Surge Arrester Market size was over USD 2.19 billion in 2024 and is projected to reach USD 3.88 billion by 2037, growing at around 4.5% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of surge arrester is assessed at USD 2.27 billion. The growth of the market can be attributed to the growing demand for electricity. As demand rises, the power loads on the grid increase, which leads to transient voltage spikes and fluctuations, which can be mitigated by surge arrestors, and save the grid from any malfunctioning. In comparison to the growth rate of 2022, the electric demand in the world is expected to increase by a faster rate of 3% between the years 2023-2025.
In addition to these, factors that are believed to fuel the market growth of surge arresters are the growing deployment of smart grids. Smart grids are even more complex than traditional lines. They incorporate advanced communications; this complexity increases the chances of electrical failures and other disturbances. Owing to this the need for surge arrestors increased to ensure continuous data flow.
Growth Drivers
Challenges
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
4.5% |
|
Base Year Market Size (2024) |
USD 2.19 billion |
|
Forecast Year Market Size (2037) |
USD 3.88 billion |
|
Regional Scope |
|
Type (Porcelain, Polymeric)
The polymeric segment is estimated to hold 70% share of the global surge arrester market in the year 2037. The growth of the segment can be attributed to the rising benefits of polymeric surge arrestors. For instance, they are light in weight and require no or little maintenance. They are rapidly gaining popularity owing to their increasing capacity to handle high energy and they are the best suitable and give the best performance in a tainted environment.
Class (Secondary, Distribution, Intermedia, Station)
Surge arrester market from the station segment is expected to garner a significant share of around 34% in the year 2037. The deployment of flexible distribution grids is expected to drive the growth of the segment. These grids offer better protection and minimized the energy waters or any watt-loss internally. Moreover, some features of the stationary class, such as the capability of handling high pressures, resistance to any contamination, and huge durability are expected to bring lucrative opportunities for the segment’s growth.
Our in-depth analysis of the global market includes the following segments:
|
Type |
|
|
Voltage |
|
|
Class |
|
|
Application |
|
|
End User |
|
APAC Market Forecast
Asia Pacific industry is set to dominate majority revenue share of 35% by 2037. The growth of the market can be attributed majorly to the rise in the establishment of renewable energy facilities. For instance, Tata Power has announced setting the country’s first solar plant exclusives for captivating the need of the residential sector. The project will begin by October 2023 and will provide green energy at 40% less than the current price. Furthermore, the development of emerging economies has boosted has led to unprecedented demand for surgery arrestors in the region.
North American Market Statistics
The North America surge arrester market is estimated to be the second largest, registering a share of about 28% by the end of 2037. The growth of the market can be attributed majorly to the rising investment plans by the government for the expansion of the smart grid. For instance, the US government started the Smart Grid Investment Grant (SGIG) programs focus on modernizing the electrical grid of the region, most of the transmission lines are over 40 years old, under this program, the government supported around 99 projects and covered the 50% of the total cost of the project.
Author Credits: Richa Gupta
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?