- Asia Pacific is expected to be the fastest-growing market for surge arresters.
- Europe will be the largest market for surge arresters.
- The medium voltage segment is expected to hold the largest share of the surge arrester market.
The global surge arrester market is projected to grow from an estimated $1.56 billion in 2018 to $2.01 billion by 2023, at a CAGR of 5.11% from 2018 to 2023. The positive growth rate of this market can be attributed to investments in smart grids and energy systems, the need to reduce equipment failure caused by frequent voltage spikes, and aging power infrastructure.
Asia Pacific is expected to be the fastest-growing market for surge arrester
Asia Pacific is expected to be the fastest-growing surge arrester market during the forecast period. The surge arrester market in Asia Pacific is projected to grow at the highest rate followed by North America and Europe. China accounted for the maximum share of the market in Asia Pacific in 2017. Asia Pacific is the most populated region in the world and consequently witnesses a high demand for electricity. The transmission and distribution infrastructure in the region is in the initial stage of grid restructuring and this continued investment will boost the demand for surge arresters in the region. Countries such as China, Japan, and India are investing in grid expansion projects to increase distribution grid reliability.
Europe: The largest market for surge arrester
Europe will continue to be the largest market for surge arresters followed by Asia Pacific till 2023. Europe is expected to hold the largest share of this market during the forecast period. European utilities are in the process of revaluating their assets and are shifting their focus to long-term sustainable business. The power generation, transmission, and distribution systems in the region are comparatively mature. The EU is focusing on upgrading its aging infrastructure, integrating renewable energy sources such as solar and wind power, and building interconnections to enable more efficient power and energy trading.
The medium voltage segment is expected to hold the largest share of the surge arrester
Medium voltage surge arresters are predominantly used in industrial, transportation, and distribution substations. A rise in the demand for electricity in residential areas and expansion of electrical distribution networks to reduce power outages are the key factors driving the segment during the forecast period.
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The demand for surge arresters in the extra-high voltage segment is expected to grow at the highest CAGR, from 2018 to 2023. These surge arresters have a rated voltage of above 220 kV and find application in utilities to protect switchgear, transformers, circuit breakers, and overhead lines, among others. Upcoming extra-high voltage projects in Asia Pacific, Europe, and North America are expected to drive the segment during the forecast period.
The distribution class segment is estimated to grow at the highest CAGR from 2018 to 2023. Countries such as China, Japan, and India are investing in grid expansion projects to increase distribution grid reliability. The expansion of electrical distribution networks along with the efforts by distribution utilities to reduce power outages is driving the segment.
The surge arrester market is led by a few major players that are established brand names with a wide regional presence. The leading players in the surge arrester industry include ABB (Switzerland), Siemens (Germany), Eaton (Ireland), Hubbell (US), Schneider (France), CG Power (India), GE (US), and Mitsubishi Electric (Japan).