As per MRFR analysis, the Residential Surge Arrester Market Size was estimated at 1.06 (USD Billion) in 2022.The Residential Surge Arrester Market Industry is expected to grow from 1.09(USD Billion) in 2023 to 1.31 (USD Billion) by 2032. The Residential Surge Arrester Market CAGR (growth rate) is expected to be around 2.1% during the forecast period (2024 - 2032).
Key Residential Surge Arrester Market Trends Highlighted
It is expected that in the next few years, there will be considerable growth in the residential surge arrester market. The key ichor moving market growth is a steady rise in the consumption of electronic devices, the escalating need for protection against power surges, and the laws making it mandatory to use surge protective devices.
New markets that seek these opportunities, such as the development of high-surge arrester technology, are still going to be in demand in the future. Another current trend is the growing interest in surge arresters with higher surge protection ratings and smart surge arresters which allow remote monitoring and controlling.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Residential Surge Arrester Market Drivers
Rising incidences of power surges and voltage spikes
Power surges and voltage fluctuations are a common and quite disturbing situation in residential areas that has the potential to bring destruction to electrical devices. These are the issues that are managed by residential surge arresters, which are likely to see an increase in demand with the rise in the number and intensity of power surges and voltage glitches. Deteriorating electrical infrastructure, the growing proliferation of electrical appliances, and extreme weather further exacerbate the problem of power surges and spikes.
Therefore, the requirement for surge suppression devices that are reliable and efficient is on the increase. Residential surge arresters are inexpensive means of preventing electrical equipment from damage caused by excessive current or voltage, and they consequently form part of any household electrical system. In view of increasing integration and factors related to the Residential Surge Arrester Market Industry, the forecast period is also likely to be characterized by growth factors that may include an increase in the risk of power surges and voltage fluctuations.
In addition, introducing the surge protection devices awareness is also affecting the expansion of the market. Most of the devices are used in households to shield electronic equipment like computers, televisions, and appliances from harmful surges. The residential surge arresters come in different types and sizes and can be fixed either in the buildings or outside the structures. The surge arrester that is most suitable for use in a given application will depend on the requirements of the owner of the house.
But in principle, every surge arrester is the same it removes excess energy directed towards electrical equipment, thus saving it. Residential surge arresters provide protection through short-duration surges and voltages, effectively improving the quality of electrical power supply to the household. Because of this, surge arresters will mitigate electrical noise and electrical interference, hence enhancing the operation and efficiency of electrical appliances.
Consequently, residential surge arresters not only form an integral part of the electric systems of the house in landscape conservation but also keep expensive appliances in good condition and considerably enhance the electric power in the house.
Growing adoption of smart homes and IoT devices
The rapid adoption of smart homes and IoT devices is another key driver of growth for the Residential Surge Arrester Market Industry. Smart homes and IoT devices are becoming increasingly common in homes around the world, and they are often connected to the internet and other devices. This connectivity makes them vulnerable to power surges and voltage spikes, which can damage or destroy them. Residential surge arresters are an essential part of any smart home system, as they can help to protect valuable devices from damage.Surge arresters can be installed in a variety of locations throughout the home, and they can be used to protect both wired and wireless devices. By installing surge arresters, homeowners can help to ensure that their smart home devices are protected from damage caused by power surges and voltage spikes. The growing adoption of smart homes and IoT devices is expected to continue to drive the growth of the residential surge arrester market. As more and more homes become connected, the need for reliable and effective surge protection solutions will continue to increase.Residential surge arresters are an affordable and effective way to protect smart home devices from damage, making them an essential component of any smart home system.
Increasing government regulations and safety standards
Government regulations and safety standards are also playing a role in the growth of the Residential Surge Arrester Market Industry. In many countries, it is now required by law to install surge arresters in new homes and businesses. This is because surge arresters can help to prevent electrical fires and other accidents. In addition to government regulations, there are also a number of safety standards that recommend the use of surge arresters.These standards are developed by organizations such as the National Fire Protection Association (NFPA) and the Institute of Electrical and Electronics Engineers (IEEE). By meeting these standards, manufacturers can help to ensure that their products are safe and effective. The increasing government regulations and safety standards are expected to continue to drive the growth of the residential surge arrester market. As more and more countries adopt these regulations and standards, the demand for surge arresters will continue to increase.Residential surge arresters are an essential part of any home's electrical system, and they can help protect valuable equipment and improve the quality of electrical power in the home.
