Surge Arrester Market Size

Surge Arrester Market size is set to reach USD 3 Billion by the end of 2035, growing at a CAGR of 4% during the forecast period, i.e., 2023 – 2035. In the year 2022, the market industry of surge arrester was over USD 2 Billion. The growth of the market can be attributed to the growing demand for electricity.  As demand rises, the power loads on the grid increase, which leads to transient voltage spikes and fluctuations, which can be mitigated by surge arrestors, and save the grid from any malfunctioning. In comparison to the growth rate of 2022, the electric demand in the world is expected to increase by a faster rate of 3% between the years 2023-2025.

In addition to these, factors that are believed to fuel the market growth of surge arresters are the growing deployment of smart grids. Smart grids are even more complex than traditional lines. They incorporate advanced communications; this complexity increases the chances of electrical failures and other disturbances. Owing to this the need for surge arrestors increased to ensure continuous data flow.