Market Research Future (MRFR) expects the global Surge Protection Devices (SPD) Market 2020 to achieve a growth rate of 5.5% during the projected timeframe, which is from 2018 to 2023
Main Drivers and Key Restraints
Constant efforts are being given by governments everywhere to mitigate issues pertaining to power supply, along with a surge in investments in the modernization of grid infrastructure, which can benefit the global market in the ensuing period. Further, government bodies are also focused on research and development, technological innovations, advancements in testing techniques and the setting of new standards, which can also work in favor of the surge arrester market. Fast industrialization rate across emerging countries and the expansion of power generation capacities can complement the surge arrester market share.
The soaring demand for reliable and uninterrupted power supply paired with the rising focus of utilities on well-structured electricity transmission as well as distribution can induce significant market growth across the globe.
With respect to technology, the surge arrester industry is advancing swiftly each day, since well-known companies like Siemens are busy with application-based developments to come up with effective and efficient products. Also, the locomotive sector is making massive demand for surge arrester, leading to the replacement of metal oxide surge arresters with silicon carbide types to facilitate a higher degree of reliability as well as performance.
The surge arrester market growth is due to the presence of leading competitors like Raycap Corporation SA (U.S.), Vertiv. (U.S), Hubbell (U.S.), HAKEL spol. S r. (Czech Republic), Mitsubishi Electric (Japan), CG Power (India), Siemens (Germany), ABB (Switzerland), leviton manufacturing (U.S.), GE Oil Gas (U.S.), NGK Insulators (Japan), Schneider Electric (France), Emerson Electric (U.S.), TE Connectivity (Switzerland), Eaton (Republic of Ireland), Legrand S.A (France), Lamco (India), and more.
Surge Arrester Market Trends
The mounting concerns with regard to the depletion of conventional energy resources can enhance the demand for renewable resources to produce electricity in the coming years. This can lead to establishment of new power infrastructure, which means better business prospects for the surge arrester market. Thus, the development of renewable resources for electricity can emerge as a key trend in the global market in the coming years.
Asia Pacific (APAC), the Middle East, South America, North America and Africa are the top regions identified where the surge arrester market size is estimated to expand considerably during the assessment period.
North America, together with APAC, forms the largest share of over 15% in the global market. The significant infrastructure improvement in the power sector and the expansive industrial sector boosts the demand for surge arresters. These regions are constantly replacing the existing sites, giving way to new installations, which results in noteworthy market growth.
In APAC, India and China are observing improvements in a number of power plants for the production of energy using renewable sources like wind, solar and tidal. These developments warrant high growth of the surge arrester market in the region, at a rate of 5.1%. Residential, commercial and industrial sectors are expanding steadily in the region, which can emerge as a lucrative opportunity for many of the global players.
The European market can benefit from the growing investments in the modernization of smart grid infrastructure, backed by strict EU regulations that aim at boosting grid deployment. Based on these factors, the surge arrester market share in Europe is anticipated to increase at a decent rate in the near future.
Surge arrester market analysis by MRFR analysts lists segments like type, class, voltage and application.
The types of surge arrester studied in the report are polymeric and porcelain. Polymeric type of surge arresters are all set to note better growth in the market owing to their high suitability across different voltage ranges. Reliable performance in adverse environments, easy installation and handling, superior breaking resistance to overload conditions and low manufacturing operational costs incurred as compared to their counterpart can boost the product demand.
The class-wise categorization of the market includes distribution, intermediate and station. Mounting need for improving the aging distribution networks combine with higher reliability requirements has necessitated the advancements in distribution systems, leading to superior overvoltage protection and the growth of the segment.
The segments based on voltage are high, low and medium. Low voltage surge arresters segment can witness significant expansion because of surge in the electrification of rural areas in developing countries and the rapid growth of residential establishments.
Application-wise market segmentation comprises residential, commercial and industrial. The highest revenue generation can be expected in the commercial sector, with the market growth rate anticipated to be approx. 8.50% in the upcoming period.
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