Surge Arrester Market Research Report-Forecast to 2023 : expected to grow at ~ 5.5% CAGR in the projected years

Global Surge Arrester Market

Global surge arrester market is mainly driven by the changing preferences of the working population, driving the need for automation and digitalization. Furthermore, the renewable sector is also acting as a driver for this market. Countries such as China and India in the Asia Pacific region witness the developments of various power plants for the generation of energy by renewable sources such as tidal, wind, and solar.

This reason is one of the main drivers of the surge arrester market in Asia Pacific with a CAGR of 5.1% during the forecast period.

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Based on applications, the global surge arrester market is segmented into industrial, commercial and residential. Among them, revenue generation from commercial sector is projected to expand at a CAGR of approx. 8.50% during the forecast period.

Based on regions, North America and Asia Pacific together account for more than ~15.0% share of the total in application-based surge arresters, globally, due to expressive infrastructure development in the power sector. Countries like China and India from Asia Pacific region have new projects to develop and still have potential to reach at the surge.

Key Players

The major key player in global surge arrester markets are Siemens (Germany), GE Oil & Gas (U.S.), Hubbell (U.S.), Schneider Electric (France), Mitsubishi Electric (Japan), CG Power (India), NGK Insulators (Japan), ABB (Switzerland), Eaton (Republic of Ireland), Legrand S.A (France), Emerson Electric (U.S.), HAKEL spol. S r. (Czech Republic), Vertiv. (U.S.), TE Connectivity (Switzerland), Lamco (India), leviton manufacturing (U.S.), Raycap Corporation SA (U.S.), etc.

Market Scenario

Surge Arrester is device that protects electrical power system from damage caused by lightning and switching effects. It is sometimes known as surge protection device to protect equipment in transmission of power and in distribution system. The global surge arrester market is expected to grow at ~ 5.5% CAGR in the projected years. Globally, there is an increase in demand of power generation, expansion of smart grid network, increasing investment in transmission and distribution facilities, growing industrialization and development in power infrastructure.

The main drivers of the market are increased demand for electrical appliances, deployment of electrical equipment’s, boost in power generation, and replacement of existing infrastructure of power with new one. North America accounts the highest share in the global surge arrester market followed by China, which is the fastest growing market. Technological advancements in the sector is another reason for growth in this market.

The factor that restrains the global surge arrester market is growing competition from unorganized power sector and cost of installation of arrester, especially in developing nations. However, having an edge over rivals and improvements are expected to help players deal with the situation.

Technology wise, the surge arrester market is improving each day, because companies such as siemens are immensely working on application-based development so that the outcome would be prominent, effective, and efficient. The demand for surge arrester in locomotive sector is growing. For example, metal oxide surge arresters are being replaced gradually with the silicon carbide type because of high degree of reliability and better performance. Additionally, new developments have been made in terms of distribution range. The porcelain type is being replaced with the polymeric ones for the protection of basic mechanical characteristics and prevention of lightning faults. Various government bodies are being involved in research and development, innovation of technologies, improvement of testing techniques and setting new standards.

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Among from regions, North America, owing to the technical developments accounted for about 26% of the global market in 2017, which is the largest share. Asia Pacific surge arrester market, however, is projected to have the highest growth during the forecast period, at a CAGR higher than 10.0%, which is a positive sign for the market, especially the emerging markets.

The global surge arrester market is segmented by type as polymeric & porcelain, by voltage as low, medium & high, by class as distribution, intermediate & station, by application as industrial, commercial & residential, and by region as North America, Asia Pacific, Middle East, South America, and Africa).

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