Line Arresters Market to Reach $723.1 Million, Globally, by 2032 at 7.6% CAGR: Allied Market Research
The global line arresters market is experiencing growth owing to expansion of electrical grids and infrastructure, and renewable energy integration. As the world transitions towards cleaner and more sustainable energy sources, there is a growing deployment of solar panels, wind turbines, and other renewable energy systems. Governments and utilities are investing in the expansion and modernization of electrical grids to meet the increasing demand for electricity in residential, commercial, and industrial sectors.
Wilmington, Delaware, March 11, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Line Arresters Market by Type (Non Gapped Line Arrester and Externally Gapped Line Arrester), Application (Transmission Line and Distribution Line), Voltage (Medium, High, and Low), and End User (Power Substations, Telecommunications, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global line arresters market was valued at $360.4 million in 2022 and is projected to reach $723.1 million by 2032, registering a CAGR of 7.6% from 2023 to 2032.
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Prime determinants of growth
The global line arresters market is experiencing growth due to several factors such as expansion of electrical grids, and renewable energy integration. However, installation and maintenance challenges hinder market growth to some extent. Moreover, the integration of renewable energy presents additional opportunities for line arresters. According to the National Renewable Energy Laboratory (NREL), India has set an ambitious goal of integrating 175 gigawatts (GW) of renewable energy into its electricity grid. This includes 100 GW of solar and 60 GW of wind capacity. Renewable energy integration involves the installation of solar panels, wind turbines, and other renewable energy systems distributed across various locations within the grid. While renewable energy offers numerous benefits such as reduced greenhouse gas emissions and energy diversification, it also introduces unique challenges related to grid stability and reliability.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $360.4 million |
Market Size in 2032 | $723.1 million |
CAGR | 7.6% |
No. of Pages in Report | 250 |
Segments Covered | Type, Voltage, Application, End User, and Region. |
Drivers |
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Opportunity |
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Restraint |
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Non gapped line arrester segment to maintain its dominance by 2032
By type, the non gapped line arrester segment held the highest market share in 2022, accounting for more than two-thirds of the global line arresters market revenue and is estimated to maintain its leadership status throughout the forecast period. The continuous evolution of electrical systems toward higher voltage levels and increased power demands necessitates advanced protection mechanisms. According to the International Energy Agency (IEA), global electricity demand is expected to rise at a faster rate over the next three years, growing by an average of 3.4% annually through 2026. Non-gapped line arresters offer superior protection against transient overvoltage compared to traditional gapped arresters.
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Medium segment is expected to lead the trail by 2032
By voltage, the medium segment held the highest market share in 2022, accounting for half of the global line arresters market revenue and is estimated to dominate during the forecast period. Medium voltage line arresters help to prevent damage to electrical equipment and infrastructure, reducing the risk of power outages and ensuring the continuity of service for consumers. For instance, the 3EJ medium-voltage surge arresters protect generators, motors, arc furnaces, dry-type transformers, airfield lighting systems, cable sheathing, and converters for drives from overvoltage. By swiftly diverting excess electrical energy away from sensitive components, these arresters safeguard the integrity of the power system and contribute to its overall reliability.
The transmission line segment is expected to maintain its dominance by 2032
By application, the transmission line segment held the highest market share in 2022, accounting for more than half of the global line arresters market revenue and is estimated to maintain its leadership status throughout the forecast period. The growing emphasis on grid reliability and resilience has led to the widespread adoption of line arresters. These devices help to enhance the overall reliability of the transmission system by providing a robust defense against transient voltage surges. By installing line arresters at strategic locations along transmission lines, utilities minimize downtime, improve system performance, and reduce the likelihood of widespread outages.
The power substations segment is expected to lead the trail by 2032
By end user, the power substations segment held the highest market share in 2022, accounting for less than three-fourths of the global line arresters market revenue and is estimated to maintain its leadership status throughout the forecast period. The surge in demand for electricity necessitates the expansion and enhancement of power transmission and distribution networks. As these networks grow, they become more susceptible to lightning strikes, switching surges, and other transient overvoltage events that damage equipment and disrupt power supply. Line arresters help mitigate these risks by providing a low-impedance path to ground for transient surges, diverting excess energy away from sensitive equipment and thus, preventing damage.
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Asia-Pacific is expected to grow faster throughout the forecast period
By region, Asia-Pacific was the fastest-growing region in terms of revenue in 2022 representing 8% of the CAGR. Surge in the adoption of renewable energy sources such as solar and wind power in the Asia-Pacific region contributes to the need for line arresters. In addition, rapid industrialization in countries across Asia-Pacific has led to increased demand for electricity. According to the International Energy Agency (IEA), in 2023, China’s electricity demand increased by 6.4%, driven by the services and industrial sectors. This surge in demand puts pressure on existing power infrastructure, including transmission and distribution lines, making them susceptible to voltage surges and overloads.
Leading Market Players: -
Elmac Technologies
Hitachi
Hubbell
KA Factor Group Inc.
MacLean Power Systems.
MAPPEC
Raychem RPG Private Limited
Siemens Energy
TE Connectivity
Toshiba International Corporation Pty Ltd.
Tridelta Meidensha GmbH
The report provides a detailed analysis of these key players in the global line arresters market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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