Press release
Surge Arrester Market 2020 - By Voltage, Material and Regional Forecast to 2024
The product is used to protect equipment from over-voltage transients in T&D systems caused by internal switching events or by lightning strikes.
Rapid industrialization across emerging countries along with increasing power generation capacities to meet electricity demands have also complemented the industry landscape.
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For instance, the average electricity consumption for households was estimated around 3,500 kWh in 2010, but has increased drastically in the last few years owing to rapid urbanization, facilitating the need of efficient overvoltage protection solutions to optimize the continuity of power services whilst ensuring personal safety and reduced immobilization costs.
How will the rising occurrences of lightning strikes amplify product adoption?
A lightning strike has the potential to destroy millions of home appliances across a power grid. It can also cause significant amount damage to T&D equipment like power transformers owing to the injection of around 120 million volts of added voltage into the system. Indeed, a lightning strike can cause a transformer to blow, knocking out power to thousands of people or even leading to cases of electrical fire outbreaks, particularly in dry environments.
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High voltage products, as per estimates, are anticipated to record extensive sales in the years to come. The product's increasing use across HVDC (high voltage direct current) lines to drive AC and DC applications requiring power inputs of over 1,100kV will fuel the product demand. Moreover, rising infrastructure development projects in emerging nations to meet residential and industrial demands will also propel high voltage surge arrester market size, slated to depict a CAGR of 6% over 2019-2025.
In 2017, India revealed plans to construct an 800-kV transmission line capable of offering power to over 80 million people in the country. The increasing adoption of FACTS (Flexible AC Transmission Systems) to increase the reliability of line networks along with improved measures to protect transmission & distribution equipment from overvoltage will also stimulate the industry growth.
These exceptionally efficient systems, are massively used worldwide to protect electrical equipment and power system installations against internal switching events and lightning surges. Surge arresters can also directly divert overvoltage to the ground to protect the equipment from damage. Considering their exponential demand graph, it wouldn't be incorrect to state that the global surge arrester market size of bound to increase by the day, with a target revenue estimation of $2 billion by 2025.
Reports claim that, on an average, lightning strikes the Florida Power & Light (FPL) service territory over 300,000 times in a year, delivering currents ranging from 10,000 - 200,000 amps, that can induce voltages exceeding a million volts. To tackle such high voltage spikes, FPL has adopted surge arresters as its primary defense solution. As per the INMR, an estimated 1,545,000 surge arresters find home on the FPL distribution system, signifying that the region is an apt revenue pocket for the growth of the surge arrester industry.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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