Portland, OR, Nov. 09, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global surge arrester market generated $1.4 billion in 2021, and is projected to reach $2.2 billion by 2031, growing at a CAGR of 4.5% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $1.4 billion |
| Market Size in 2031 | $2.2 billion |
| CAGR | 4.5% |
| No. of Pages in Report | 273 |
| Segments Covered | Material, voltage range, end-user, and region |
| Drivers | Increase in the standard of living |
| Rise in the use of smart grids | |
| Opportunities | High reliability and superior insulation capacity of surge arrester |
| Rapid industrialization and urbanization in various countries across the globe | |
| Restrains | Flourishing duplicate product market for surge arresters |
COVID-19 Scenario:
- The COVID-19 pandemic had a negative impact on the growth of the global surge arrester market, owing to the presence of lockdowns in various countries across the globe.
- Lockdowns resulted in the delay or cancellation of several surge arrester projects. This was mainly due to the prevalence of stringent social distancing restrictions as imposed by the governments of various economies across the world.
- In addition, closure of various industries resulted in reduced power demand, which in turn, impacted the growth of the market during the pandemic.
- However, various operations of production and manufacturing industries have been started again after the outbreak, which led to show sign of improvement in growth of the surge arrester market in the post-pandemic era. Thus, the market is expected to grow rapidly in the coming years.
The report offers detailed segmentation of the global surge arrester market based on material, voltage range, end-user, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on fastest growing segments and highest revenue generation that is mentioned in the report.
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Based on material, the polymeric segment held the dominating market share in 2021, holding nearly three-fourths of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 4.7% during the forecast period. The report also analyses the porcelain segment.
Based on voltage range, the medium voltage segment held the dominating market share in 2021, holding more than two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 4.8% during the forecast period. The report also analyses other segments such as low and high segment.
Based on end-user, the industrial segment held the dominating market share in 2021, holding more than two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 5.0% during the forecast period. The report also analyses other segments such as commercial and residential.
Based on region, the market across Asia-Pacific region held the lion’s share in 2021, holding more than two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 4.8% during the forecast period. The report also analyses other regions such as North America, Europe, and LAMEA.
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The key players analyzed in the global surge arrester market report include TE Connectivity Ltd., ABB Limited, General Electric, CG Power and Industrial Solutions Limited, Eaton Corporation, Siemens AG, Hubbell Power Systems, Izoelektro D.O.O., INAEL Electrical Systems, Hakel.
The report analyzes these key players in the global surge arrester market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market.
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