Surge Arrester Market by Power (Below 35 KV, 35-110 KV, Above 110 KV), Product Type (Rod Gap Arrester, Horn Gap Arrester, Multi Gap Arrester, Expulsion Arrester, Valve Arrester , Metal Oxide Varistor Arrester), End Use (Infrastructure, Power Industry, Industrial, Municipal, Residential) and Region – Forecast to 2022 – 2032
NEWARK, Del., May 17, 2022 /PRNewswire/ — According to Future Market Insights (IMF), over the forecast period 2022-2032, the surge arrester market should grow to a 6.5% CAGR achieve a valuation of US$1,466.7 million by the end of 2032. Over the projection period, the increasing focus on security of home electrical equipment, as well as other applications such as infrastructure, power plants and others, will play a key role in boosting the SPD market.
The stringent regulatory environment coupled with the growing demand for electricity from skyscrapers has led to an increase in surge arrester sales. A lightning arrester is a device that is installed on a building’s electrical system to protect it from damage caused by lightning. The arrester dissipates the energy of the lightning strike, preventing it from entering the building and causing a fire or electric shock.
Rising electricity demand, combined with a growing focus on increasing installed renewable energy capacity, is driving utilities to invest in electricity transmission and distribution networks. Due to which the surge arrester market is expected to gain momentum as surge arresters are used as protective equipment in power systems.
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Countries like the United States, China, India, Indonesia, Malaysia, etc. are prone to lightning strikes. Additionally, according to a study by the National Lightning Safety Institute, there has been a significant increase in lightning-related incidents over the past decade, with more than $2 billion property damage reported each year. While traditional lightning rods are still the most common type of protection, surge arresters are becoming a more popular option because they can protect a larger area at a lower cost.
Key insights from market research
- By power type, sales above 110 KV are expected to remain dominant over the forecast period and will account for more than 40% by 2032.
- By product type, the valve arrester segment is expected to grow with a CAGR of 7.7% throughout the forecast period.
- By end-use, power industry segment is expected to dominate the surge arrester market and additionally expected to create an absolute dollar opportunity worth US dollars. 145.9 Min by 2032.
- In terms of region, sales of surge arresters in South Asia & Pacific are expected to grow at a CAGR of 7.2%.
“Rise in lightning strike incidents coupled with growing awareness of electrical equipment safety will drive the sales of surge arresters during the forecast period.” says an analyst from Future Market Insights.
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Lightning rod Market Competitive Landscape
Major industry players include Eaton, ABB, Hubbell, GE Grid, Schneider Electric SE, TE Connectivity, Toshiba and others
The Lighting Shields Market is moderately consolidated, with major players accounting for over 40% of market share. These players are likely to invest in new technological developments, the expansion of their distribution networks and tie-ups with leading end users to maintain their presence in the market.
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-side trends
1.4. Analysis and recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limits
3. Key Market Trends
3.1. Key trends impacting the market
3.2. Innovation / Development Trends
4. Key success factors
4.1. Product Adoption / Usage Analysis
4.2. Product Innovation & Diversification
4.3. Marketing and brand management
4.4. Supply chain management
5. 2017-2021 Global Surge Arrester Market Demand Analysis and Forecast, 2022-2032
5.1. Historical Analysis of Market Volume (Units), 2017-2021
5.2. Current and future projections of market volume (units), 2022-2032
5.3. Analysis of annual growth trends
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The research report analyzes the trend of market demand for Lightning Arrester. The global market is based on the impact of COVID-19, macroeconomic factors, market trends and market context. According to Future Market Insights research scope, the Lightning Arrestor market report is studied and analyzed into the following segments such as by rating type, product type, end-use, and regions. The Lightning Arrester market report gives us qualitative and quantitative insights about the businesses.
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About FMI – Industrial AutomationThe Industrial Automation division of FMI offers an innovative approach and an innovative perspective in the analysis of the industrial automation market. Comprehensive coverage of Equipment, Portable, Process, Construction, Industrial and Special Purpose Machinery in Manufacturing and distinctive analysis of Installed Base, Consumables, Replacement, USP Feature Application Matrix make us a pioneering voice in the industry. We are preferred associates with established and budding industry players and channel partners when it comes to maintaining, growing and identifying new revenue opportunities.
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Future Market Outlook (ESOMAR-certified research organization and member of Greater New York Chamber of Commerce) provides detailed information on the driving factors that increase the demand in the market. It reveals opportunities that will drive market growth in various segments on the basis of source, application, sales channel, and end-use over the next 10 years.
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