A surge arrester is a type of device utilized to protect electrical equipment from transient surges of high voltage caused by internal or external events. This device is also known as a transient voltage surge suppressor or surge protection device and is utilized for the protection of equipment within power distribution and transmission systems. A surge arrester is attached to the ground and operates by the process of rerouting the excess energy.

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Global Surge Arresters Market was valued at US$1.7 bn in 2014, growing at a CAGR of 5.1% from 2015 to 2021 to account for US$2.4 bn in 2021.

The market of surge arresters in primarily being driven due to the changing lifestyle of the working population, and the increasing disposable income, which is creating a need for automated electronic products to reduce their household works. This in return is creating a demand for protecting these devices from voltage fluctuations. This need is fueling the growth for surge arresters market. Furthermore, the growing awareness for need of renewable energy sources is also acting as a driver for the market. Emerging nations such as India and China is witnessing the development of power plants which will be generating energy by using renewable sources of energy such as sun, water and wind. This factor is creating the need for surge arresters in order to protect the heavy machineries from damages caused due to voltage overflow and fluctuations. In addition, the commercial sector is also witnessing the growth in electronic devices in order to reduce the manpower. However, the introduction of electronic devices is also increasing the maintenance costs due to electrical damages of the devices such as short circuit. This is in return spurring the growth of surge arresters in the commercial sector.

However, the installation of surge arresters involves high cost which is restraining the market from growth. In addition, the type of surge arresters vary from one device to another depending on the voltage ranges. These factors are hindering the growth of surge arresters. By types, the high voltage surge arresters are dominating the market as they are mainly used to protecting the heavy machineries and equipments in several industries.

Global Surge Arresters Market: By Voltage Types

> Low voltage surge arresters
> Medium voltage surge arresters
> High voltage surge arresters

The high voltage surge arresters held the maximum market share of 45.3%. The dominance of this segment is attributed to the ongoing industrialization in emerging economies such as India and China. In addition, the industrial machineries and equipment needs to be protected from severe damages caused due to voltage fluctuations. This factor is creating the demand for high voltage surge arresters in the market.

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North America had the largest market share of more than 30% in the surge arresters market in 2014. The dominance of this region is due to the fact that this region includes the U.S. which has the highest application of surge arresters in every application area. Moreover, they are the early adapters of this technology. In addition, the region also has the presence of major manufacturers of surge arresters such as Eaton Corporation, Emerson Electric and General Electric among others. However, Asia Pacific region has been anticipated to be the fastest growing region during the forecast period.

The key players profiled in the surge arresters market include, Siemens AG, ABB Ltd, Emerson Electric, Eaton Corporation Plc, Schneider Electric S.E., Mitsubishi Electric Corporation, Raycap Corporation and Crompton Greaves among others.

In order to get a better understanding of the surge arresters market, we have included a key trend analysis for all the segments. Furthermore, the market attractiveness of the application segments has also been provided in order to anticipate the market for better decision making. In addition, the market share of the key industry players has also been discussed in terms of the market revenue held by them globally.