Increased demand for electrical appliances, deployment of electrical equipment, rise in power generation, and replacement of current power infrastructure with new infrastructure are the primary market drivers. North America has the largest share of the worldwide surge arrester 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.
Covid-19 Impact & Market Status
Surge arresters that have already been contracted or are in the manufacturing process may see the most substantial near-term consequences through supply chains. Industry leaders expect supply and construction delays, either as a result of industry closures to prevent the spread of the coronavirus or as a result of workers being ill. Many surge arrester components and parts originate from China, Asia Pacific, the United States, and portions of Europe. Manufacturing difficulties in China and the United States might lead to a large drop in the surge arrester market in the immediate future.
Furthermore, several nations' domestic currencies have declined as a result of the COVID-19 pandemic. There is a mismatch of supply and demand, resulting in financial losses for metal manufacturers; also, critical components utilised in surge arrester manufacturing are often acquired in US dollars, resulting in increased component costs.
The changing tastes of the working population are increasing the demand for automation and digitization, which is boosting the global surge arrester market.
The renewable energy industry is propelling this market forward. In the Asia Pacific area, countries like China and India are seeing the construction of numerous power plants for the creation of electricity from renewable sources including tidal, wind, and solar. With a CAGR of 5.1 percent over the projected period, this rationale is one of the primary drivers of the surge arrester market in Asia Pacific.
The worldwide surge arrester market is divided into three categories based on application: industrial, commercial, and residential. During the forecast period, revenue generation from the commercial sector is expected to grow at a CAGR of around 8.50 percent.
Due to expressive infrastructure expansion in the power sector, North America and Asia Pacific combined account for more than 15.0 percent of the total in application-based surge arresters globally. Countries in the Asia Pacific area, such as China and India, have fresh initiatives to develop and the potential to achieve new s.
Surge Arrester is a device that protects electrical power systems from the effects of lightning and switching. It's also known as a surge protection device, and it's used to protect equipment in power transmission and distribution systems.
The surge arrester market has been studied in five regions in this report: Asia Pacific, North America, Europe, Middle East & Africa, and South America. From 2020 to 2028, Asia Pacific is expected to be the biggest market. The growing need to boost renewable power production capacity, as well as rising energy demand, urge utilities in these nations to invest in transmission and distribution infrastructure. The surge arrester market in APAC is growing due to increased expenditures in EHV and UHV transmission projects in China and India.
Globally, there is a growth in power generating demand, as well as the expansion of smart grid networks, increased investment in transmission and distribution facilities, and increased industrialisation and power infrastructure development.
Growing competition from the unorganised power sector, as well as the expense of installing a surge arrester, are limiting the worldwide surge arrester market, particularly in emerging countries. Having an advantage over competitors and advancements, on the other hand, are intended to aid players in dealing with the issue.
Surge arrester technology is developing every day, thanks to firms like Siemens investing heavily in application-based development so that the end result is visible, effective, and efficient. The need for surge arresters is increasing in the locomotive industry. Metal oxide surge arresters, for example, are rapidly being phased out in favour of silicon carbide surge arresters due to their increased dependability and performance. In addition, there have been advancements in the distribution range. For the conservation of basic mechanical qualities and the prevention of lightning flaws, porcelain is being replaced by polymeric materials. Various government agencies are active in research and development, technological innovation, testing technique improvement, and the establishment of new standards.
Surge arresters are critical components in transmission and distribution networks for the safety of electrical equipment. They're found in substations, transmission lines, and other electrical network components. Increased expenditures in transmission and distribution (T&D) networks are one of the major drivers driving the surge arrester industry. T&D network expansion and improvement have a direct influence on surge arrester market growth.
Unorganized competitors in the market are delivering cheap, low-quality surge arresters without authorisation, posing a serious threat to major surge arrester producers. Without sufficient authorisation, these tiny local players offer items made in-house. These unorganised market businesses outperform the major firms in terms of price competitiveness and the local supply networks they maintain, which are difficult for global players to attain.
Siemens (Germany), GE Oil & Gas (United States), Hubbell (United States), Schneider Electric (France), Mitsubishi Electric (Japan), CG Power (India), NGK Insulators (Japan), ABB (Switzerland), Eaton (Republic of Ireland), Legrand S.A (France), Emerson Electric (United States), HAKEL spol. S r. (Czech Republic). Growing competition from the unorganised power sector, as well as the expense of installing a surge arrester, are limiting the worldwide surge arrester market, particularly in emerging countries. Having an advantage over competitors and advancements, on the other hand, are intended to aid players in dealing with the issue.
Surge Arrester Market Scope
|Forecast Unit||Value (USD)|
|Segment Covered||Type,Voltage, Class, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Siemens (Germany), GE Oil & Gas (United States), Hubbell (United States), Schneider Electric (France), Mitsubishi Electric (Japan), CG Power (India), NGK Insulators (Japan), ABB (Switzerland), Eaton (Republic of Ireland), Legrand S.A (France), Emerson Electric (United States), HAKEL spol. S r. (Czech Republic). Growing competition from the unorganised power sector|
Key Segments of the Global Surge Arrester Market
Type Overview, 2018-2028 (USD Billion)
Voltage Overview, 2018-2028 (USD Billion)
Class Overview, 2018-2028 (USD Billion)
Application Overview, 2018-2028 (USD Billion)
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa