Medium Voltage Surge Arrester Market Overview:
As per MRFR analysis, the Medium Voltage Surge Arrester Market Size was estimated at 1.86 (USD Billion) in 2022. The Medium Voltage Surge Arrester Market Industry is expected to grow from 1.96(USD Billion) in 2023 to 3.1 (USD Billion) by 2032. The Medium Voltage Surge Arrester Market CAGR (growth rate) is expected to be around 5.22% during the forecast period (2024 - 2032).
Key Medium Voltage Surge Arrester Market Trends Highlighted
The global market for medium voltage surge arresters is driven by the increasing demand for reliable and efficient power distribution systems. The growing use of renewable energy sources, such as solar and wind power, has also contributed to the demand for surge arresters, as these systems require protection from voltage surges caused by lightning strikes and other transients. Additionally, the increasing urbanization and industrialization in emerging markets have led to a rise in the number of electrical installations, further boosting the demand for surge arresters.
Key market trends include the development of new materials and technologies that improve the performance and reliability of surge arresters. For instance, the use of nanotechnology and advanced ceramics has led to the development of surge arresters with higher energy absorption capacity and longer service life. Additionally, the integration of smart technologies into surge arresters enables remote monitoring and control, which improves system efficiency and reduces maintenance costs.
Opportunities for growth in the medium voltage surge arrester market lie in the expansion of renewable energy infrastructure and the increasing focus on grid modernization. The growing adoption of electric vehicles is also expected to drive demand for surge arresters, as these vehicles require charging stations that can withstand voltage surges. Furthermore, the emergence of smart grid technologies and the increasing use of distributed generation systems are creating new opportunities for the deployment of surge arresters.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Medium Voltage Surge Arrester Market Drivers
Growing Adoption of Renewable Energy Sources
There is a significant need for medium voltage surge arresters with the massive adoption of renewable energy sources, such as solar and wind power. These alternate sources are highly prone to voltage surges, which can damage or destroy the related shelter of electrical equipment. Surge arresters help guard the vulnerable circuits of renewable energy systems.
Expansion of Distribution Networks
The expansion of distribution networks, particularly in emerging economies, is another key driver of the Medium Voltage Surge Arrester Market Industry. As distribution networks are extended to remote areas, they become more vulnerable to voltage surges caused by lightning strikes and other factors. Medium voltage surge arresters are essential for protecting these networks and ensuring reliable power delivery.
Rising Focus on Grid Modernization
Moreover, the increasing emphasis on grid modernization is stimulating the need for medium voltage surge arresters. In fact, the efforts to modernize the grids imply the adoption of new-age technologies such as smart grids and energy resources of the distributed type. However, the placement of the given technologies leads to an increase in voltage surges, which makes medium voltage surge arresters even more important to the processes of grid stability and reliability.
Medium Voltage Surge Arrester Market Segment Insights:
Medium Voltage Surge Arrester Market Voltage Level Insights
The Medium Voltage Surge Arrester Market is segmented by voltage level into 4 kV to 15 kV, 15 kV to 38 kV, and 38 kV to 72.5 kV. Among these segments, the 15 kV to 38 kV segment is expected to hold the largest market share in 2023, accounting for around 40% of the Medium Voltage Surge Arrester Market revenue. This is due to the increasing demand for surge arresters in this voltage range from various industries, including power generation, transmission, and distribution, as well as industrial and commercial sectors. The 4 kV to 15 kV segment is expected to witness significant growth over the forecast period, owing to the growing adoption of medium voltage surge arresters in low-voltage distribution networks.
The 38 kV to 72.5 kV segment is also expected to exhibit steady growth, driven by the increasing demand for surge arresters in high-voltage transmission and distribution systems. In terms of market size, the Medium Voltage Surge Arrester Market for the voltage level segment is expected to reach a valuation of around USD 1.2 billion by 2024, growing at a CAGR of approximately 5% during the forecast period. This growth is attributed to the increasing demand for surge arresters from various industries, as well as the growing emphasis on grid modernization and reliability.
Overall, the voltage level segment represents a significant portion of the Global Medium Voltage Surge Arrester Market, with each voltage range catering to specific industry needs and requirements. The growth of this segment is expected to be driven by the increasing demand for surge arresters in various applications, as well as the growing emphasis on grid modernization and reliability.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Medium Voltage Surge Arrester Market Technology Insights
The Medium Voltage Surge Arrester Market segmentation by technology encompasses Metal Oxide Varistor (MOV), Silicon Carbide (SiC), and Polymer Surge Arrester (PSA). Metal Oxide Varistor (MOV) dominated the market with a share of around 65% in 2023, owing to its cost-effectiveness, high energy absorption capacity, and reliability. Silicon Carbide (SiC) is projected to witness significant growth over the forecast period due to its superior electrical properties, such as low leakage current, high thermal stability, and fast response time. Polymer Surge Arrester (PSA) is gaining traction in the market as an eco-friendly and cost-effective alternative to traditional surge arresters.
