The global surge arrester market is expected to reach US$ 1.5 billion in 2021, representing a 4.1% year-on-year increase. Surge arrester sales are expected to grow at a 5.0% CAGR and reach a valuation of US$ 2.6 billion by 2032.
Growth can be attributed to rising global energy demand, rapid industrialization, and improved urban infrastructure. Furthermore, rising investments in smart cities are expected to drive a surge in arrester demand in the coming years.
During the forecast period, significant advancements in the electrical industry are expected to boost surge arrester sales. Surge arresters are becoming an increasingly important part of the electrical infrastructure.
These devices protect equipment from voltage surges, which can be dangerous and result in energy losses. Surge arresters are frequently required by safety regulations, and their installation can aid in the reduction of losses in the event of a power outage. According to estimates, the surge arrester market accounts for about 1% of the global electrical equipment market.
Sales of surge arresters increased at a 2.3% CAGR from 2017 to 2021, with a significant drop in sales in 2020 due to the global pandemic. China, Germany, Japan, the U.S., and India are expected to account for a significant share in the surge in arrester demand.
Demand is expected to rise soon as governments around the world launch initiatives to improve electrical power supply and provide funding for grid infrastructure and modernization.
Energy departments have invested heavily in grid modernization, to reorganize collaborative efforts with research institutions to upgrade the national grid. Furthermore, rapid industrialization in developing countries, as well as increased power generation capacity, will drive a surge in arrester market growth.
Total sales in the US market are expected to reach around US$ 240 Mn in 2022, according to FMI. Furthermore, due to an increase in electricity usage and increased load on transmission lines, which causes wear and tear, the use of surge arresters is expected to grow. Sales of surge arresters fell by 20-30% as a result of the COVID-19 pandemic in 2020.
China is a lucrative market for surge arrester manufacturers and suppliers. During the forecast period of 2022 to 2032, the market is expected to provide an absolute incremental opportunity worth more than US$ 0.18 billion. China’s dominance in the global surge arrester market is being bolstered by rising industrial and residential electrification demand.
Germany is expected to account for nearly 19.7% of the Europe surge arrester market share by the end of 2022. This growth is attributable to the increasing awareness about the surge of arresters in the country.
Surge Arrester Market By Category
By Product Type:
By End Use:
- Very High
- Secondary Class
- Distribution Class
- Intermediate Class
- Station Class
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa