Surge Arrester Market is projected to be worth USD 2.85 billion, registering a CAGR of 4.26% during the forecast period 2022-2030. The market was valued at USD 1.75 billion in 2020.
surge arrester market results an increase in power generation demand, as well as the expansion of smart grid networks, increased investment in transmission and distribution facilities, and increased industrialization and power infrastructure development. The changing preferences of the working population are increasing the need for automation and digitization, which is boosting the global market. Furthermore, the renewable energy sector is propelling this market forward. In the Asia Pacific region, countries like China and India are seeing the development of numerous power plants for the creation of electricity from renewable sources including tidal, wind, and solar.
Increased demand for electrical appliances, deployment of electrical equipment, rise in power generation, and replacement of current power infrastructure with new infrastructure is the primary market drivers. North America has the largest share of the worldwide market, followed by China, which is the market with the fastest growth. Another factor for this market's rise is technological advancements in the field. The market is expected to grow constantly to meet the growing demand for electrical energy and large expenditures on power generation is done for the same. This has allowed the surge arrester market to expand in recent years, and it is likely to continue to do so in the forecast term.
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 major key player in global 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.
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.
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.
The global surge arrester industry 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 industry 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. 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.
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.
Among from regions, North America, owing to the technical developments accounted for about 26% of the global market in 2017, which is the largest share. Asia Pacific surge arrester market, however, is projected to have the highest growth during the forecast period, at a CAGR higher than 10.0%, which is a positive sign for the market, especially the emerging markets.
Global 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.
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.
|CAGR||4.26% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Voltage, Class and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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.)|
|Key Market Opportunities||New product launches and R&D amongst major key players|
|Key Market Drivers||
During the assessment period, the surge arrester market can surge at 4.26% CAGR.
The surge arrester market poised to generate substantial turnover in forecast period.
Legrand S.A (France), HAKEL spol. S r. (Czech Republic), Emerson Electric (U.S.), TE Connectivity (Switzerland), and Vertiv. (U.S.) are some reputed companies in the surge arrester market.
The surge arrester market can be driven by the growing need for clean energy.
Rapid developments in the energy sector can impel the APAC surge arrester market growth.