Medium Voltage Surge Arrester Market Application Insights
The application segment of the Medium Voltage Surge Arrester Market is diverse, with various industries utilizing these devices to protect their electrical systems from voltage spikes. Distribution Systems account for a significant portion of the market, as they require surge arresters to safeguard transformers, power lines, and other components from lightning strikes and other transient overvoltages. Substations and Switchyards are also major consumers of medium voltage surge arresters, as they play a crucial role in power transmission and distribution networks.
Industrial Plants heavily rely on surge arresters to protect sensitive equipment from damage caused by voltage surges, ensuring uninterrupted operations and preventing costly downtime. Renewable Energy Installations, particularly solar and wind farms, are witnessing increasing demand for surge arresters due to their vulnerability to lightning strikes and other electrical disturbances. The Medium Voltage Surge Arrester Market is expected to grow steadily in the coming years, driven by rising demand for reliable and efficient power distribution systems across various industries.
Medium Voltage Surge Arrester Market End-User Industry Insights
The end-user industry segment of the Medium Voltage Surge Arrester Market can be categorized into Utilities, Industrial Sector, Commercial Sector, and Residential Sector. Utilities are expected to dominate the market with a market share of around 40% in 2023, owing to the increasing demand for reliable and efficient power distribution networks. The Industrial Sector is projected to witness significant growth due to the rising adoption of surge arresters in manufacturing facilities to protect sensitive equipment from voltage surges.
The Commercial Sector is anticipated to contribute a substantial share of the market, driven by the growing construction of commercial buildings and infrastructure.The Residential Sector is expected to experience moderate growth, primarily driven by the increasing demand for surge protection in residential premises.
Medium Voltage Surge Arrester Market Regional Insights
The regional segmentation of the Medium Voltage Surge Arrester Market includes North America, Europe, APAC, South America, and MEA. North America is expected to hold the largest market share in 2023, owing to the presence of well-established power grids and increasing demand for reliable power supply, with a market value of 0.827 billion USD. Europe is expected to follow North America in terms of market share, driven by government regulations and initiatives to improve grid resilience, with a market value of 0.472 billion USD.
APAC is projected to witness the highest growth rate during the forecast period due to rapid industrialization and expanding power infrastructure in countries such as China and India, with a market value of 0.425 billion USD.South America and MEA are expected to offer significant growth opportunities, driven by government investments in grid modernization and electrification projects, with market values of 0.118 billion USD for South America and 0.118 billion USD for MEA in 2023.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Medium Voltage Surge Arrester Market Key Players And Competitive Insights:
Major players in the Medium Voltage Surge Arrester Market industry are employing various strategies like product innovations, mergers and acquisitions, and partnerships to strengthen their position and gain a competitive edge. Leading Medium Voltage Surge Arrester Market players are focusing on expanding their geographical presence and increasing their market share. The Medium Voltage Surge Arrester Market industry is characterized by intense competition among established and emerging players.
Key players in the market are investing heavily in research and development initiatives to develop advanced surge arrester technologies. They are also focusing on developing customized surge arrester solutions to meet the specific requirements of end-users across different industries.
Furthermore, the Medium Voltage Surge Arrester Market development is being driven by the increasing adoption of renewable energy sources and the need for reliable and efficient power distribution systems. The surge arrester market is projected to witness significant growth in the coming years, owing to the growing demand for protection against voltage surges in various applications.Among the leading players in the Global Medium Voltage Surge Arrester Market, ABB Ltd. has established itself as a prominent player with a strong global presence.
The company offers a comprehensive range of surge arresters for medium voltage applications, including distribution systems, industrial facilities, and renewable energy installations. ABB's surge arresters are renowned for their reliability, longevity, and compliance with industry standards. The company's commitment to innovation and customer satisfaction has contributed to its position as a trusted partner for customers worldwide.
Another leading competitor in the Medium Voltage Surge Arrester Market is Siemens AG. The company has a long-standing history in the electrical industry and offers a wide portfolio of surge arresters for medium voltage applications. Siemens' surge arresters are known for their advanced design, durability, and ability to withstand demanding operating conditions. The company's focus on product quality and customer service has earned it a reputation as a reliable supplier in the market. Siemens continues to invest in research and development to enhance its product offerings and maintain its competitive advantage.
