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.
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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.
The market of surge arresters in mainly being driven due to the altering existence of the employed inhabitants, and the growing disposable income, which is generating a need for automated electronic products to lessen their domestic works. This in return is generating a demand for safeguarding these devices from huge voltage fluctuations. This need is boosting the growth for surge arresters market. Furthermore, the growing awareness for need of renewable energy sources is also acting as a driver for the market. However, the introduction of electronic devices is also increasing the maintenance costs associated to electrical damages of the devices such as short circuit. Also, the installation of surge arresters involves high cost which is hindering the market from growth. In addition, the type of surge arresters vary from one device to another depending on the voltage ranges. These factors are restraining the growth of surge arresters.
Industrial application is expected to hold the largest share in surge arrester market.
The report has been analyzed based on applications, voltage and regions. The industrial application segment is expected to witness a substantial growth because of the growing alternative energy system implementation around the world. The increase in the investment on digitally transforming the electrical, auto and manufacturing industries for achieving high production efficiency, is driving the market for surge arrester. Also urbanized infrastructure programs demanding protection of dwellings from voltage surge due to lightning strikes, is further expected to drive the market for surge arrester.
Scope of the Report
This study provides an overview of the Global surge arrester market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region.
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The scope of the study segments the Global surge arrester market by its voltage, application, by regions.
Rest of the World
The key players of global surge arrester market are Siemens AG (Germany), Eaton Corporation Plc. (Ireland), Littelfuse, Inc. (U.S.), ABB, Ltd. (Switzerland), Schneider Electric SE (France), General Electric (U.S.), Vertiv. (U.S), HAKEL spol. S r. o (Czech), Legrand S.A. (France), Mitsubishi Electric Corporation (Japan), Crompton Greaves Ltd. (India) and Emerson Electric (U.S)
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