Global Surge Arresters Market - Growth, Trends, and Forecast (2018 - 2023)
Owing to the expansion of power infrastructure, the global surge arrester market is likely to register healthy growth over the forecast period. The surge arresters are useful in the adjustment and normalization of power consumption and thereby provide protection to electrical appliances against damages that can occur due to sudden changes in voltage. The increasing disposable income and growing per capita consumption of electricity are leading to an increase in global power consumption. Moreover, the growth in industrialization in developing economies is boosting the surge arresters market. The increasing concerns regarding the depletion of conventional energy resources is likely to boost the production of electricity from renewable resources in the near future, thus bolstering the development of new power infrastructure and creating opportunities for the surge arrester business. The application of surge arresters are - protection of AIS and GIS substation equipment, protection of AC and DC traction systems, HVDC protection, protection of series capacitor banks, protection of cables, protection of transmission lines, installation in polluted areas, and areas with high seismic activities.
Increasing Power Consumption Driving the Market
The market studied is driven by several factors, such as the usage of highly sensitive electrical systems and the high demand for electric appliances. The increasing deployment of electrical equipment is leading to increasing consumption of power. The growth in power consumption is boosting the development of power infrastructure that require installation of surge arresters, to ensure the safety of electrical equipment. The development of industrial infrastructure across the world is leading to an increase in power consumption, thereby boosting the surge arrester market.
North America Accounts for the Largest Share
Owing to the development of power infrastructure in the region, the North American region accounts for the largest share in the global surge arrester market. The significant industrial infrastructure and development of power infrastructure in the region is likely to boost the demand for surge arresters, as the replacement at existing sites and for new installations. Moreover, North America is an early adopter of surge arrester technology, which is expected to help the region to maintain its high share in the surge arrester market.
China to Register the Fastest Growth
China is growing at a robust pace, in terms of augmenting its overall supply of electrical energy, on account of the robust industrial sector and increasing demand for electricity from residential consumers. The development of new projects and demand from existing infrastructure is anticipated to bolster the Chinese segment of the market studied during the forecast period.
Key Developments in the Market
December 2017: Siemens AG introduced a technology that includes surge arrester in circuit with the overhead line system in railway lines, which ensures that electrification infrastructure does not suffer unnecessary flashovers between live conductors and the structure.
The major players include - ABB Ltd., Crompton Greaves, Eaton Corporation PLC, Emerson Electric, General Electric, Legrand SA, Mitsubishi Electric Corporation, Raycap Corporation SA, Schneider Electric SE, Siemens AG, Advanced Protection Technologies, Leviton Manufacturing, and Littlefuse, amongst others.
Reasons to Purchase this Report
Current and future surge arrester market outlook in the developed and emerging markets.
Analyzing various perspectives of the market, with the help of Porter’s five forces analysis.
The segment that is expected to dominate the market.
The regions that are expected to witness fastest growth during the forecast period.
Identify the latest developments and strategies employed by the major market players.
3 months analyst support along with the Market Estimate sheet (in excel).
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