Key Companies in the Medium Voltage Surge Arrester Market Include:
- CG Power and Industrial Solutions
- GE
- Schneider Electric
- Raycap
- Transpower
- T Surge Protection
- Eaton
- ABB
- Arteche
- Valmont Industries
- Hubbell
- Powell Industries
- Siemens
- Citel
- Quanta Services
Medium Voltage Surge Arrester Market Industry Developments
The Medium Voltage Surge Arrester Market is projected to grow from USD 1.96 billion in 2023 to USD 3.1 billion by 2032, exhibiting a CAGR of 5.22% during the forecast period. The growth of the market is attributed to factors such as increasing demand for reliable power supply, growing adoption of renewable energy sources, and rising investments in the power distribution network.
Recent news and developments in the market include:
In 2023, Siemens Energy launched a new range of surge arresters, the SENTRON 3VA Medium Voltage Surge Arresters, designed to protect electrical equipment from voltage surges.
Eaton announced the acquisition of BEGE, a leading provider of surge protection and power quality solutions, in 2023. This acquisition strengthens Eaton's position in the surge arrester market.
ABB introduced its latest range of Relion surge arresters in 2022, offering advanced protection for power systems against voltage surges and transients.
These developments indicate the ongoing focus on innovation and technological advancements in the Medium Voltage Surge Arrester Market.
Medium Voltage Surge Arrester Market Segmentation Insights
- Medium Voltage Surge Arrester Market Voltage Level Outlook
- 4 kV to 15 kV
- 15 kV to 38 kV
- 38 kV to 72.5 kV
- Medium Voltage Surge Arrester Market Technology Outlook
- Metal Oxide Varistor (MOV)
- Silicon Carbide (SiC)
- Polymer Surge Arrester (PSA)
- Medium Voltage Surge Arrester Market Application Outlook
- Distribution Systems
- Substations and Switchyards
- Industrial Plants
- Renewable Energy Installations
- Medium Voltage Surge Arrester Market End-User Industry Outlook
- Utilities
- Industrial Sector
- Commercial Sector
- Residential Sector
- Medium Voltage Surge Arrester Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
1.86(USD Billion) |
| Market Size 2023 |
1.96(USD Billion) |
| Market Size 2032 |
3.1(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
5.22% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
CG Power and Industrial Solutions, GE, Schneider Electric, Raycap, Transpower, T Surge Protection, Eaton, ABB, Arteche, Valmont Industries, Hubbell, Powell Industries, Siemens, Citel, Quanta Services |
| Segments Covered |
Voltage Level, Technology, Application, End-User Industry, Regional |
| Key Market Opportunities |
Growing investment in renewable energy infrastructure Rising demand for surge protection in smart grids Increasing adoption in industrial and commercial applications Expansion of distribution networks in developing regions |
| Key Market Dynamics |
Increased renewable energy penetration Growing demand for reliable power supply Stringent grid regulations Urbanization and industrialization Smart grid expansion |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Medium Voltage Surge Arrester Market is expected to reach a valuation of 3.1 billion USD by 2032, expanding at a CAGR of 5.22% from 2024 to 2032.
North American region is anticipated to lead the market, accounting for a significant share due to rapid industrialization and increasing demand for reliable power distribution in developing countries.
Medium voltage surge arresters are primarily used in the protection of electrical equipment from voltage surges caused by lightning and switching transients in various applications such as power transmission and distribution, industrial facilities, and commercial buildings.
Key players in the Medium Voltage Surge Arrester Market include ABB, Siemens, Eaton, Schneider Electric, and General Electric, among others.
The market is witnessing technological advancements, such as the adoption of composite materials and improvements in insulation systems, leading to enhanced performance and reliability of medium voltage surge arresters.
The growing adoption of renewable energy sources like solar and wind power will drive the demand for medium voltage surge arresters as they play a crucial role in protecting electrical equipment in renewable energy systems from voltage surges.
The Medium Voltage Surge Arrester Market size was approximately 1.96 billion USD in 2023.
The increasing demand for reliable power distribution, growing industrialization, and stringent regulations for electrical safety are among the key factors driving the Medium Voltage Surge Arrester Market growth.
The power transmission and distribution segment is anticipated to account for a dominant share in the Medium Voltage Surge Arrester Market due to the extensive use of surge arresters in protecting electrical equipment in power grids.
Fluctuating raw material prices, intense competition, and the need for continuous product innovation pose challenges to the growth of the Medium Voltage Surge Arrester Market.
