Global surge arrester market projected to grow to USD 2.76 billion by 2033, driven by demand

From GlobeNewswire: 2024-08-07 08:00:00

The Global Surge Arrester Market is projected to grow from USD 1.73 billion in 2023 to USD 2.76 billion by 2033, with a CAGR of 4.78% during the projected period. Surge arresters protect electrical devices from surges caused by lightning or internal forces, aiding in improving power supply quality globally.

The polymeric segment is expected to dominate the surge arrester market due to its ease of use, dependable performance, and cost-effective production. Medium voltage surge arresters are projected to have a significant market share, offering protection in large station complexes and industries facing power spikes.

The industrial segment is set to lead the market, fueled by increasing energy consumption and the adoption of renewable energy sources in various industries. Asia-Pacific is anticipated to hold the largest market share, driven by investments in transmission and electricity generation, particularly in countries like India and China.

North America is expected to grow rapidly due to the proliferation of electronic devices and the need to update aging power grid infrastructure. Major players in the market include Hitachi ABB, Siemens Energy, Schneider Electric, and General Electric, among others. The market is also witnessing developments such as partnerships, mergers, and innovations to meet the surge arrester demands.

President Ferdinand R. Marcos Jr. recently introduced the Mobile Energy System and Energy Sector Emergency Operations Center in April 2024, enhancing the Philippines’ energy supply. Market segmentation includes type (porcelain, polymeric), voltage level, application (utility, industrial), and regions like Europe, Asia-Pacific, and North America.



Read more at GlobeNewswire: Global Surge Arrester Market Size To Worth USD 2.76 Billion