Residential Surge Arrester Market Segment Insights
Residential Surge Arrester Market Product Type Insights
The Residential Surge Arrester Market is segmented by product type into Type 1, Type 2, and Type 3 surge arresters. Type 1 surge arresters are designed to protect against the most severe surges, such as those caused by lightning strikes. Type 2 surge arresters are designed to protect against less severe surges, such as those caused by power surges or switching transients. This growth is attributed to the increasing demand for lightning protection in residential areas. The Type 2 surge arrester segment is expected to account for the second largest share of the Residential Surge Arrester Market in 2023 and is projected to grow at a CAGR of 2.0% from 2024 to 2032.This growth is attributed to the increasing adoption of surge protection devices in residential applications. The Type 3 surge arrester segment is expected to account for the smallest share of the Residential Surge Arrester Market in 2023 and is projected to grow at a CAGR of 1.9% from 2024 to 2032. This growth is attributed to the increasing demand for surge protection in residential areas, the adoption of surge protection devices in residential applications, and the increasing use of surge protection devices in low-voltage applications.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Residential Surge Arrester Market Voltage Insights
The Residential Surge Arrester Market segmentation by voltage includes '1000V', '1000-2000V', and '>2000V'. Among these, the '1000V' segment held the largest market share in 2023, and it is expected to continue its dominance during the forecast period. This dominance can be attributed to the increasing demand for these surge arresters in residential applications, particularly in regions prone to power surges and lightning strikes. The '1000-2000V' segment is projected to witness a steady growth rate during the forecast period, owing to growing adoption in commercial and industrial applications.The '>2000V' segment is anticipated to experience significant growth, driven by the rising demand for high-voltage surge arresters in various industries, including power generation, transmission, and distribution. Overall, the Residential Surge Arrester Market is expected to grow at a CAGR of 2.1% from 2024 to 2032, with the market size reaching USD 1.31 billion by 2032.
Residential Surge Arrester Market Application Insights
The Residential Surge Arrester Market is segmented by application into indoor, outdoor, industrial, commercial, and residential. This growth is attributed to the increasing adoption of surge protection devices in residential buildings to protect sensitive electronic equipment from damage caused by power surges. The growing demand for surge protectors in developing countries, where power grids are often unstable, is also contributing to the growth of the residential segment.
Residential Surge Arrester Market Phase Insights
The residential surge arrester market is segmented into single-phase and three-phase. The single-phase segment is expected to hold a larger market share in 2023, owing to its extensive use in residential applications. Single-phase surge arresters are designed to protect against voltage surges on a single electrical line. They are commonly used in homes, apartments, and other small buildings. Three-phase surge arresters, on the other hand, are used to protect against voltage surges on three electrical lines. They are typically used in larger buildings, such as commercial buildings and industrial facilities.The three-phase segment is expected to grow at a faster rate during the forecast period due to the increasing demand for surge protection in commercial and industrial applications.
Residential Surge Arrester Market Technology Insights
The Residential Surge Arrester Market is segmented by Technology into MOV-Based, GDT-Based, and Hybrid. Among these, the Mov-based segment is expected to hold the largest market share in 2023, owing to its high surge handling capacity and low cost. The GDT-Based segment is projected to grow at the highest CAGR during the forecast period due to its superior performance and reliability compared to MOV-Based surge arresters. The Hybrid segment is expected to gain significant traction in the coming years, as it offers a combination of the advantages of both MOV-Based and GDT-Based surge arresters.The Residential Surge Arrester Market revenue for the MOV-Based segment is expected to reach $456.1 million by 2024, while the GDT-Based segment is projected to reach $327.9 million by the same year.
