Rising demand for reliable and continuous power supply is a major factor driving Surge Arrester market revenue growth
Vancouver, Dec. 19, 2023 (GLOBE NEWSWIRE) -- The global surge arrester market size was USD 1.66 Billion in 2022 and is expected to register a steady revenue CAGR of 4.7% during the forecast period, according to latest analysis by Emergen Research. Smart grid integration of energy sources into existing electrical grids is a key factor driving market revenue growth. Surge arresters are critical components in Transmission & Distribution (T&D) networks to protect electrical equipment, which are used in substations, transmission lines, and other electrical network components. Hv Circuit Breaker
The development of a smart grid relies on modern digital communication technologies. Through these technologies, the power grid can establish communication with cellular towers, enabling the transmission of crucial parameters such as instantaneous power usage, cumulative power usage, maximum demand, and other relevant information. This real-time data exchange empowers consumers with detailed insights into their energy usage patterns and allows them to make informed decisions about their consumption.
In addition, many countries across the globe are implementing these grids, which is another key factor driving revenue growth of the market. For example, Taiwan is embracing smart grid technology to improve its energy efficiency, reduce its dependence on fossil fuels, and increase the share of renewable energy in its energy mix. Taiwan's government has established ambitious goals for the advancement of smart grid technology. By 2025, their objective is to deploy 3 million smart meters nationwide, reaching approximately 80% of households in the country. This initiative reflects the government's commitment to modernizing the energy infrastructure and promoting efficient energy management through the widespread adoption of smart grid solutions.
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Moreover, rising demand for reliable and continuous power supply is also expected to drive market revenue growth during the forecast period. Power surges pose a significant risk to electrical and electronic equipment. In today's technology-driven world, where equipment is becoming increasingly sensitive to voltage fluctuations, the need for effective surge protection has become paramount. Surge arresters are essential for safeguarding valuable equipment, such as computers, servers, telecommunication systems, industrial machinery, and medical devices, from damage caused by voltage surges.
However, high initial cost can act is a major factor, which could restrain market revenue growth. Surge arresters, especially those designed for high-voltage applications, can be relatively expensive. The initial cost of purchasing and installing surge arresters may act as a restraint for some end-users, particularly in cost-sensitive sectors or regions with budget constraints. The higher cost of surge protection systems can sometimes limit their widespread adoption.
Revenue in USD Billion and CAGR in % from 2023 to 2032
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Type, technology, voltage rating, application, end-use, and region
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
Hitachi Energy Ltd., Emerson Electric Co., Siemens, Schneider Electric, General Electric, Eaton, Wilson Transformers, Mitsubishi Electric Corporation, Bharat Heavy Electricals Limited, CG Power & Industrial Solutions Ltd., HPL, Toshiba Corporation, and Hubbell
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Major Companies and Competitive Landscape
The global surge arrester market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective products. Some of the major companies included in the surge arrester market report are:
CG Power & Industrial Solutions Ltd.
On 1 November2, 2020, Hitachi ABB Power Grids has recently opened a new surge arrester factory in China in response to the rising demand for secure and dependable energy solutions. This new facility has been relocated from the previous manufacturing site in Shenzhen to the company's hub site in Xiamen, situated in the southeast of Fujian Province. The factory features automated production lines and is designed with a strong focus on safety and environmental sustainability. This expansion allows Hitachi ABB Power Grids to enhance its production capacity in China and cater to increasing market requirements.
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Some Key Highlights from the Report
The Metal-Oxide Varistors (MOV) segment accounted for largest revenue share in the global surge arrester market in 2022. This is because MOV components provide an additional layer of protection against surges that exceed the capabilities of spark gaps. These consist of multiple layers of zinc oxide particles that act as resistors when exposed to high voltages. This unique property allows MOVs to absorb excess energy, preventing it from reaching sensitive equipment.
The Gas-Insulates Substation (GIS) segment is expected to register steadily fast revenue growth rate in the global surge arrester market over the forecast period. This is due to increasing use of GIS devices, which have conductors and isolators enclosed within a sealed environment, separating them from the external atmosphere. As a result, GIS devices experience significantly reduced exposure to environmental factors that can cause wear and tear. In addition, modern GIS devices are designed with advanced sealing mechanisms, resulting in very low leakage rates of SF6 gas, which is commonly used as an insulating medium in GIS.
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Emergen Research has segmented the global surge arrester market on the basis of type, technology, voltage rating, application, end-use, and region:
Type Outlook (Revenue, USD Billion; 2019-2032)
Technology Mode Outlook (Revenue, USD Billion; 2019-2032)
Voltage Rating Outlook (Revenue, USD Billion; 2019-2032)
Medium Voltage (1 kV - 72.5 kV)
Application Outlook (Revenue, USD Billion; 2019-2032)
End-use Outlook (Revenue, USD Billion; 2019-2032)
Regional Outlook (Revenue, USD Billion; 2019–2032)
Rest of Middle East & Africa
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