Surge Arresters Market Research Study Including Growth Factors, 2019 - 2027
In a report titled ‘Surge Arresters Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021,’ Transparency Market Research predicts the market to progress from US$1.7 bn in 2014 to US$2.4 bn by 2021. Factors such as the rising demand for electronic appliances and the increasing need for power generation can be credited for the growth of the global surge arresters market. As per the report, the global surge arresters market is expected to exhibit a 5.10% CAGR during the period between 2015 and 2021.
To protect the machinery and electronic appliances from internal and external voltage fluctuations, a surge arrester is attached to the conductor. Internal voltage fluctuations and external factors such as lightning cause damage to the electrical equipment used in various industries. However, a surge arrester cannot protect electronic equipment from direct lightning. It protects the equipment from electrical transients occurring from lightning.
Thanks to the worldwide increase in the demand for power generation, the global surge arresters market is expected to expand at a rapid pace through the report’s forecast period. The rise in the demand for electrical equipment in households is one of the primary factors predicted to drive the global surge arresters market.
The cost of installation of surge arresters is one of the primary restraints for the market, state analysts. As per the findings of the report, the rising demand for renewable energy, especially in developing nations, is expected to create new growth opportunities in the global surge arresters market.
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The global surge arresters market is segmented on the basis of voltage type, region, and application. Based on region, the global surge arresters market is divided into Asia Pacific, Europe, North America, and Rest of the World. In 2014, North America held a dominant share of more than 30% in the global surge arresters market. The North America surge arresters market will continue its dominance in the years ahead owing to the increasing applications of surge arresters in the United States.
By voltage type, surge arresters are classified into low voltage, medium voltage, and high voltage surge arresters. Based on voltage type, in 2014, the high voltage surge arresters segment accounted for a massive share of 45.3% in the global market. Rapid industrialization in China and India can be attributed to the dominance of the high voltage surge arresters segment. In recent years, there have been instances of industrial equipment and machinery being damaged due to severe voltage fluctuations. This is expected to increase the demand for surge arresters in the years to come.
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The growing adoption of surge arresters has led to the growth of this market. The presence of many leading manufacturers of surge arresters is expected to further benefit the North America market throughout the forecast period. Leading companies such as Emerson Electric, General Electric, and Eaton Corporation are dominating the market for surge arresters in North America.
Siemens AG, Mitsubishi Electric Corporation, Crompton Greaves, Legrand S.A., ABB Ltd, and Schneider Electric are some of the other companies operating in the global surge arresters market.
Get More Press Releases by TMR:https://www.globenewswire.com/news-release/2022/04/12/2421491/0/en/Revenue-of-Connected-Smart-Street-Light-Market-to-Cross-US-8-2-Bn-by-2031-TMR-Study.html
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