Press release
Surge Arresters Market to Record an Exponential CAGR by 2031, TMR Study
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.View Our Report @ https://www.transparencymarketresearch.com/surge-arresters-market.html
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.
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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,
Siemens AG
Mitsubishi Electric Corp.
Crompton Greaves
Legrand S.A.
Raycap Corp.
About Transparency Market Research
Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research firm that offers market analysis reports and business consulting. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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Transparency Market Research Inc.
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