Surge Arrestor Market Overview
According to the reports published by
Market Research Future, the Surge
Arrestor 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. 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.
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.
Surge Arrestor Market 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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