The market research report on the Surge Arrester Market aims to help users discover detailed information regarding trends in the market. The report also throws light on the overview of the thorough analysis of the correlated key players active in the market, covering their competitive landscape, supply chain analysis, and latest developments like investments, expansion, technological growth, etc.
The surge arrester market was estimated at USD 1.6 billion in 2021 and is likely to grow at a CAGR of 5.5% during 2022-2028 to reach USD 2.33 billion in 2028.
What is a surge arrester?
A surge arrester is basically a device that is used to provide protection to electrical equipment in power transmission and distribution systems, from over-voltage transients caused by external lightning or internal switching events.
The growth of the surge arrester market is primarily driven by-
- Growing electricity demand,
- Large-scale renewable integration,
- Refurbishment of existing grid networks,
- Increasing electric infrastructure spending.
Here are the key players mentioned in the report –
- ABB Limited
- CG Power and Industrial Solutions Limited
- Eaton Corporation
- General Electric
- Hubbell Power Systems
- INAEL Electrical Systems
- Siemens AG
- TE Connectivity.
As per the report, the market is segmented by:
Based on the voltage type, the market is segmented as low, medium, and high. Low voltage is estimated to witness significant growth in the market during the forecast period owing to the growing electrification of rural areas across developing economies coupled with the rapid expansion of residential establishments. On the other hand, medium voltage is also estimated to register significant growth in the market during the forecast period owing to rapid industrialization on account of economic diversification.
Based on the class type, the market is segmented into distribution, intermediate, and station. Distribution class is estimated to witness high growth in the market during the forecast period on account of the superior overvoltage protection provided by it. Further, station class is also estimated to account for a significant share of the market owing to various lucrative features, such as high-pressure relief capability, superior performance to resist contamination, high durability, and excellent cantilever strength offered by it.
Based on the material type, the market is segmented as polymer and porcelain. The polymer material is estimated to register a high growth rate in the market during the forecast period. The growth of the segment is attributed to its extensive suitability across distinct voltage ranges and features, such as easy handling & installation, low manufacturing & operational cost, and reliable performance in harsh environments. Further, porcelain is also estimated to witness significant growth in the market owing to its capability to be self-supporting and resist environmental aging.
Based on the application type, the market is segmented as residential & commercial, industrial, and utility. The industrial segment is estimated to account for the major share of the market on account of the growing focus on mitigating power quality issues across the industrialized economies, fueling the overall industry growth during the forecast period.
In terms of regions, Europe is estimated to be the leading region in the market during the forecast period owing to growing investments by the government imposing stringent regulations to modernize smart grid infrastructures. In addition, in North America, the U.S. is estimated to account for a significant share of the market on account of increasing investments by utilities toward capital additions coupled with increasing security compliance standards, fueling the regional market growth. Moreover, Asia-Pacific is also estimated to offer substantial growth opportunities over the forecast period.
Sneak peek into the Report:
This report focuses on the various types, segments, and growth in the Surge Arrester Market. It offers valuable insights into business dynamics and allows current and potential market participants to make strategic decisions.
The report also benchmarks the major parameters like –
- Industry Outlook
Market Segmentation & Value Chain Analysis
• Industry Dynamics
• Growth Opportunities
• Regional Outlook
• Country-level Analysis
• Competitive Landscape
• Company Market Share Analysis
• Key Company Profiles/ Market Players
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