Market Size of North America Surge Arresters Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 5.30 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North America Surge Arresters Market Analysis
The North American surge arresters market is expected to record a CAGR of more than 5.3% during the forecast period, 2022-2027. The COVID-19 outbreak affected the market by delaying the projects, resulting in declining demand due to the closure of industrial facilities. The outbreak also resulted in the closure of manufacturing facilities that caused supply chain issues. However, the effect is likely to reverse once restrictions are removed. Government initiatives for a reliable electrical grid and to minimize losses that occurred at the time of power supply may drive the market. However, since power transmission and distribution projects are time-consuming, they often result in delays due to government intervention and environmental clearances, which may restrain the market.
- The industrial segment is likely to witness significant growth during the forecast period due to higher demand to protect power-sensitive, expensive machinery.
- The ongoing modernization of transmission and distribution networks in various countries by applying smart-grid technologies will likely present significant opportunities for the surge arresters in the future.
- The United States is likely to dominate the region due to more significant transmission and distribution networks and industrial and commercial facilities.
North America Surge Arresters Industry Segmentation
The scope of the North American surge arresters market report includes:
| Voltage | |
| Low Voltage | |
| Medium Voltage | |
| High Voltage |
| Application | |
| Industrial | |
| Commercial | |
| Residential |
| Geography | |
| United States | |
| Canada | |
| Rest of North America |
North America Surge Arresters Market Size Summary
The North American surge arresters market is poised for growth, driven by the increasing demand for protection of power-sensitive industrial machinery and the modernization of transmission and distribution networks. The market experienced setbacks due to the COVID-19 pandemic, which caused project delays and supply chain disruptions. However, government initiatives aimed at enhancing the reliability of electrical grids and reducing power supply losses are expected to propel market growth. The industrial sector, particularly in the United States, is anticipated to dominate the market due to its substantial energy consumption and the need to safeguard expensive equipment from power surges. The ongoing development of industrial facilities, such as semiconductor and electric vehicle battery plants, further underscores the demand for surge arresters in the region.
The United States is expected to lead the North American surge arrester market, supported by its extensive transmission and distribution networks and significant electricity demand. The country's investment in upgrading aging grids and expanding electrical networks, along with the rapid installation of renewable energy-based power plants, is likely to bolster the market. Surge arresters play a crucial role in managing electrical fluctuations, especially as renewable energy sources are integrated into the grid. The market is moderately consolidated, with key players like ABB Ltd, Eaton Corporation PLC, Emerson Electric Co., Schneider Electric SE, and Siemens AG actively contributing to its development. Recent advancements, such as increased production capacity and the introduction of new surge protection devices, highlight the ongoing innovation within the market.
North America Surge Arresters Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Introduction
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1.2 Market Size and Demand Forecast, in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power Suppliers
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1.7.2 Bargaining Power Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitve Rivalry
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2. MARKET SEGMENTATION
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2.1 Voltage
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2.1.1 Low Voltage
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2.1.2 Medium Voltage
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2.1.3 High Voltage
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2.2 Application
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2.2.1 Industrial
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2.2.2 Commercial
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2.2.3 Residential
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2.3 Geography
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2.3.1 United States
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2.3.2 Canada
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2.3.3 Rest of North America
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North America Surge Arresters Market Size FAQs
What is the current North America Surge Arresters Market size?
The North America Surge Arresters Market is projected to register a CAGR of greater than 5.30% during the forecast period (2024-2029)
Who are the key players in North America Surge Arresters Market?
Emerson Electric Co., Schneider Electric SE, Siemens AG, ABB Ltd and Eaton Corporation PLC are the major companies operating in the North America Surge Arresters Market.
