“The surge arrester market is projected to grow at a CAGR of 5.11%, from 2017 to 2022.”
The surge arrester market is projected to grow from an estimated USD 1.56 billion in 2018 to USD 2.01 billion by 2023, at a CAGR of 5.11%, from 2018 to 2023. Investments in smart grids and energy systems, the need to reduce equipment failure caused by frequent voltage spikes, and aging power infrastructure are driving the surge arrester market across the world. Counterfeiting of products by local players could hinder market growth to a certain extent.
“The medium voltage segment is expected to hold the largest share of the surge arrester market, by voltage, during the forecast period.”
Medium voltage surge arresters are predominantly used in industrial, transportation, and distribution substations. A rise in the demand for electricity in residential areas and expansion of electrical distribution networks to reduce power outages are the key factors driving the segment during the forecast period.
“Asia Pacific: The key market for surge arresters.”
Asia Pacific is expected to be the fastest-growing surge arrester market during the forecast period. Asia Pacific is the most populated region in the world and consequently witnesses a high demand for electricity. The T&D infrastructure in the region is in the initial stage of grid restructuring. Countries such as China, Japan, and India are investing in grid expansion projects to increase distribution grid reliability.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.
The distribution of primary interviews is as follows:
- By Company Type: Tier 1- 33%, Tier 2- 34%, Tier 3- 33%
- By Designation: C-Level- 25%, D-Level- 35%, Others- 40%
- By Region: North America- 20%, Europe- 25%, Asia Pacific- 30%, South America- 10%, Middle East & Africa- 15%
Note: The tiers of the companies have been defined on the basis of their total revenues; as of 2017: Tier 1 =>USD 5 billion, Tier 2 = USD 1 billion to USD 5 billion, and Tier 3
The report provides a picture of the surge arrester market across the power industry and regions. It aims at estimating the market size and future growth potential of the market across different segments such as voltage, class, end-user, type, and region. Furthermore, the report includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.
For the purpose of this report, the market has been segmented on the basis of voltage, class, end-user, type, and region with a focus on industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together comprise the basic views on the competitive landscape, emerging and high-growth segments of the surge arrester market, high-growth regions, and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
- Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and product launches in the surge arrester market
Market Development: Comprehensive information about lucrative emerging markets; the report analyzes the market for surge arresters across regions Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the global surge arrester market
- The report identifies and addresses key markets for the implementation of surge arresters in the power industry, which would help manufacturers review the growth in demand.
The report helps solution providers understand the pulse of the market and provide insights into drivers, restraints, and challenges. The report will help key players understand the strategies of their competitors better and will help in the decision-making process.