Surge Arrester Market to See Huge Growth Opportunity
Surge arresters are essential components required for the protection of electrical equipment in transmission and distribution networks. They are installed in substations, transmission lines, and other parts of electrical networks. One of the prime factors driving the surge arrester market is increasing investments in transmission & distribution (T&D) networks. Expansion and upgrade of T&D networks have a direct impact on the surge arrester market growth.
The global Surge Arrester Market is projected to reach USD 1.9 billion by 2025 from an estimated USD 1.5 billion in 2020, at a CAGR of 4.9%. The rising demand for electricity in APAC and the growing focus of on increasing renewable energy installed capacity are encouraging utilities to invest in the electricity transmission and distribution networks, as well as in electrification projects. These investments, along with investments to replace aging electric infrastructure in North America and Europe are expected to create the demand for surge arrester market.
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Electric Utilities are the major end-user industry of surge arresters owing to the fact that the sheer size of an electrical network operated by utilities is bigger compared to the industrial and transportation electric infrastructure.
According to IEA World Energy Outlook 2020, USD 2.3 trillion was invested globally in the electric network during 2012–2019, with an average annual investment of about USD 283 billion during the same period. Investment in electrical networks is necessary to reliably meet the towering electricity demands. With the growing electrification of traditionally non-electric sectors, such as transportation, due to the adoption of electric vehicles, the demand for electricity is expected to further augment during the forecast period. The rising number of electrification projects in China and India and network expansions to support renewable energy integration in the US, Europe, and other developed countries are likely to translate into heightened demand for surge arresters in the coming years.
In new renewable energy projects, surge arresters are installed at points of connection and in substations. According to the Global Trends in Renewable Energy Investment 2020, the global annual investment in renewable energy has nearly doubled from 2009 to 2019. The global investment in renewable energy grew from USD 147 billion in 2009 to USD 282 billion in 2019, at a CAGR of 6.8% during that period. According to IEA World Energy Outlook, 2020 report, the global wind, and solar PV installed capacity is expected to increase from 1,226 GW to 2,349 GW by 2025, growing at a CAGR of 11.4% during that period. In grid-connected renewable energy plants, a substation is erected to facilitate grid connection. Surge arresters find application in these substations. Globally, the share of renewable energy generation is increasing rapidly, and increased investment in these renewable energy projects present opportunities for surge arrester manufacturers.
Some of the leading players in the surge arrester market are Hitachi ABB (Switzerland), Siemens Energy (Germany), General Electric (US), Eaton (Ireland), and Hubbell (US) along with other prominent manufacturers of the surge arrester.
