The escalating demand for consumer electronics and appliances, triggered by the increasing disposable incomes and the frequent changes in the lifestyles of individuals across the world has fuelled the demand for surge arresters significantly. As these arresters are highly effective in adjusting and normalizing power consumption, they provide efficient protection to electronic appliances against the damages from sudden voltage surges, ensuring their and their surrounding’s safety.
Going forward, the demand for surge arresters is likely to be influenced by the rise in power generation in the coming years. The increasing concerns over the depleting energy resources are projected to boost the production of electricity from non-renewable resources, creating opportunities for the application of these arresters in the near future. Apart from this, the growing industrialization in emerging economies is also projected to stimulate the demand for these arresters over the next few years.
In 2018, the global surge arresters market was worth US$2.07 Bn. expanding at a CAGR of 5.10% during the period from 2019 to 2027, it is estimated to reach US$ 3.25 Bn by the end of 2027.
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Asia Pacific to Report Fastest Growth Rate
The global market for surge arresters spreads across Europe, Asia Pacific, North America, and the Rest of the World. North America has been leading the demand for surge arresters over the recent past. The presence of a large pool of surge arrester manufacturers has boosted the growth of this regional market significantly. In 2018, the region emerged as the key contributor to the overall market. North America, being an early adopter of this technology, is likely to remain the leading regional market until 2027.
Europe and Asia Pacific closely followed North America with a share of 27% and 23%, respectively, in 2018. Both the regions are also expected to register strong rise; however, it is Asia Pacific, which will report the fastest CAGR of 6.30% from 2019 to 2027 due to the growing industrialization in India and China.
Industrial Application to Remain Leading Consumer of Surge Arresters
Surge arresters are widely utilized in a number of commercial, industrial, and household applications. Among these, the industrial application segment emerged as the leading consumer of these arresters, owing to the rising industrialization across the world. In 2018, the segment accounted for a share of nearly 33% in the overall revenue generated in this market.
Analysts expect the consumption of surge arresters in this segment to register a significant rise during the period from 2019 to 2027. Other application segments are also projected to experience a rise in the application of these arresters over the next few years.
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The global surge arresters market demonstrates a highly concentrated competitive landscape with top five participants, namely,
- ABB Ltd.
- Schneider Electric
- Eaton Corp.
- General Electric
- Emerson Electric,
accounting for a share of more than 60% in 2018. Other prominent manufacturers of surge arresters across the world are
- Siemens AG
- Mitsubishi Electric Corp.
- Crompton Greaves
- Legrand S.A.
- Raycap Corp.