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North America Surge Arresters Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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  • 110 Pages
  • June 2022
  • Region: North America
  • Mordor Intelligence
  • ID: 5572609
UP TO OFF until Mar 31st 2024
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.

Key Highlights

  • 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.

Key Market Trends

Industrial Segment to Witness Significant Growth

  • Surge arresters are widely utilized in a large number of residential, commercial, and industrial applications. Among them, the industrial application segment holds the largest share of demand.
  • The North American region is home to one of the largest industrial manufacturing globally, especially in terms of automobiles, aerospace, and defense equipment. Such industrial facilities consist of expensive equipment, some of which are sensitive to power surges, which need to be protected due to aging transmission and distribution networks.
  • The industrial sector accounted for 36% of total US end-use energy consumption and 33% of the total US energy consumption, signifying a large industrial segment in the country and a large market for surge arresters.
  • In March 2022, Samsung Electronics picked Taylor, Texas, as the location for a new USD 17 billion plant to make advanced chips for mobile, 5G, etc. The construction is expected to start in the first half of next year, and production will start in the second half of 2024. The plant will employ surge arresters to protect sensitive equipment from power surges and aid in the growth of the market in the region during the forecast period.
  • Further, in March 2022, Stellantis and LG Energy Solutions announced an investment of USD 4.1 billion through a joint venture to establish the first large-scale domestic electric vehicle battery manufacturing facility in Canada, with the operations to begin in the first quarter of 2024. Manufacturing of electric vehicle batteries requires mission-critical equipment sensitive to power fluctuations. Thus, surge arresters are employed to keep voltage and current surges under check.
  • Many industrial plants are in various stages of development. These plants will employ surge arresters, aiding in the growth of the North American surge arrester market.
  • Owing to the abovementioned factors, the industrial segment is likely to dominate the North American surge arrester market in the future.

The United States to Dominate the Market

  • The United States is the largest country in the region in terms of population, industrial manufacturing capacity, commercial setups, and electricity demand, making it the biggest market for surge arresters devices.
  • The electricity consumption in the United States stood at 3.8 trillion kilowatt-hours in 2020, whereas the Canadian electricity consumption stood at 549.7 TWh in the same year.
  • The United States is also witnessing increased spending on the aging transmission and distribution grids, along with the growing expansion of electrical networks. Such measures are likely to support the growing installed base of the surge arrester market in the country.
  • With the rapid installation of renewable energy-based power plants in the United States, growing from an installed capacity of 194.9 GW in 2015 to 291.6 GW in 2020, the surge arrester market will likely gain a significant boost. Such devices are required to manage electrical power when renewable energy power plants, such as solar PV power plants, start feeding electricity into the grid when the sun rises over the horizon and stop feeding when the sun sets down. Surge arrester devices manage these fluctuations.
  • For example, in March 2022, Enel Green Power North America commenced the construction of a 300-MW wind park in Oklahoma consisting of 107 wind turbines. The plant is expected to be up and running by the end of 2022.
  • Furthermore, in March 2022, the Slate facility started commercial operations in California, combining 390 MW of solar power and 561 MWh of energy storage capacity. The plant can produce enough power to meet the annual demand from 126,000 households.
  • Thus, the United States is likely to dominate the North American market during the forecast period.

Competitive Landscape

The North American surge arrester market is moderately consolidated. Some of the major companies operating in the market are ABB Ltd, Eaton Corporation PLC, Emerson Electric Co., Schneider Electric SE, and Siemens AG.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
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Table of Contents

1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
4.1 Introduction
4.2 Market Size and Demand Forecast, in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power Suppliers
4.7.2 Bargaining Power Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitve Rivalry
5.1 Voltage
5.1.1 Low Voltage
5.1.2 Medium Voltage
5.1.3 High Voltage
5.2 Application
5.2.1 Industrial
5.2.2 Commercial
5.2.3 Residential
5.3 Geography
5.3.1 United States
5.3.2 Canada
5.3.3 Rest of North America
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 ABB Ltd
6.3.2 Eaton Corporation PLC
6.3.3 Emerson Electric Co.
6.3.4 Siemens AG
6.3.5 Mitsubishi Electric Corporation
6.3.6 Schneider Electric SE
6.3.7 General Electric Company
6.3.8 Raycap Inc.
6.3.9 Hitachi Ltd

Companies Mentioned

A selection of companies mentioned in this report includes:

  • ABB Ltd
  • Eaton Corporation PLC
  • Emerson Electric Co.
  • Siemens AG
  • Mitsubishi Electric Corporation
  • Schneider Electric SE
  • General Electric Company
  • Raycap Inc.
  • Hitachi Ltd