The surge arrester market size was valued at $1.4 billion in 2021, and is estimated to reach $2.2 billion by 2031, growing at a CAGR of 4.5% from 2022 to 2031. A surge arrester is a protective device used in electrical power systems to protect equipment and personnel from overvoltage surges caused by lightning strikes, switching operations, or other events that can cause voltage transients. Surge arresters are also known as surge protectors, lightning arresters, or transient voltage suppressors.
Surge arresters are commonly used in power distribution systems, transmission lines, and substation equipment such as transformers, circuit breakers, and switchgear. They are also used in electronic equipment, such as computers, to protect against voltage transients that can damage sensitive components.
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The selection of a surge arrester depends on several factors, including the system voltage, the expected magnitude and duration of the surge, and the equipment to be protected. Surge arresters should be tested regularly to ensure they are functioning properly and providing adequate protection.
Asia-pacific is expected to grow at the fastest rate, registering a CAGR of 4.8%, throughout the forecast period.
Surge arresters work by diverting the surge current away from sensitive equipment and into the ground. They consist of a metal oxide varistor (MOV) or other voltage-sensitive element connected between the protected conductor and ground. When the voltage on the protected conductor exceeds the arrester’s voltage rating, the arrester begins to conduct, shunting the surge current away from the equipment and into the ground.
The key players in the market are Hitachi ABB, Siemens Energy, General Electric, Eaton, Hubbell, CG Power, Schneider Electric, Meidensha, Mitsubishi Electric, and Toshiba.
Industrial end-user is the fastest-growing segment in the global surge arrester market, expected to grow at a CAGR of 5.0% during 2021–2031.
In 2021, the polymeric surge arrester segment accounted for about 69.5% of the share in the global surge arrester market, and is expected to maintain its dominance till the end of the forecast period.
Asia-Pacific and Europe market for surge arrester are the top investment pockets, owing to various factors such as growing transmission & distribution network, increased use of smart grid, and rise in demand from residential sector owed to electricity connectivity in remote areas.
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In 2021, the medium voltage range segment accounted for 44.8% surge arrester market share in the year 2021.
The market is consolidated in nature, and is expected to grow at a significant rate during the forecast period. This is attributed to rise in demand for protection of electrical and electronics devices from sudden power surges.
The increased emphasis on boosting renewable energy installed capacity, are prompting private companies to invest in electricity transmission and distribution networks, as well as electrification projects, which further promotes the market growth for surge arresters.
The surge arrester industry is not heavily regulated by government across the globe. There are several certifications for different materials of surge arresters that are needed to be acquired by manufacturers.
Manufacturer are required to consider spacings, power concerns, and isolation requirements in the design phase and overcurrent protection requirements.
There are regulations that require consideration of geographic locations of the country, whether it is an area with extra power surges and lightening incidences and frequency of such events.
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There are different standards defined for different low voltage range, high voltage range, and medium voltage range surge arresters. It also varies according to the material of surge arresters.
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