the emphasis on creating cutting-edge technological solutions, launching of IoT (internet of things) connected devices and solutions, expansion of production facilities, and focus on mergers and acquisitions.
What Factors Are Driving Growth In The Surge Arrester Market?
The surge in electricity demand fosters market expansion. This rise in electricity demand is linked to burgeoning populations and a growing reliance on electrical and electronic devices, particularly in countries on the rise like China, India, Brazil, and a selection of African nations. For example, the World Economic Forum, a non-governmental organization based in Switzerland, forecast in August 2024, that there will be a sizable increase in electricity demand, approximately 4% in 2024, compared to 2.5% in 2023. The contribution of renewable electricity sources is also expected to witness significant growth, from 30% in 2023 to 35% in 2025. Therefore, the surge in electricity demand is a key factor propelling growth in the surge arrester market.
What Key Areas Define The Segmentation Of The Global Surge Arrester Market?
The surge arrester market covered in this report is segmented –
1) By Type: Polymeric, Porcelain
2) By Voltage Type: Low Voltage Surge Arresters, Medium Voltage Surge Arresters, High Voltage Surge Arresters
3) By End-User: Utilities, Industries, Transportation, Other End-Users
4) By Application: AIS (Air Insulated Switchgear), GIS (Gas Insulated Switchgear)
5) By Class: Distribution Class, Intermediate Class, Station Class
Subsegments:
1) By Polymeric: Silicone Rubber Surge Arresters, Ethylene Propylene Diene Monomer (EPDM) Surge Arresters
2) By Porcelain: Station Class Porcelain Surge Arresters, Distribution Class Porcelain Surge Arresters
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How Are Emerging Trends Reshaping The Dynamics Of The Surge Arrester Market?
Key players in the surge arrester sector are dedicated to crafting innovative technological strategies to bolster their standing in the industry. For instance, Hitachi ABB Power Grids (now known as Hitachi Energy), a Swiss enterprise specializing in the production and development of power transformers and substations, unveiled a new digital solution in November 2022. This solution, named the Wireless Spark Prevention Unit (SPU) Indicator, aims to bolster grid resilience against wildfires. It aids utilities in preserving crucial assets by offering remote monitoring and enhancing the planning for maintenance and replacement.
Who Are the Key Players in the Surge Arrester Market?
Major companies operating in the surge arrester market include:
• Siemens Energy
• General Electric
• Schneider Electric
• Hubbell
• Hitachi
• CG Power And Industrial Solutions Ltd
• Mitsubishi Electric
• Legrand Sa
• Eaton Corporation Plc
• Meidensha
• Valuepower Earthing Private Limited
• Ideal Engineers
• Pentagon Earthing & Lightning Arrester
• Abcot Lighting Protection System Private Limited
• Hangzhou Yongde Electric Appliances Co Ltd
• Yueqing Sarah Electrical Technology Co Ltd
• Wenzhou Yikun Electric Co. Ltd
• Yueqing Wortai Electric Co. Ltd
• Zhejiang Haivo Electrical Co. Ltd
• Zhejiang Zhongneng Electrical Co. Ltd
• Otowa Electric Co. Ltd
• Ngk Insulators
• Abb
• Emerson Electric
• Hakel Spol. S R.
• Vertiv
• Te Connectivity
• Lamco
• Leviton Manufacturing
• Raycap Corporation Sa
• Interconexion Electrica
• Enel X
• Al Yamuna Densons
• Dehn
• Saudi Electricity Company
What Is The Most Dominant Region In The Surge Arrester Market?
North America was the largest region in the surge arresters market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the surge arrester market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
