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Rising Demand for Renewable Energy Sources is Driving the Surge Arrester Market
The surge arrester market facilitates protection of critical power infrastructure and components from transient overvoltages and surges induced by lightning strikes, electrostatic discharge, and electromagnetic interference. Surge arresters find wide application in transmission lines, distribution lines and circuits to safeguard sensitive electronic equipment from high voltage transients. They play a pivotal role in ensuring uninterrupted power supply and maintaining grid stability.
The surge arrester market is estimated to be valued at USD 1.85 Bn in 2024 and is expected to reach USD 2.73 Bn by 2031, growing at a compound annual growth rate (CAGR) of 5.72% from 2024 to 2031.
Key Takeaways
Key players operating in the surge arrester market are ABB, Siemens, Eaton, Schneider Electric and General Electric. These industry leaders command major market share through continuous product innovation and strategic collaborations.
Surge Arrester Market Demand is driven by rising energy consumption patterns across developing economies of Asia Pacific and Middle East and Africa. Rapid urbanization and industrialization have amplified the need for reliable power infrastructure.
Globally, surge arresters witnesses augmented sales opportunities with transition towards smart grids and smart cities. Their installation ensures uninterrupted power flows to critical infrastructure and allows integration of distributed energy resources.
Market key trends:
One of the key trends gaining traction in the surge arrester market is the increasing adoption of polymeric housing surge arresters. These offer benefits such as lower cost, enhanced reliability and reduced maintenance over conventional zinc-oxide based metal-oxide surge arresters. Manufacturers are focused on developing polymerichoused arresters suited for extreme climatic conditions and offshore applications to capture new revenue streams.
Porter’s Analysis
Threat of new entrants: Low setup cost enables new companies to enter the market easily but established brands have strong customer loyalty.
Bargining power of buyers: Large buyers can negotiate better prices but surge arresters are necessity for grid infrastructure so demand is inelastic.
Bargaining power of suppliers: Few large multinational companies dominate supply but local technoloy providers ensure competitive pricing.
Threat of new substitutes: No close substitutes exist for surge arresters due to grid safety requirements.
Competitive rivalry: Intense competition on pricing and product quality among global and local manufacturers keeps prices low.
North America holds the largest share in the global surge arrester market, owing to wide installation of surge arresters in transmission and distribution networks in the region. Power transmission infrastructure in U.S. and Canada is well established and regularly requires maintenance and upgradation. This demands a constant need for surge arresters. Asia Pacific region is expected to grow at the fastest rate due to increasing investments power sector and rising energy demand from developing economies such as China and India. Countries are extensively investing in T&D networks to ensure reliable supply and expand access to electricity in rural areas.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.
