This report studies the global Surge Arrestor Market size, industry status and forecast, competitive landscape and growth opportunity. This research report categorizes the global Surge Arrestor Market by companies, region, type and end-use industry.
Surge Arrester Market
Overview
According
to the reports published by Market Research Future, the surge arrester 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.
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Industry
Highlights
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.
Global Surge Arrester 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. 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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