Market Size of Surge Arrester Industry
|2020 - 2029
|Base Year For Estimation
|> 5.00 %
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
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Surge Arresters Market Analysis
The surge arrester market is expected to grow at a CAGR of over 5% during the forecast period of 2020 - 2025. Factors such as big investments in energy systems and smart grids, equipment protection from sudden voltage fluctuations and aging power infrastructure in developed countries are expected to be driving the market. The rising demand for electricity from all the three sectors, namely industrial, commercial, and residential is expected to help the surge arrester market to grow. However, product counterfeiting by local players have somewhat hampered the growth of the market.
- Industrial sector is expected to witness a significant growth in forecast period, owing to various factors such as economic growth, and rise in industrial capacities of developing nations such as India, China, Etc.
- The increasing demand for electrical energy to sustain global development requires consistent heavy investments in power supply generation. This has provided the market for surge arrester an opportunity to grow in recent years and is expected to do so in forecast period.
- Asia Pacific is expected to dominate the market growth with majority of the demand coming from the countries such as the China and India, owing to the factors like economic growth in the emerging nations, increasing access to electricity, and rising industrial activities.