Surge Arrester Market Analysis

Surge Arrester Market Analysis

The medium voltage surge arrester market held the major market share of over 40% in 2022 and is projected to witness 5% growth till 2032. The product ranging from 1kV to 36kV are will see noteworthy growth by 2032 owing to the ongoing urbanization, industrialization, and infrastructure development projects globally, specifically in developing nations. The growing adoption of renewable energy sources such as solar and wind power has resulted in the integration of these energy sources into existing electrical grids. Furthermore, rising penetration of residential and commercial establishments have stimulated a demand for effective and reliable distribution networks and will complement the product penetration by 2032. The market for low voltage surge arrester is likely to cross USD 780.5 million by 2032 owing to growing electricity demand globally.

The distribution surge arrester market was assessed at over USD 450 million in 2022 and is expected to cross USD 800 million by 2032. The Distribution class is specifically designed to safeguard electrical systems that have voltage ratings between 1 kV and 33 kV. Additionally, the distribution class includes both heavy-duty and normal-duty riser pole classifications, as well as specialized application arresters such as dead front elbow and riser pole variants. These systems have gained significant popularity in various industries due to their reliable protection of diverse equipment, therefore driving the product penetration around the globe.
 

The residential and commercial sectors reached an annual installation of over 6.5 million units in 2022 and is will note installation of over 15 million units in 2032. The growing focus on integrating extensive frequency distribution networks, coupled with the escalating concerns regarding over voltages, will foster the demand for surge arresters in residential and commercial settings. As the rural population continues to migrate to urban areas and the commercial sector expands, there is a higher installation rate of these systems in these sectors.

Governments worldwide are increasingly refurbishing existing power grids to address the frequent occurrence of power outages caused by lightning impulses, voltage spikes, and internal system faults. For example, in Australia, approximately 97% of blackouts are attributed to network faults and incidents, resulting in disrupted operations at commercial facilities and therefore stimulating surge arresters market demand across the country.

Asia Pacific surge arrester market is poised to attain 4.5% gains between 2023 and 2032 due to soaring population growth resulting in growing reliable electricity demand. The regional market will experience significant growth due to strong government support for transmission and distribution (T&D) refurbishment projects, as well as ongoing investments in the industry and utility-based electrification systems. The region's increasing emphasis on reducing transmission and distribution losses and the trend of expanding overhead electric lines have driven manufacturers to prioritize the development of energy-efficient and dependable products. Policymakers are particularly focused on improving access to electricity in remote areas to address the existing energy access challenges, which contributes to the overall industry progression.