Surge Arrester is device that protects electrical power system from damage caused by lightning and switching effects. It is sometimes known as surge protection device to protect equipment in transmission of power and in distribution system. The global surge arrester market is expected to grow at 5.5% CAGR in the projected years. Globally, there is an increase in demand of power generation, expansion of smart grid network, increasing investment in transmission and distribution facilities, growing industrialization and development in power infrastructure.

The main drivers of the market are increased demand for electrical appliances, deployment of electrical equipment’s, boost in power generation, and replacement of existing infrastructure of power with new one. North America accounts the highest share in the global surge arrester market followed by China, which is the fastest growing market. Technological advancements in the sector is another reason for growth in this market.

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Technology wise, the surge arrester market is improving each day, because companies such as siemens are immensely working on application-based development so that the outcome would be prominent, effective, and efficient. The demand for surge arrester in locomotive sector is growing. For example, metal oxide surge arresters are being replaced gradually with the silicon carbide type because of high degree of reliability and better performance. Additionally, new developments have been made in terms of distribution range. The porcelain type is being replaced with the polymeric ones for the protection of basic mechanical characteristics and prevention of lightning faults. Various government bodies are being involved in research and development, innovation of technologies, improvement of testing techniques and setting new standards.

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Key Players

The major key player in global surge arrester markets are Siemens (Germany), GE Oil & Gas (U.S.), Hubbell (U.S.), Schneider Electric (France), Mitsubishi Electric (Japan), CG Power (India), NGK Insulators (Japan), ABB (Switzerland), Eaton (Republic of Ireland), Legrand S.A (France), Emerson Electric (U.S.), HAKEL spol. S r. (Czech Republic), Vertiv. (U.S.), TE Connectivity (Switzerland), Lamco (India), leviton manufacturing (U.S.), Raycap Corporation SA (U.S.), etc.

Regional Outlook

Based on regions, North America and Asia Pacific together account for more than 15.0% share of the total in application-based surge arresters, globally, due to expressive infrastructure development in the power sector. Countries like China and India from Asia Pacific region have new projects to develop and still have potential to reach at the surge.

Countries such as China and India in the Asia Pacific region witness the developments of various power plants for the generation of energy by renewable sources such as tidal, wind, and solar. This reason is one of the main drivers of the surge arrester market in Asia Pacific with a CAGR of 5.1% during the forecast period.

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