Distribution Segment to Account for the Largest Share of the Surge...

Distribution Segment to Account for the Largest Share of the Surge Arrester Market

Posted 2023-09-29 06:36:07

Market Research Future Insights

The global is Surge Arrester Market estimated to be worth USD 3.62 Billion by 2032, registering a 4.20% CAGR during the forecast period (2023- 2032). Surge Arrester is a device that defends electrical power systems from damage caused by lightning and switching effects. It is sometimes called a surge protection device to protect equipment in the transmission of power and distribution systems.

Surge arresters are generally required due to safety regulations, and their installation can support minimizing losses in the event of a power outage. Surge arresters play an essential role in transmission and distribution networks due to their protection against electrical equipment and electrical lines from surges.

Substations, transmission lines, and other electrical components apply to this electrical equipment.

Surge arrester manufacturers are focusing their efforts on reducing surge arrester costs, which is anticipated to provide benefits to end consumers. Surge arresters are utilized in various industries and sectors, including utilities, industry, and transportation, which in turn will thrust the growth in the market in coming years.

Due to industrial development and the expansion of metro cities around the world, demand for efficient power supply is augmenting. The need for surge arresters is estimated to rise as expenditure on electrical infrastructures such as heavy current, and overhead power lines grow.

Governments in arising economies are taking steps to develop measures to provide a reliable and continuous power supply, reducing the losses that happen during power supply and outages. These measures are anticipated to fuel sales of surge arresters in the coming years. Further, ongoing investments in the enhancement of grid infrastructure will continue stimulating demand for surge arresters.

Key Players

· Siemens (Germany)

· E. Oil & Gas (U.S.)

· Hubbell (U.S.)

· Schneider Electric (France)

· Mitsubishi Electric (Japan)

· G. Power (India)

· NGK Insulators (Japan)

· ABB (Switzerland)

· Eaton (Republic of Ireland)

· Legrand S.A (France)

· Emerson Electric (U.S.)

· HAKEL spol. Sr. (Czech Republic)

· Vertiv (U.S.)

· E. Connectivity (Switzerland)

· Lamco (India)

· Leviton Manufacturing (U.S.)

· Raycap Corporation S.A. (U.S.)

Regional Analysis

The global Overvoltage protection Market Size is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

North America, owing to the technical developments esteemed for about 26% of the global market.

Asia Pacific surge arrester market, however, is estimated to have the highest growth during the forecast period, at a CAGR higher than 10.0%, which is a positive sign for the market, particularly emerging markets.

Europe's infrastructure is aging, potentially rearing the risk of widespread blackouts. As a result, government throughout the region is concentrating to upgrade and replace aging infrastructure to advance grid reliability and resilience, as well as to create smarter power networks.

Market Segmentation

The global Surge Arrester Market is segmented into the following types;

By Product Type