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U.S. surge arrester market will witness lucrative growth on account of enhanced efforts toward power capacity expansion to meet the increasing electricity demand. In addition, extensive upgradation of power substation to improve the electrical reliability along with growing focus to develop efficient electrification systems to mitigate the flashovers will positively influence the industry growth. For instance, in 2017, a substation stricken by equipment failure led to a huge power outage in San Francisco, left around 90,000 electricity consumers without power. Increasing number of transformer failure instances on account of various lightning & internal switching events will stimulate the demand for proper power protection systems, thereby driving the industry outlook.Global Surge Arrester Market is expected to cross USD 2 Billion by 2025, as reported in the latest study by Global Market Insights, Inc. Rapid industrialization across the emerging economies along with expansion of power networks to serve the growing population will drive the surge arrester market. In addition, rising need to modernize the aging infrastructure along with efforts to reduce power failures will stimulate the systems demand. The U.S. congress in 2018, planned to conduct an evaluation of medium to long term evolution of the grid that will focus on grid architecture, planning & operating techniques and the emergence of new technologies.
HV surge arrester market will grow over 6% by 2025. Enhanced penetration of these products across high voltage direct current (HVDC) lines in emerging economies will fuel the product demand. For instance, in 2017, India announced to build the longest 800 kV transmission line that will have the capacity to supply electricity to over 80 million people. Increasing adoption of Flexible AC Transmission Systems (FACTS) to substantially increase the reliability & availability of line networks coupled with enhanced measures to protect T&D equipment from overvoltages will stimulate the industry growth.
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Increasing regulatory pressure toward the adoption of energy efficient systems along with rising focus of utilities to refurbish the aging transmission and distribution infrastructure will boost the surge arrester market. For instance, in 2017, an investment of USD 21.9 billion was made by the Edison Electric Institute toward improving the safety & efficiency of transmission infrastructure.
Ability to offer reliable and cost effective protection of medium voltage electrical equipment against over voltages will drive the intermediate surge arrester market growth. In addition, proven suitability & operability in URD cables, dry type transformers, and sectionalizing & switching equipment will further fuel the product demand.
Polymer surge arrester market was valued over USD 600 million in 2018. Increasing applicability of these systems across diverse voltage ranges on account of easy installation & handling, high mechanical strength and ability to withstand high environmental stresses will stimulate the industry outlook.
Notable industry participants in the surge arrester market comprise of General Electric, ABB, Siemens, Schneider Electric, Lamco, Eaton, Hubbell power systems, TE connectivity, CG Power and Industrial Solutions, DEHN, Elpro, Legrand amongst others. Ongoing advancements to develop cost-effective and energy efficient equipment have continued to be the focal point for the leading players to secure a competitive position in the market.
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Contact Info:
Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com/pressrelease/surge-arresters-market
Release ID: 506316
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