The global surge arrester market is valued at US$ 2.01 billion in 2023 and is expected to grow to US$ 3.26 billion by 2033, reflecting a compound annual growth rate (CAGR) of 5% over the forecast period from 2023 to 2033.

Surge arresters, also known as lightning arresters, play a crucial role in safeguarding electrical equipment from voltage spikes, particularly in the case of lightning strikes or sudden surges in power lines. These devices help prevent damage to critical components of electrical systems, such as transformers, substations, and distribution networks, by diverting excess voltage to the ground. The surge arrester market has seen significant growth in recent years, driven by the increasing need for reliable power infrastructure and the growing trend of electrification across various sectors. With the rise of smart grids, renewable energy integration, and the expansion of transmission and distribution networks worldwide, surge arresters have become a key component in modern electrical systems.

Market Outlook

The outlook for the surge arrester market is highly promising, with continued growth expected over the next decade. This growth is driven by a combination of factors, including the expansion of power transmission networks, rising investments in renewable energy projects, and the increasing focus on grid stability and reliability. Governments and private sector players are investing in upgrading and modernizing aging electrical infrastructure to accommodate growing electricity demand, especially in fast-developing regions such as Asia-Pacific, Latin America, and Africa.

Additionally, as extreme weather events become more frequent due to climate change, there is an urgent need for surge protection to mitigate the impact of lightning strikes and other natural phenomena on power systems. This will further fuel demand for surge arresters in regions prone to storms, hurricanes, and other weather-related disturbances.

Looking ahead, technological advancements in surge arrester materials and design are expected to enhance their performance, leading to more efficient and cost-effective solutions. Manufacturers are focusing on improving the durability and operational longevity of arresters to meet the stringent demands of modern power networks.

List of Key Companies Profiled in The Report

  • Eaton
  • Mitsubishi Electric
  • Toshiba
  • Hubbell
  • Legrand
  • Meidensha
  • Tripp Lite
  • ABB Ltd
  • Others

Recent Industry News

Recent industry news has highlighted several key developments in the surge arrester market. Companies are increasingly focusing on innovation, developing new materials and technologies to improve the performance and longevity of surge arresters. For example, manufacturers are investing in polymer-based surge arresters, which offer better resistance to environmental factors and longer operational life compared to traditional porcelain-based arresters.

In addition, several manufacturers have announced plans to expand their production capacity to meet the growing demand for surge arresters in both developed and developing markets. This expansion is driven by the need for surge protection in new power projects, including renewable energy installations and grid modernization efforts.

The industry is also witnessing increased collaboration between power companies and surge arrester manufacturers to develop custom solutions tailored to specific grid requirements. These partnerships are focused on ensuring that surge arresters can provide the necessary protection in increasingly complex and dynamic power systems.

Competitive Landscape

The competitive landscape of the surge arrester market is characterized by companies expanding their range of surge protection solutions to cater to various voltage levels, industries, and applications, enabling them to attract a broader customer base and increase market share.

Key players are also driving revenue growth by developing innovative surge arrester products with advanced features, enhanced performance, and broad compatibility across different applications.

In July 2021, General Electric (GE) secured a supply agreement with GSI Helmholtzzentrum für Schwerionenforschung, a prominent research institution managing an ion accelerator complex in Darmstadt, Germany. Under this contract, GE is providing the facility with its advanced LV8 platform, which includes power transformers, medium voltage switchgear, surge arresters, and other essential components.