Pune, March 23, 2022 (GLOBE NEWSWIRE) -- The global Surge Arrester Market size was USD 1.74 billion in 2020. The market is expected to grow from USD 1.81 billion in 2021 to USD 2.50 billion in 2028 at a CAGR of 4.7% in the 2021-2028 period.
This information is provided by Fortune Business Insights™, in its report, titled, “Surge Arrester Market, 2021-2028.”
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According to our researchers, the growing demand for smart grids infrastructure substitutes the prevailing infrastructure and presents novel end-use industries, specifically in renewable energy projects, thus boosting the market growth.
Top Players Covered in the Surge arrester market Report are:
- Hitachi ABB (Switzerland)
- Siemens (Germany)
- Schneider Electric (France)
- General Electric (U.S.)
- Eaton (Ireland)
- Mitsubishi Electric (Japan)
- Toshiba (Japan)
- Hubbell (U.S.)
- Legrand (France)
- CG Power (India)
- Meidensha (Japan)
- Tripp Lite (U.S.)
COVID-19 Impact
COVID-19 Pandemic Adversely Influences the Surge Arrester Market
Industry pioneers have predicted slowdowns among delivery and construction, owing to factory shutdowns in order to diminish the coronavirus spread. Numerous components/parts are gained from China, the U.S., and Europe. Production hindrances in China and the U.S. owing to this pandemic could substantially decline the market growth in the near future.
Additionally, owing to the COVID-19 outbreak, the worth of various nations’ local currencies fell, leading to financial damages for metal manufacturers. The considerable components utilized in the manufacturing procedures are frequently procured in U.S. dollars in augmented component costs.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/surge-arrester-market-100933
Report Coverage
The report presents valuable visions gained by a meticulous review conducted by our researchers. Extensive research was conducted to offer the expected size of the market. The data utilized to project the shares for multiple segments at the country, regional, and global levels are gained from detailed interviews with numerous stakeholders. Additionally, we have extracted admittance to numerous global and regional paid databases to offer accurate information to make business investment choices easy for our clients.
Report Scope and Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 4.7% |
| 2028 Value Projection | USD 2.50 billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 1.74 billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 180 |
| Segments covered | By Type, By Class, By Voltage Level, By Application, By Region |
| Growth Drivers | Increase in Deployment of Smart Grids Infrastructure Leading Market Growth |
| Increasing Investment in Renewable Energy Projects to Boost Market Growth | |
| Pitfalls & Challenges | Growing Competition From The Unorganized Players Hampering The Market Growth |
Segmentation:
Utility Segment Dominated Backed by Demand for Electricity
On the basis of type, the market is segregated into porcelain and polymeric.
In terms of class, the market is classified into station class, intermediate class, and distribution class surge arrester.
By voltage level, the market is divided into high voltage, medium voltage, and low voltage levels.
In regards of the application, the market can be divided into utility and industrial. The utility segment held the largest share in 2020 and is projected to dominate the market during the projection period.
Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Driving Factors
Upsurge in Deployment of Smart Grids Infrastructure to Lead Market Growth
The market is expected to grow on account of the extensive usage of the arrester in substations, transmission lines, and other electrical network components. Moreover, augmented investment in transmission and distribution (T&D) networks is among the prime causes fueling the market. T&D network extension and development directly affects the surge arrester market growth. The increasing number of electrification projects in China and India and network expansions to sustain renewable energy integration in the U.S., Europe, and other established nations are estimated to spur the market in the impending years.
Regional Insights
Asia Pacific Held Dominating Share Backed by Growing Investment in Transmission
Asia Pacific holds the largest surge arrester market share. Electricity demand is rising, and utilities in the nations in this region are spending on transmission and distribution amenities; an amplification in EHV and UHV transmission investments in China and India are projected to drive the regional market growth.
North America held the second-largest share in the global market. The region's substantial industrial and electrical infrastructural development is expected to augment demand as replacements and novel installations take place.
Europe is anticipated to contribute remarkably during the forecast period. European utilities are re-evaluating their possessions and concentrating on long-term sustainable business.
Competitive Landscape
Key Players Gain Novel Contracts to Bolster Market Position
The important players embrace numerous tactics to bolster their position in the market as dominating companies. One such important tactic is procuring companies to boost the brand value among users. Another effective strategy is intermittently launching groundbreaking products with a detailed review of the market and its target audience.
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Industry Development
February 2021: TRE signed an agreement with Siemens Energy intended to install two wind farms based in Vietnam. Among other substation properties, the company will deliver digitally augmented transmission equipment with sophisticated intelligence from its Sensor based product portfolio, such as connective circuit-breakers, surge arresters, as well as power transformers.
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porter’s Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Surge Arrester Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Surge Arrester Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Porcelain
- Polymeric
- Market Analysis, Insights and Forecast – By Class
- Station Class
- Intermediate Class
- Distribution Class
- Market Analysis, Insights and Forecast – By Voltage Level
- High
- Medium
- Low
- Market Analysis, Insights and Forecast – By Application
- Utility
- Industrial
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- North America Surge Arrester Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Porcelain
- Polymeric
- Market Analysis, Insights and Forecast – By Class
- Station Class
- Intermediate Class
- Distribution Class
- Market Analysis, Insights and Forecast – By Voltage Level
- High
- Medium
- Low
- Market Analysis, Insights and Forecast – By Application
- Utility
- Industrial
- Market Analysis, Insights and Forecast – By Country
- U.S. Market Analysis, Insights and Forecast – By Application
- Utility
- Industrial
- Canada Market Analysis, Insights and Forecast – By Application
- Utility
- Industrial
- U.S. Market Analysis, Insights and Forecast – By Application
- Europe Surge Arrester Market Analysis (USD Billion), Insights and Forecast, 2017-2028
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