Surge Arrester Market to Exceed US$ 3.26 Billion at a CAGR of 5% by 2033: Fact.MR Study
Surge Arrester Demand in Germany Soars with Emphasis on Renewable Energy and Industry 4.0 Initiatives.
Rockville, Sept. 07, 2023 (GLOBE NEWSWIRE) -- The latest report by Fact.MR, a market research and competitive intelligence provider, estimates that the global *Surge Arrester M**arket* valuation is US$ 2.01 billion in 2023 and is projected to reach US$ 3.26 billion by 2033-end.Surge arresters, also known as lightning arresters or surge protectors, are devices designed to protect electrical systems and equipment from voltage spikes or transient overvoltage caused by lightning strikes, switching operations, or other electrical disturbances. These devices play a crucial role in safeguarding sensitive electronics, appliances, and industrial equipment from damage or malfunction.
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*Key Segments of **Surge Arrester* *Industry Research Report
*
*By Type* *By Application* *By Voltage Level* *By Class*
· Porcelain
· Polymeric
· Industrial
· Commercial
· Residential
· High
· Medium
· Low
· Station
· Intermediate
· DistributionThe proliferation of electronic devices across industries such as telecommunications, manufacturing, healthcare, and transportation is increasing the need for surge protection. Surge arresters are becoming essential components for ensuring uninterrupted operations as devices interconnected are sensitive to voltage fluctuations.
The renewable energy sector, including solar and wind power, is witnessing rapid growth. Surge arresters are crucial for safeguarding the intricate electrical components of renewable energy systems such as inverters and power electronics, against lightning-induced surges.
Growing investments by respective governments across the globe in various infrastructural projects, including smart cities and data centers, are driving the demand for surge arresters. These projects require robust surge protection solutions to ensure the continuous and safe functioning of critical infrastructure components.
Developing economies are experiencing rapid industrialization and urbanization, leading to high demand for energy and electrical infrastructure. This is generating significant opportunities for surge arrester manufacturers to cater to a wider customer base.
*Key Takeaways from Market Study*
· Global demand for surge arresters is projected to increase at a CAGR of 5% from 2023 to 2033.
· Rising industrial activities, stringent safety regulations, and increasing investments in smart infrastructure are boosting the sales of surge arresters in the United States.
· Shift towards renewable energy sources and advancements in industrial automation are driving the market in Germany.
· Rapid industrialization in Asia Pacific countries such as China and India is increasing the need for surge arrestors for power stabilization.
*“**Surge arrester manufacturers are partnering with electronics and appliance **producer**s to boost consumer safety, increase **product reliability**, and **gain** high**er** profitability”*, says a Fact.MR analyst.
*Report Attributes* *Details*
Forecast Period 2023 – 2033
Value Projection (2033) US$ 3.26 Billion
Growth Rate (2023-2033) 5% CAGR
No. of Pages 170 pages
No. of Tables 80 Tables
No. of Figures 219 Figures
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Key Companies Profiled*Eaton, Mitsubishi Electric, Toshiba, Hubbell, Legrand, Meidensha, Tripp Lite, ABB Ltd, CG Power and Industrial Solutions Ltd, General Electric Company, Siemens AG, Schneider Electric SE
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*Competitive Analysis*
Major market players are engaging in mergers and acquisitions to expand their product portfolios and global presence. Also, collaborations with technology partners and end users are aiding in doubling market shares. ABB Ltd., Siemens AG, Eaton Corporation, Schneider Electric SE, and Mitsubishi Electric Corporation are some of the leading companies in the surge arrester market.
· In November 2021, Hitachi ABB Power Grids inaugurated a state-of-the-art surge arrester manufacturing facility in Xiamen, situated in the Fujian Province of Eastern China.
· In July 2021, General Electric (GE) successfully clinched a supply agreement with GSI Helmholtzzentrum für Schwerionenforschung, a renowned research institution that manages an ion accelerator complex situated in Darmstadt, Germany. Within the framework of this contract, GE is furnishing the research facility with its cutting-edge LV8 platform, encompassing a diverse array of elements including power transformers, medium voltage switchgear, surge arresters, and various other components.
*What's Behind the Rapid Surge Arrester Sales Growth in Germany?*
In Germany, the demand for surge arresters is closely aligned with the country's strong focus on renewable energy sources and advanced industrial automation. With the transition to renewable energy, the integration of solar panels and wind turbines into the power grid necessitates robust surge protection to ensure grid stability. This has led to an increased need for high-performance surge arresters capable of addressing the unique challenges posed by renewable energy systems.
Furthermore, Germany's prominent position as an industrial hub has generated a growing demand for surge protection within manufacturing and automation processes. The Industry 4.0 initiative, aimed at advancing industrial automation and digitalization, is propelling the adoption of surge protection devices designed to safeguard sophisticated machinery and data networks.
*More Valuable Insights* *on Offer*
Fact.MR, in its new offering, presents an unbiased analysis of the global surge arrester market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights into the market based on type (porcelain, polymeric), class (station, intermediate, distribution), voltage level (high, medium, low), and application (industrial, commercial, residential), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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