(MENAFN- EIN Presswire) Surge Arrester
Surge Arrester Market is estimated to hit USD 2.2 billion by 2031
WILMINGTON, DELAWARE, UNITED STATES, September 7, 2023/EINPresswire/ --
The surge arrester market size was valued at $1.4 billion in 2021, and is estimated to reach $2.2 billion by 2031, growing at a CAGR of 4.5% from 2022 to 2031.
A surge arrester, also known as a lightning arrester or a surge protector, is a protective device used in electrical systems to safeguard equipment and circuits from voltage surges, transient overvoltages, and lightning strikes. Voltage surges can result from varifactors, including lightning strikes, switching operations, or faults in the power grid. Surge arresters provide a low-resistance path for these excess voltages to be safely diverted to the ground, preventing damage to sensitive electrical and electronic devices.
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Asia-pacific is expected to grow at the fastest rate, registering a CAGR of 4.8%, throughout the forecast period.
The key players in the market are
Hitachi
ABB
Siemens Energy
General Electric
Eaton
Hubbell
CG Power
Schneider Electric
Meidensha
Mitsubishi Electric
Toshiba
The companies involved in the manufacturing of surge arresters foon reducing the cost of surge arresters, which will provide more benefits to the consumers. This development will help the surge arresters to penetrate more in the market. The surge arresters find their applications in diverse sectors such as commercial, industrial, and residential.
Industrial end-user is the fastest-growing segment in the global surge arrester market, expected to grow at a CAGR of 5.0% during 2021–2031.
In 2021, the polymeric surge arrester segment accounted for about 69.5% of the share in the global surge arrester market, and is expected to maintain its dominance till the end of the forecast period.
In 2021, the medium voltage range segment accounted for 44.8% surge arrester market share in the year 2021.
Asia-Pacific and Europe market for surge arrester are the top investment pockets, owing to varifactors such as growing transmission & distribution network, increased use of smart grid, and rise in demand from residential sector owed to electricity connectivity in remote areas.
The market is consolidated in nature, and is expected to grow at a significant rate during the forecast period. This is attributed to rise in demand for protection of electrical and electronics devices from sudden power surges.
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Applications of Surge Arresters:
Electrical Grids: Surge arresters are used throughout the electrical grid, from power generation facilities to distribution networks, to protect transformers, circuit breakers, and other critical equipment.
Buildings: Surge arresters are commonly installed in residential, commercial, and industrial buildings to protect sensitive electronic devices, including computers, televisions, and appliances, from voltage surges.
Telecommunications: Surge arresters are used in the telecommunications industry to protect equipment, such as cell towers, data centers, and network infrastructure, from lightning-induced surges.
Renewable Energy Systems: Surge arresters are used in renewable energy systems, such as solar and wind installations, to protect inverters and other electronic components from surges.
The increased emphasis on boosting renewable energy installed capacity, are prompting private companies to invest in electricity transmission and distribution networks, as well as electrification projects, which further promotes the market growth for surge arresters.
The surge arrester industry is not heavily regulated by government across the globe. There are several certifications for different materials of surge arresters that are needed to be acquired by manufacturers.
Manufacturer are required to consider spacings, power concerns, and isolation requirements in the design phase and overcurrent protection requirements.
There are regulations that require consideration of geographic locations of the country, whether it is an area with extra power surges and lightening incidences and frequency of such events.
Enquiry Before Buying:
There are different standards defined for different low voltage range, high voltage range, and medium voltage range surge arresters. It also varies according to the material of surge arresters.
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