New York, Aug. 05, 2021 (GLOBE NEWSWIRE) -- Surge arrester Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Surge arrester Market Research Report, Type, Voltage, Class, Application and Region - Forecast till 2027” the market is projected to be worth USD 2.85 billion by 2027, registering a CAGR of 5.72% during the forecast period (2021 - 2027), The market was valued at USD 1.75 billion in 2020.
The surge arrester market outlook appears extremely promising, witnessing continual demand from the utilities, industrial, commercial, and transportation sectors. Spurring rise in grid infrastructures worldwide and investments in refurbishing aging grid infrastructure stimulates the surge arrester market size. With rising governmental initiatives to slash greenhouse gas emissions and dramatically overhaul a large part of the economy, the market is projected to escalate to newer heights in the years to come.
Get Free Sample PDF Brochure https://www.marketresearchfuture.com/sample_request/4298
Competitive Analysis
List of the Key Companies Profiled in the Surge Arrester Market Research Report are:
- GE Oil & Gas (US)
- Siemens (Germany)
- Hubbell (US)
- Mitsubishi Electric (Japan)
- Schneider Electric (France)
- CG Power (India)
- ABB (Switzerland)
- NGK Insulators (Japan)
- Eaton (Republic of Ireland)
- Emerson Electric (US)
- Legrand S.A (France)
- HAKEL spol. S r. (Czech Republic)
- TE Connectivity (Switzerland)
- Vertiv (US)
- Lamco (India)
- Raycap Corporation SA (US)
- Leviton Manufacturing (US)
The surge arrester market is experiencing several strategic deals. Market players make substantial investments in research and development and fostering their expansion plans.
For instance, recently, on March 04, 2021, a new lightning arrester known as Komli magnetism thunderstorms and interceptors is invented. The gadget is made out of aluminum waste, and the Meteorological Department has approved it as a viable tool to manage thunderstorms and lightning strikes. When erected on the rooftop of a building, the gadget attracts and absorbs lightning surges, thus protecting residents.
Browse In-depth Market Research Report (111 pages) on Surge Arrester
https://www.marketresearchfuture.com/reports/surge-arrester-market-4298
Rising Uptake of Surge Arresters for Distribution And EHV Influence Market size
The global surge arrester market is garnering substantial traction due to the increasing global demand for power generation and expansion of the smart grid network. Increasing investments in transmission and distribution facilities drive the surge arrester market growth worldwide. Moreover, the growing industrialization and development in power infrastructure escalate the urge arrester market share further.
Technological advancements in the power sector are other reasons for the growth in this market. The surge arrester market is evolving rapidly in terms of technology, mainly due to key industry players' seminal efforts for application-based product development, offering prominent, effective, and efficient outcomes. Additionally, new developments made in terms of distribution range foster the growth of the market.
Increasing investments to set up green-energy generation plants worldwide accelerate the market. The extensive uptake of these arresters in various end-user industries such as power generation, automotive, and consumer electronics acts as a key tailwind for the market's growth. Simultaneously, the increasing need for energy conservation and the demand for high-performance arresters bolster the market size.
Prohibitive Installation Costs Act as Major Headwinds for Market
Growing competition in fragmented power sectors and installation costs are major factors projected to impede market growth. Nevertheless, the increasing demand for additional capabilities and implementation of voltage arresters would support the market growth throughout the forecast period.
Share your Queries https://www.marketresearchfuture.com/enquiry/4298
COVID-19 Impact
The COVID-19 pandemic hit the surge arrester industry severely, causing huge revenue loss and bringing production capacities to a halt, and cutting down production output. Besides, lockdown mandates put a brake on manufacturing and device production, spiking overall product prices and lowering market demand.
However, the surge arrester market is rapidly returning to normalcy, witnessing a steadily increasing demand, especially from industrial sectors. The market demand is expected to increase further following the uplift of the lockdown in many countries.
Segmentation
The surge arrester market analysis is segmented into types, voltages, class, applications, and regions. The type segment is sub-segmented into polymeric and porcelain. The voltage segment is sub-segmented into low, medium, and high. The class segment is sub-segmented into distribution, intermediate & station, and others. The application segment is sub-segmented into industrial, commercial, and residential.
Regional Analysis
Asia Pacific dominates the global surge arrester market. The largest market share attributes to the expressive infrastructure development in the power sector. Besides, the energy demand growing with the ever-increasing population and improving lifestyles drive the surge arrester industry in the region. Moreover, industrial, commercial & residential applications in the region create substantial market demand.
The presence of many voltage surge manufacturers, alongside the rapid industrialization and urbanization in the region, substantiate the surge arrester market size. China, Japan, and India are dominant markets for surge arresters in the APAC. China, followed by India, accounts for the world's largest market for huge investments in power transmission and distribution networks each year.
Despite COVID 19 crises, countries such as China and India are expected to witness huge developments in renewable power plants where energy is generated using renewable sources such as tidal, wind, and solar. China also holds the highest installed generation and distribution capacity, resulting in increased market demand. The APAC surge arrester market is projected to retain its dominance throughout the estimated period.
Segmentation of Market covered in the research:
Information by Type (Polymeric & Porcelain), Voltage (Low, Medium & High), Class (Distribution, Intermediate & Station), Application (Industrial, Commercial & Residential) and Region (North America, South America, Europe, Asia- Pacific, and Middle East & Africa)
To Buy: https://www.marketresearchfuture.com/checkout?currency=one_user-USD&report_id=4298
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.