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 factor that restrains the
global surge arrester market is growing competition from unorganized power
sector and cost of installation of arrester, especially in developing nations.
However, having an edge over rivals and improvements are expected to help
players deal with the situation.
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Segmental
Overview
The global surge arrester market is
segmented by type as polymeric & porcelain, by voltage as low, medium &
high, by class as distribution, intermediate & station, by application as
industrial, commercial & residential, and by region as North America, Asia
Pacific, Middle East, South America, and Africa.
Based on applications, the global
surge arrester market is segmented into industrial, commercial and residential.
Among them, revenue generation from commercial sector is projected to expand at
a CAGR of approx. 8.50% during the forecast period.
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.
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Global surge arrester market is
mainly driven by the changing preferences of the working population, driving
the need for automation and digitalization. Furthermore, the renewable sector
is also acting as a driver for this market. 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.
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.
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