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Surge Arrester Market Size

Report ID: GMI2544
Published Date: May 2023
Report Format: PDF

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Surge Arrester Market Size

Surge Arrester Market surpassed USD 1.7 billion in 2023 and is anticipated to register 5.2% CAGR from 2024 to 2032.

The industry is expected to experience growth due to the rising electricity demand from power and heavy industries, as well as commercial facilities. The rising population has resulted in a surge in electricity requirements, prompting utilities to expand their generation capacities and install power protection equipment to ensure a steady and reliable flow of electricity. The aging power infrastructure has led to an increase in transformer and substation failures, compelling authorities in various countries to undertake upgrades and improvements to the electrical systems

Surge Arrester Market Report Attributes
Report Attribute	Details
Base Year:	2023
Surge Arrester Market Size in 2023:	USD 1.7 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	5.2%
2032 Value Projection:	USD 2.7 Billion
Historical Data for:	2019 to 2023
No. of Pages:	580
Tables, Charts & Figures:	806
Segments covered:	Voltage, Class, Material, Application
Growth Drivers:	North America Refurbishment of existing grid networks Rising electric infrastructure spending Europe Rapid smart grid adoption Expansion of sustainable electricity networks Asia Pacific and Middle East & Africa Increasing demand for electricity Large scale renewable integration Latin America Increasing demand for sustainable electrical networks
Pitfalls & Challenges:	Fluctuating raw material cost

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Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of surge arrester surpassed USD 1.7 billion in 2023 and is estimated to expand at 5.2% CAGR from 2024 to 2032, attributed to rising electricity demand from power and heavy industries, as well as commercial facilities.

The residential & commercial application segment witnessed an annual installation of over 6.5 million units in 2022 and will note installations over 15 million units in 2032, on account of growing focus on integrating extensive frequency distribution networks, coupled with escalating concerns regarding over-voltages.

Asia Pacific surge arrester industry is poised to attain 4.5% gains during 2023-2032, owing to soaring population resulting in growing reliable electricity demand, in consort with strong government support for T&D refurbishment projects.

TE Connectivity, ABB, General Electric, CG Power & Industrial Solutions Ltd., Eaton, Siemens Energy, Hubbell, Izoelektro, INAEL, S.A., CHINT Group, DEHN SE, Ensto, Elpro, Surgetek, and TDK Electronics AG.