Surge Arresters Market
Surge Arresters Market (Voltage Type – Low Voltage Surge Arresters, Medium Voltage Surge Arresters, and High Voltage Surge Arresters; Application – Industrial, Commercial, and Household) - Global Industry Analysis, Trend, Size, Share, and Forecast 2019 - 2027
Press Release :
The escalating demand for consumer electronics and appliances, triggered by the increasing disposable incomes and the frequent changes in the lifestyles of individuals across the world has fuelled the demand for surge arresters significantly. As these arresters are highly effective in adjusting and normalizing power consumption, they provide efficient protection to electronic appliances against the damages from sudden voltage surges, ensuring their and their surrounding’s safety.
Going forward, the demand for surge arresters is likely to be influenced by the rise in power generation in the coming years. The increasing concerns over the depleting energy resources are projected to boost the production of electricity from non-renewable resources, creating opportunities for the application of these arresters in the near future. Apart from this, the growing industrialization in emerging economies is also projected to stimulate the demand for these arresters over the next few years.
In 2018, the global surge arresters market was worth US$2.07 Bn. expanding at a CAGR of 5.10% during the period from 2019 to 2027, it is estimated to reach US$ 3.25 Bn by the end of 2027.
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Asia Pacific to Report Fastest Growth Rate
The global market for surge arresters spreads across Europe, Asia Pacific, North America, and the Rest of the World. North America has been leading the demand for surge arresters over the recent past. The presence of a large pool of surge arrester manufacturers has boosted the growth of this regional market significantly. In 2018, the region emerged as the key contributor to the overall market. North America, being an early adopter of this technology, is likely to remain the leading regional market until 2027.
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Europe and Asia Pacific closely followed North America with a share of 27% and 23%, respectively, in 2018. Both the regions are also expected to register strong rise; however, it is Asia Pacific, which will report the fastest CAGR of 6.30% from 2019 to 2027 due to the growing industrialization in India and China.
Industrial Application to Remain Leading Consumer of Surge Arresters
Surge arresters are widely utilized in a number of commercial, industrial, and household applications. Among these, the industrial application segment emerged as the leading consumer of these arresters, owing to the rising industrialization across the world. In 2018, the segment accounted for a share of nearly 33% in the overall revenue generated in this market.
Analysts expect the consumption of surge arresters in this segment to register a significant rise during the period from 2019 to 2027. Other application segments are also projected to experience a rise in the application of these arresters over the next few years.
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The global surge arresters market demonstrates a highly concentrated competitive landscape with top five participants, namely,
- ABB Ltd.
- Schneider Electric
- Eaton Corp.
- General Electric
- Emerson Electric,
accounting for a share of more than 60% in 2018. Other prominent manufacturers of surge arresters across the world are
- Siemens AG
- Mitsubishi Electric Corp.
- Crompton Greaves
- Legrand S.A.
- Raycap Corp.
Growing Disposable Income and Extensive Need for Electrification to Add Extra Stars of Growth to the Surge Arresters Market
The need for electrification has escalated considerably over the years. The growing need for electrification across various regions and the rising concerns for the protection of power lines from lightning will bring tremendous growth opportunities for the surge arrester market during the assessment period of 2019-2027.
- The heightening disposable income and the growing demand for consumer electronics and appliances will invite tremendous growth opportunities for the surge arrester market across the forecast period. Surge arresters are devices used for protecting electrical equipment against high voltage. The arresters divert the voltage rather than absorbing them. Thus, all these factors bode well for the growth of the surge arrester market.
- The large-scale utilization of surge arresters in transportation and industries will bring extensive growth opportunities through the assessment period. Urbanization has increased rapidly over the years. Industrialization across many countries has also gathered considerable traction. All these factors bring immense growth prospects for the surge arrester market.
- Government bodies of numerous countries are investing heavily in electrification initiatives to provide electricity to all its citizens. These aspects are increasing the demand for surge arresters, eventually improving the growth rate. Densely populated countries like China and India are improving their electrification prospects extensively. Hence, the surge arrester market will observe promising growth from these regions.
- The novel coronavirus outbreak has wreaked havoc around the globe. It has disrupted the growth projections across many businesses and sectors. The surge arrester market is no exception. Numerous countries were forced to go into strict lockdowns. These lockdowns led to the complete shutdown of manufacturing units and factories, eventually ruining the growth prospects.
- Nevertheless, after a brief period, the governments of various countries announced relaxations in lockdowns to bring the economy on track. These relaxations proved to be a boon for the surge arrester market to revive lost growth.
Surge arresters are used to protect electronic appliances and machineries from damages caused due to sudden voltage surges. The surge arresters are attached on the conductors just before it enters the electrical equipments. The market is expected to grow during the forecast period due to the increasing demand for electronic appliances in households across the globe.
The market of surge arresters in primarily being driven due to the changing lifestyle of the working population, and the increasing disposable income, which is creating a need for automated electronic products to reduce their household works. This in return is creating a demand for protecting these devices from voltage fluctuations. This need is fueling 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. Emerging nations such as India and China is witnessing the development of power plants which will be generating energy by using renewable sources of energy such as sun, water and wind. This factor is creating the need for surge arresters in order to protect the heavy machineries from damages caused due to voltage overflow and fluctuations. In addition, the commercial sector is also witnessing the growth in electronic devices in order to reduce the manpower. However, the introduction of electronic devices is also increasing the maintenance costs due to electrical damages of the devices such as short circuit. This is in return spurring the growth of surge arresters in the commercial sector.
However, the installation of surge arresters involves high cost which is restraining 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 hindering the growth of surge arresters. By types, the high voltage surge arresters are dominating the market as they are mainly used to protecting the heavy machineries and equipments in several industries.
The global surge arresters market report has been analyzed and estimated in terms of revenue (USD Million) from 2019 to 2027. In addition, we have covered the drivers and the restraints effecting surge arresters market and its impact over the forecast period. Furthermore, the opportunities affecting the market have also been discussed.
The surge arresters market has been segmented into three parts: by voltage types, by application and by regions. By voltage types, the market has been categorized into low voltage surge arresters, medium voltage surge arresters and high voltage surge arresters. In terms of application, the market has been divided into industrial applications, commercial applications and household applications. Furthermore, the market has been segregated geographically into four regions: North America, Europe, Asia Pacific and Rest of the world. All these segments have been analyzed in terms of global revenue (USD Million).
In order to get a better understanding of the surge arresters market, we have included a key trend analysis for all the segments. Furthermore, the market attractiveness of the application segments has also been provided in order to anticipate the market for better decision making. In addition, the market share of the key industry players has also been discussed in terms of the market revenue held by them globally.
Furthermore, the report also includes the company profiles of the key players on the basis of their company overview, the recent developments pertaining to surge arresters, the financial overview, the historical milestones and the business strategies adopted by the various players. The key players profiled in the surge arresters market include, Siemens AG, ABB Ltd, Emerson Electric, Eaton Corporation Plc, Schneider Electric S.E., Mitsubishi Electric Corporation, Raycap Corporation and Crompton Greaves among others.
The report provides a cross-sectional analysis of all the above segments with respect to the following regions:
- North America
- Asia Pacific (APAC)
- Rest of the World (RoW)
By Voltage types