Surge Arrester Market Expected to Reach US$3.09 Billion by 2029, Driven by Growing Demand for Protection Against Electrical Surges
The global surge arrester market is forecast to reach US$3.09 billion by 2029, growing at a steady CAGR of 4.26% during the forecast period, according to a new report by Maximize Market Research. This growth is attributed to several key factors:
- Increasing demand for protection of critical electrical infrastructure from power surges caused by lightning strikes, switching operations, and other transient voltage spikes.
- Rising investments in renewable energy sources like wind and solar power, which are more susceptible to voltage fluctuations.
- Growing emphasis on industrial automation and adoption of sophisticated electronic equipment, which require robust surge protection.
- Stringent government regulations mandating the use of surge arresters in various applications.
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Market Insights:
The report offers a comprehensive analysis of the surge arrester market, including its current size, segmentation, growth drivers, and challenges. It also provides insights into the competitive landscape and identifies key players. This information can be used by companies to develop effective growth strategies and make informed investment decisions.
Surge Arrester Market Segmentation:
- By Class: Distribution Class, Intermediate Class, Station Class
- By Type: Polymeric, Porcelain
- By Voltage: Medium Voltage, High Voltage, Extra-High Voltage
- By End-User: Utilities, Industries, Transportation, Residential
High Voltage Surge Arresters Dominate the Market:
High voltage surge arresters hold the dominant share in the market due to their widespread use in protecting heavy machinery and equipment across various industries globally.
Key Players in the Surge Arrester Market:
- Siemens AG
- ABB Ltd
- Emerson Electric
- Eaton Corporation Plc
- Schneider Electric S.E.
- Mitsubishi Electric Corporation
- Raycap Corporation
- Crompton Greaves
- General Electric
- Legrand S.A.
- Hubbell
- Meidensha
- Toshiba
- NGK Insulators
- HAKEL spol. s r. o.
- TE Connectivity
- Lamco
- Leviton Manufacturing
Regional Analysis:
The Asia Pacific region is expected to witness the fastest growth in the surge arrester market due to factors such as rapid industrialization, growing investments in power grids, and increasing government support for renewable energy projects.
COVID-19 Impact:
The COVID-19 pandemic had a temporary disruptive impact on the surge arrester market due to supply chain disruptions and project delays. However, the market is expected to recover quickly as infrastructure development projects resume and the demand for surge protection remains strong.
Key Questions Answered in the Report:
- What is the current size and growth rate of the surge arrester market?
- What are the key factors driving the growth of the market?
- What are the major challenges facing the market?
- Which segment is expected to hold the largest share of the market?
- Which region is expected to witness the fastest growth?
- Who are the key players in the market?
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