Surge Arrester 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.
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. Technological progressions in the sector is
another significant reason for growth in this market. The factor that restricts
the global Lightning
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.
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.
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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