Surge Arrester Market Forecast, Developments & Future Scope To 2023
The global surge arrester market is predicted to develop at a 5.5% CAGR between 2018- 2023, states the recent Market Research Future (MRFR) analysis. Surge arresters, simply put, are used for protecting machineries and appliances from damages resulting from sudden voltage surges. It is also popularly known as a surge protection device and transient voltage surge suppressor.
Various factors are propelling the global surge arrester market share. According to the recent MRFR report, such factors include growing demand for electrical appliances, boost in power generation, deployment of electrical equipment, replacement of existing infrastructure of power with that of new, and growing demand for power generation. Additional factors adding market growth include expanding smart grid network, growing investments in transmission & distribution facilities, developments in power infrastructure, growing industrialization, aging power infrastructure, equipment protection from failure due to frequent voltage spikes, working population’s changing preference, the developing renewable sector, and the need for digitalization and automation.
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On the contrary, counterfeiting by local players, increasing competition from the unorganized power sector, high installation cost, and the on-going COVID-19 impact are factors that may impede the global surge arrester market growth over the forecast period.
The MRFR report highlights an inclusive segmental analysis of the global surge arrester market based on type, voltage, class, and application.
By type, the global surge arrester market is segmented into porcelain and polymeric. Of these, the polymeric type segment is predicted to lead the market over the forecast period.
By voltage, the global surge arrester market is segmented into high, medium, and low. Of these, the high voltage segment will dominate the market over the forecast period.
By class, the global surge arrester market is segmented into station, intermediate, and distribution. Of these, the distribution class segment will have a major share in the market over the forecast period.
By application, the global surge arrester market is segmented into residential, commercial, and industrial. Of these, the industrial application segment will command the largest share in the market over the forecast period.
Based on the region, the global surge arrester market report covers the recent trends and growth opportunities across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Of these, North America will lead the market over the forecast period. The presence of several surge arrester manufacturers, technological advances, growing security compliance standards, and rising investments towards capital additions by utilities are adding to the global surge arrester market growth in the region. The United States holds the utmost share in the market.
The global surge arrester market in Europe is predicted to hold the second-largest share over the forecast period. The growing need to cut down equipment failure due to frequent voltage spikes and aging electrical infrastructure are adding to the global surge arrester market growth in the region.
The global surge arrester market in the APAC region is predicted to grow at a fast pace over the forecast period. Economic growth in India and China, growing urbanization and industrialization, rising industrial activities, and increasing access to electricity are adding to the global surge arrester market growth over the forecast period.
The global surge arrester market in the RoW is predicted to have a sound growth over the forecast period.
Leading contenders profiled in the global surge arrester market report include Raycap Corporation SA (U.S.), Leviton Manufacturing (U.S.), Lamco (India), TE Connectivity (Switzerland), Vertiv. (U.S.), HAKEL spol. S r. (Czech Republic), Emerson Electric (U.S.), Legrand S.A (France), Eaton (Republic of Ireland), ABB (Switzerland), NGK Insulators (Japan), CG Power (India), Mitsubishi Electric (Japan), Schneider Electric (France), Hubbell (U.S.), GE Oil & Gas (U.S.), and Siemens (Germany).
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