Report Ocean published the latest research report on the Surge Arrester Market. In order to comprehend a market holistically, a variety of factors must be evaluated, including demographics, business cycles, and microeconomic requirements that pertain precisely to the market under study. In addition, the Surge Arrester Market study demonstrates a detailed examination of the business state, which represents creative ways for company growth, financial factors such as production value, key regions, and growth rate.
Global Surge Arrester Market Overview
The global surge arrester market demonstrated a revenue of approximately US$ 1.46 billion in 2022 and is poised to escalate to an estimated US$ 2.2 billion by 2031, manifesting a robust compound annual growth rate (CAGR) of 4.5% during the forecast period from 2023 to 2031.
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Understanding Surge Arrester
A surge arrester serves as a protective device designed to prevent electrical harm to electronic equipment. By dispersing excess voltage to the ground rather than passing it through the electronic device, surge arresters safeguard against electrical damage while allowing normal voltage flow.
Factors Driving Market Growth
- Investments in T&D Networks: Increased investments in transmission and distribution (T&D) networks, coupled with the rapid deployment of smart grid infrastructure globally, are pivotal in driving the adoption of surge arresters. Their effective stabilizing features are deemed essential for diverse electrification projects.
- Government Infrastructure Investments: Growing investments by governments worldwide in various infrastructural projects, including data centers and smart cities, are bolstering the demand for surge arresters.
- Urbanization and Industrialization: Developing economies experiencing rapid urbanization and industrialization are generating a heightened demand for electrical and energy infrastructure, presenting significant opportunities for surge arrester manufacturers.
Impact of COVID-19
The surge arrester market encountered challenges amid the COVID-19 pandemic. Disruptions in global supply chains, travel restrictions, lockdown measures, and factory closures led to difficulties in manufacturing and distributing surge protectors. These disruptions resulted in shortages and delays for some customers in obtaining surge protectors.
Regional Analysis
In 2022, Asia-Pacific emerged as the dominant region in the surge arrester market in terms of revenue and is expected to exhibit the highest growth rate during the forecast period. This growth is attributed to increased investments in renewable energy projects, public infrastructure, residential housing developments, and smart grids.
Leading Companies in the Market
Leading companies shaping the global surge arrester market include:
- Hitachi ABB
- Siemens Energy
- General Electric
- Eaton
- Hubbell
- CG Power
- Schneider Electric
- Meidensha
- Mitsubishi Electric
- Toshiba
- Other prominent key players
Segmentation Framework
The global surge arrester market is segmented based on:
- Material:
- Polymeric
- Porcelain
- Voltage Range:
- Low
- Medium
- High
- End User:
- Industrial
- Commercial
- Residential
- Region:
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Netherlands, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Singapore, Rest Of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
(*Note: The historical years and projected period in the report are flexible and can be tailored upon request. Additionally, the scope of the published report is adjustable to meet specific requirements, and customized analyses based on particular geographies or countries can be included as part of the customization.)
REASION TO BUY
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- In-depth Market Analysis: By scrutinizing regional market trends and drivers, the report provides a comprehensive understanding of the market landscape. It also highlights factors that might impede growth, allowing for informed decision-making.
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Key Questions Market Research and Analysis Report
- What is the current market size, both in terms of value and volume?
- What is the historical growth rate of the market, and what are the projected growth rates for the future?
- Who are the major players in the market, and what is their market share?
- What are the market trends and dynamics influencing the industry?
- What are the key drivers of market growth?
- What are the challenges and barriers faced by market participants?
- What are the emerging opportunities in the market?
- What is the competitive landscape of the market?
- What are the consumer preferences, behaviors, and buying patterns within the market?
- What is the market segmentation, and how are different market segments performing?
- What are the pricing trends and strategies in the market?
- What are the distribution channels and their effectiveness in reaching the target audience?
- What are the regulatory and legal factors impacting the market?
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