Surge Arrester is device that protects electrical power system from damage caused by lightning and switching effects. It is sometimes known as surge protection device to protect equipment in transmission of power and in distribution system. The global surge arrester market is expected to grow at ~ 5.5% CAGR in the projected years. Globally, there is an increase in demand of power generation, expansion of smart grid network, increasing investment in transmission and distribution facilities, growing industrialization and development in power infrastructure.
The factor that restrains the global surge arrester market is growing competition from unorganized power sector and cost of installation of arrester, especially in developing nations. However, having an edge over rivals and improvements are expected to help players deal with the situation.
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The major key player in global surge arrester markets are Siemens (Germany), GE Oil & Gas (U.S.), Hubbell (U.S.), Schneider Electric (France), Mitsubishi Electric (Japan), CG Power (India), NGK Insulators (Japan), ABB (Switzerland), Eaton (Republic of Ireland), Legrand S.A (France), Emerson Electric (U.S.), HAKEL spol. S r. (Czech Republic), Vertiv. (U.S.), TE Connectivity (Switzerland), Lamco (India), leviton manufacturing (U.S.), Raycap Corporation SA (U.S.), etc.
The global surge arrester market is segmented by type as polymeric & porcelain, by voltage as low, medium & high, by class as distribution, intermediate & station, by application as industrial, commercial & residential, and by region as North America, Asia Pacific, Middle East, South America, and Africa).
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.
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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.
Among from regions, North America, owing to the technical developments accounted for about 26% of the global market in 2017, which is the largest share. Asia Pacific surge arrester market, however, is projected to have the highest growth during the forecast period, at a CAGR higher than 10.0%, which is a positive sign for the market, especially the emerging markets.
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