The global surge arrester market is projected to grow from an estimated USD 1.56 Billion in 2018 to USD 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.
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.
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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 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.
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.
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The surge arrester market is dominated 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).
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