Surge Arrester Market Overview
According to the reports published by Market Research Future, the surge arrester market is likely to develop at 5.5% CAGR over the forecast period. On a global scale, there is a rise in demand for power generation owing to increasing outlay in transmission, growth of smart grid network, and distribution networks, growing industrialization and growth in power infrastructure.
Surge arrester is an equipment that shields electrical power system from harmful impacts of switching effects and lightning. It is often known as surge protection device as it safeguards the device in transferring of power and in distribution system.
The key drivers of the market are rising demand for electrical appliances, increase in power generation, replacement of existing infrastructure of power with new available alternatives, along with deployment of electrical equipment.
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Industry Highlights
North America represents the largest share in the worldwide surge arrester market. China follows North America being the fastest growing market. Technological progressions in the sector is another significant reason for growth in this market. The factor that restricts the global surge arrester market is the propelling rivalry from unorganized power sector and installation cost of the arrester, specifically in emerging economies. However, competitive edge over rivals and continuous upgradations are likely to aid players in dealing with the situation. In terms of technology, the surge arrester market is growing each day owing to the presence of companies such as Siemens. They work exhaustively on application-based frameworks so that the resultant would be effective, efficient, and prominent. The requirement for surge arrester in locomotive sector is witnessing a sharp growth as well.
For instance, metal oxide surge arresters are getting replaced with the silicon carbide type owing to its increased range of reliability and improved performance. Furthermore, new innovations have been made regarding the distribution range. The porcelain type is gradually getting replaced with the polymeric ones for safeguarding of basic mechanical attributes and for curtailing lightning faults. Several government entities are entering the research and development activities, improvement of technologies, innovations in testing methods and deploying new benchmarks.
Global Surge Arrester Industry Segmentation
The global surge arrester market has been segmented based on applications, voltage, class, and type.
Based on applications, the global surge arrester market is segmented into commercial, residential, and industrial markets. Among these, revenue generation from commercial sector is anticipated to develop at a CAGR of approx. 8.50% over the forecast period.
Based on voltage, the market has been segmented into low, medium, and high.
Based on class, the market has been segmented into intermediate, distribution, and station.
Based on type, the market has been segmented into polymeric and porcelain.
Regional Analysis
Global surge arrester market mostly driven by the varying preferences of the working population, propelling the requirement for digitalization and automation.
Additionally, the renewable sector is also playing the role of a stimulant for this market. Emerging economies such as China and India within the Asia Pacific market are likely to witness the growths of different power plants for the generation of energy through renewable sources such as wind, solar, and tidal. This is one of the key factors fuelling the surge arrester market in Asia Pacific. It is expected to grow at a rapid pace of CAGR 5.1% over the forecast period. Asia Pacific and North America together account for over 15.0% share of the total in application-based surge arresters, owing to increasing infrastructure development in the power sector.
Key Players
Global surge arrester market is dominated by key players such as GE Oil & Gas (U.S.), Siemens (Germany), Schneider Electric (France), Hubbell (U.S.), CG Power (India), Mitsubishi Electric (Japan), ABB (Switzerland), NGK Insulators (Japan), Eaton (Republic of Ireland), Emerson Electric (U.S.), Legrand S.A (France),Vertiv. (U.S.), HAKEL spol. S r. (Czech Republic), TE Connectivity (Switzerland), Lamco (India), Raycap Corporation SA (U.S.), and leviton manufacturing (U.S.).
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