April 13, 2020
According to the research report titled ‘Surge Arrester Market Size By Voltage, By Class, By Material, By Application , Industry Analysis Report, Regional Analysis Application Potential, Price Trend, Competitive Market Share & Forecast, 2019-2025’, available with Market Study Report LLC, the surge arrester market is expected to acquire admirable returns by the year 2025.
Favorable government initiatives in order to reduce instances of power failure along with growing renovating and remodeling activities for existing grid infrastructure is driving the surge arrester market growth. Rapid expansion of distribution & transmission networks to meet the growing electricity demand is further fueling the market expansion.
Strict regulatory scenario prompting utilization of energy efficient systems and increasing focus of utilities towards modernizing existing electrical infrastructure are also creating lucrative growth avenues for the overall market.
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As per voltage type, high voltage surge arrester market segment is presumed to expand with a CAGR of 6% during 2020-2025. Increasing utilization of high voltage systems in HVDC lines across developing countries is aiding the segmental growth. Furthermore, growing demand for FACTS (flexible alternating current transmission systems) in order to enhance the reliability and availability of line networks along with focus on safeguarding transmission & distribution systems is stimulating the industry outlook.
In terms of material terrain, polymer based surge arrester market was worth USD 600 million in 2018 and will witness similar growth in the forthcoming years. These surge arresters can operate in extreme environmental conditions. Factors such as easy handling & installation as well as high mechanical strength associated with polymer based surge arresters have enhanced their adoption rates for distinct voltage ranges.
Considering the geographical landscape, the U.S. surge arrester industry is expected to register significant growth in the subsequent years, primarily due to amplification of power capacities in order to meet the growing energy demand. Increased pervasiveness of transformer failures is also fostering the demand for efficient power protection systems. Development of efficient electrification systems coupled with increasing optimizing of power substations to enhance the electrical reliability are promoting the business scenario in the U.S.
Lamco, DEHN, Elpro, TE Connectivity, CG Power, Siemens, Eaton, Hubbell Power Systems, General Electric, ABB and Schneider Electric are some companies prevailing in surge arrester market.
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