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.
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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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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.
Regional
Outlook
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.
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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