Residential Surge Arrester Market Regional Insights
The Residential Surge Arrester Market segmentation by Region comprises North America, Europe, APAC, South America, and MEA. North America holds the largest market share due to the presence of developed economies and stringent electrical safety regulations. Europe is expected to witness significant growth due to rising awareness about electrical safety and increasing demand for surge protection devices. The APAC region is projected to exhibit the highest CAGR due to rapid urbanization, industrialization, and growing disposable incomes. South America and MEA are expected to contribute to the overall market growth, driven by increasing construction activities and government initiatives to improve electrical infrastructure.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Residential Surge Arrester Market Key Players And Competitive Insights
Major players in the Residential Surge Arrester Market industry continue to expand their product offerings and strengthen their market positions through strategic acquisitions and partnerships. Leading Residential Surge Arrester Market players are investing heavily in research and development to introduce innovative products and technologies that meet the evolving needs of customers. The Residential Surge Arrester Market industry, is characterized by intense competition, with key players vying for market share through aggressive marketing strategies and competitive pricing. Residential Surge Arrester Market development is being driven by the increasing demand for surge protection devices in residential applications, owing to the growing adoption of electronic devices and the need to protect sensitive equipment from power surges. The Residential Surge Arrester Market Competitive Landscape is expected to remain highly competitive in the coming years, with the entry of new players and the expansion of existing players.Schneider Electric, a leading player in the Residential Surge Arrester Market, offers a comprehensive range of surge protection products under the APC brand. The company's surge suppressors are designed to safeguard sensitive electronic devices from damaging power surges, spikes, and lightning strikes. Schneider Electric has a strong presence and a well-established distribution network, which enables it to cater to the needs of customers worldwide. The company is committed to providing innovative and reliable surge protection solutions that meet the highest industry standards.Eaton, another prominent player in the Residential Surge Arrester Market, offers a wide range of surge protection solutions under the Surge Protection Devices (SPD) brand. The company's products are designed to protect electrical equipment and electronic devices from overvoltage transients. Eaton has a strong focus on research and development and is continuously innovating to develop new and improved surge protection technologies. The company has a presence and a wide distribution network, enabling it to serve customers in various regions. Eaton is committed to providing high-quality surge protection solutions that offer reliable protection and peace of mind to customers.
Key Companies in the Residential Surge Arrester Market Include
Residential Surge Arrester Market Industry Developments
The residential surge arrester market is projected to reach USD 1.31 billion by 2032, exhibiting a CAGR of 2.1% during the forecast period (2024-2032). The increasing demand for surge protection devices in residential buildings is primarily driven by the rising frequency and severity of power surges caused by lightning strikes, utility grid switching, and other electrical disturbances. The growing adoption of electronic devices and appliances in homes has also contributed to the demand for residential surge arresters. Furthermore, government regulations and safety standards mandating the use of surge protection devices in new and renovated homes are expected to boost market growth. Key industry developments include the launch of advanced surge arresters with enhanced protection capabilities and the emergence of smart surge arresters that can monitor and communicate system performance.
Residential Surge Arrester Market Segmentation Insights
| Report Attribute/Metric | Details |
| Market Size 2022 | 1.06(USD Billion) |
| Market Size 2023 | 1.09(USD Billion) |
| Market Size 2032 | 1.31(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 2.1% (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 | Mersen, Siemens, CSA, CE, Raychem, Schneider Electric, Thomas Betts, ANSI, Leviton, Eaton, ABB, UL, GE, Hubbell, NEMA |
| Segments Covered | Product Type, Voltage, Application, Phase, Technology, Regional |
| Key Market Opportunities | Smart home surge protection Surge arrester integration with smart grids Growing demand for energy efficiency Surge arrester compatible with IoT devices Surge arrester with advanced safety features |
| Key Market Dynamics | Rising electricity demand Urbanization Smart home adoption Power grid modernization Increasing awareness about safety regulations. |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Residential Surge Arrester Market size is estimated to be USD 1.09 billion in 2023 and is projected to reach USD 1.31 billion by 2032, exhibiting a CAGR of 2.1% during the forecast period.
North America is expected to dominate the Residential Surge Arrester Market, accounting for the largest market share during the forecast period.
The increasing demand for surge protection devices, rising awareness about electrical safety, and growing urbanization are the key factors driving the growth of the Residential Surge Arrester Market.
Residential Surge Arresters are primarily used in residential buildings to protect electrical appliances and electronic devices from voltage spikes and surges.
Eaton, Schneider Electric, ABB, Siemens, and Leviton are the key competitors in the Residential Surge Arrester Market.
Developing countries are expected to offer significant growth potential for the Residential Surge Arrester Market due to the increasing construction activities and rising demand for electrical safety solutions.
Advancements in technology, such as the development of smart surge arresters and remote monitoring systems, are expected to drive the growth of the Residential Surge Arrester Market.
The lack of awareness about surge protection devices and the high cost of installation are the key challenges faced by the Residential Surge Arrester Market.
The growing demand for electrical safety solutions and the increasing adoption of smart home devices are the key opportunities for growth in the Residential Surge Arrester Market.
The Residential Surge Arrester Market is projected to reach USD 1.31 billion by 2032.
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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