Market Trends of Surge Arrester Industry
This section covers the major market trends shaping the Surge Arresters Market according to our research experts:
Industrial Sector to Dominate the Market
- The estimate for surge arrester market in 2018 was over USD 400 million, this figure is expected to grow even more owing to the factors like rapid urbanization and industrialization of developing countries like India, China, etc.
- Rise in focus on reducing downtime due to equipment failure and focus towards resolving power quality issues across industrialized economies caused by voltage spikes have helped the market grow in recent years and is expected to follow this trend in forecast period.
- Electricity supply to industrial sector was over 31.9 quadrillion BTU in 2012 and is expected to rise at an average rate of 1.3% per year to reach 46.3 quadrillion BTU in 2040.
- Industrial energy requirement of China increased fourfold from 14.8 quadrillion BTU in 1990 to 59.0 quadrillion BTU in 2012, all the while the share of electricity in energy supply have increased in this energy mix and is expected to do the same in forecast period.
- Therefore, the aforementioned factors, are expected to drive the market in forecast period, similar to the trend witnessed in recent years.
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Asia Pacific to Dominate the Market Growth
- Asia-Pacific has dominated the surge arrester market growth in 2018 and is expected to continue its dominance in the coming years as well. The region has seen an unprecedented increase during the past few years and is expected to increase further during the forecast period.
- Industrial, residential and commercial sectors are witnessing steady growth in the region, which is expected to offer tremendous growth opportunity for the global surge arrester players.
- China's growth in energy intensive steel industry have been significant in recent years, with a quarter of global steel being produced in China in 2004 and rising to half of the global steel in 2013. This rise in steel industry helped the surge arrester market grow with it and is expected to do the same in forecast period.
- Electricity generation in China and India have shown significant growth in recent years to support its growing population and support it's increasing industrial and commercial sectors. Electricity generation in China increased by over 69% from 4207 TWh in 2010 to 7111.8 TWh in 2018, similar trend can be seen in India where electricity generation grew by over 65% from 937.5 TWh in 2010 to 1561 Twh in 2018. This growth and the continued trend in forecast period is expected to help the surge arrester market to grow in this region.
- Therefore, factors such as economic growth, increased access to electricity, rise in electricity demand in recent years, and development of renewable resources for electricity, are expected to help grow the market in the region.
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