According to the reports published by Market Research Future, the surge arrester market is likely to develop at 5.5% CAGR over the forecast period. On a global scale, there is a rise in demand for power generation owing to increasing outlay in transmission, growth of smart grid network, and distribution networks, growing industrialization and growth in power infrastructure.

Surge arrester is an equipment that shields electrical power system from harmful impacts of switching effects and lightning. It is often known as surge protection device as it safeguards the device in transferring of power and in distribution system.

The key drivers of the market are rising demand for electrical appliances, increase in power generation, replacement of existing infrastructure of power with new available alternatives, along with deployment of electrical equipment.

Industry Highlights

North America represents the largest share in the worldwide surge arrester market. China follows North America being the fastest growing market. Technological progressions in the sector is another significant reason for growth in this market.

Global Surge Arrester Industry Segmentation

The global surge arrester market has been segmented based on applications, voltage, class, and type.

Based on applications, the global surge arrester market is segmented into commercial, residential, and industrial markets. Among these, revenue generation from commercial sector is anticipated to develop at a CAGR of approx. 8.50% over the forecast period.

Based on voltage, the market has been segmented into low, medium, and high.

Based on class, the market has been segmented into intermediate, distribution, and station.

Based on type, the market has been segmented into polymeric and porcelain.

Regional Analysis

Global surge arrester market mostly driven by the varying preferences of the working population, propelling the requirement for digitalization and automation.

Additionally, the renewable sector is also playing the role of a stimulant for this market. Emerging economies such as China and India within the Asia Pacific market are likely to witness the growths of different power plants for the generation of energy through renewable sources such as wind, solar, and tidal. This is one of the key factors fuelling the surge arrester market in Asia Pacific. It is expected to grow at a rapid pace of CAGR 5.1% over the forecast period.

Key Players

Global surge arrester market is dominated by key players such as GE Oil & Gas (U.S.), Siemens (Germany), Schneider Electric (France), Hubbell (U.S.), CG Power (India), Mitsubishi Electric (Japan), ABB (Switzerland), NGK Insulators (Japan), Eaton (Republic of Ireland), Emerson Electric (U.S.), Legrand S.A (France),Vertiv. (U.S.), HAKEL spol. S r. (Czech Republic), TE Connectivity (Switzerland), Lamco (India), Raycap Corporation SA (U.S.), and leviton manufacturing (U.S.).

Browse Full Surge Arrester Industry Research Report at: https://www.marketresearchfuture.com/reports/surge-arrester-market-4298