February 12, 2024 04:00 ET | Source: SPHERICAL INSIGHTS LLP SPHERICAL INSIGHTS LLP
New York, United States , Feb. 12, 2024 (GLOBE NEWSWIRE) -- The Global Lightning Arrester Market Size is to Grow from USD 840 Million in 2023 to USD 1498 Million by 2033, at a Compound Annual Growth Rate (CAGR) of 5.96% during the projected period. Hv Mv Transformer
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Lightning arresters are critical to the safety of many industries, including power generation, transmission and distribution, telecommunications, oil and gas, transportation, and residential. These devices are primarily installed to protect electrical equipment, such as transformers, circuit breakers, transmission lines, and communication systems, from the catastrophic effects of lightning-induced surges. The global lightning arrester market is rapidly expanding and is expected to continue its upward trend in the coming years. Lightning arresters, also known as surge arresters or lightning surge protectors, are critical devices that protect electrical systems and equipment from the destructive effects of lightning strikes. They are intended to direct excess electrical energy generated by lightning strikes to the ground, preventing it from entering and damaging sensitive electronic devices and infrastructure. The number of lightning strikes has increased in conjunction with the frequency of extreme weather conditions. This has increased the need for effective lightning protection measures, driving up demand for lightning arresters. The growing global demand for electricity has necessitated the expansion of power generation, transmission, and distribution networks. However, Certain regions, particularly developing economies, are not conscious of the importance of lightning protection systems. This results in low adoption rates and hampers the market growth opportunities. Lightning arresters can be expensive to install at first, especially on a large scale. Furthermore, regular maintenance and periodic testing increase overall costs, which could hamper market growth, particularly in cost-sensitive regions.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the "Global Lightning Arrester Market Size, Share, and COVID-19 Impact Analysis, By Type (Horn Gap, Rod Gap, Sphere, Electrolyte, Metal Oxide Varistor, Others), By Ratings (Below 35 KV, 35-110 KV, and Above 110 KV), By Application (Transmission Line, Distribution Line, and Substation), By End-user (Commercial, Residential, Power Industry, Industrial), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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The metal oxide varistor segment is expected to grow fastest in the global lightning arrester market during the forecast period. Based on type, the global lightning arrester market has been segmented into horn gap, rod gap, sphere, electrolyte, metal oxide varistor, and others. Among these, the metal oxide varistor segment is expected to grow fastest in the global Lightning Arrester market during the forecast period. A MOV is made up of a piece of metal oxide connected to the power and ground lines via a pair of semiconductors. Its applications include circuits. Under normal system operating conditions, that is, when there is no surge and the system is running at the rated voltage, the surge arrester will have a high resistance (almost infinite) to earth, resulting in an open circuit. Furthermore, it has a high degree of nonlinearity in arrester resistance, eliminates the need for a spark gap, and responds quickly to steep discharge currents.
The above 110 KV segment is expected to grow at the highest pace in the global lightning arrester market during the anticipated period. Based on the rating, the global lightning arrester market is divided into below 35 KV, 35-110 KV, and above 110 KV. Among these, the above 110 KV segment is expected to grow at the highest pace in the global lightning arrester market during the forecast period. The growing number of distribution networks to reduce power outages, combined with rising residential electricity demand, is driving segment growth.
The transmission line dominates in the global lightning arrester market during the forecast period. Based on the application, the global lightning arrester market is divided into transmission lines, distribution lines, and substations. Among these, the transmission line distribution channel is expected to hold the largest share of the global lightning arrester market during the forecast period. It is an electrical device that protects against lightning and other power surges. These arresters are installed on substations to protect equipment from voltage surges caused by lightning strikes, system faults, and switching surges, as well as the rising demand for electric power transmission services across a wide range of industries. The growing need for energy infrastructure development in emerging countries such as India and China are expected to drive growth in this market segment.
The automotive industry is expected to grow fastest in the global lightning arrester market during the forecast period. Based on the end user, the global lightning arrester market is divided into commercial, residential, power industry, and industrial. Among these, electronic devices are expected to hold the largest share of the global lightning arrester market during the forecast period. The growing energy demand has accelerated the number of upgrades to existing infrastructure and the expansion of the capacity of the electricity system, particularly in emerging economies, which fuels the segment. Furthermore, as urbanization and smart cities increase energy demand, the power industry will use more lightning arresters, boosting the segment forward in the coming years. Inquire Before Buying This Research Report: https://www.sphericalinsights.com/inquiry-before-buying/3640
Asia-Pacific dominates the market with the largest market share over the forecast period.
Asia-Pacific is projected to hold the largest share of the global lightning arrester market over the forecast period. Rising electricity demand and infrastructure upgrades are expected to create significant opportunities for lightning arresters, as the country's urbanization and modernization have increased the number of high-rise buildings. These structures require proper lightning protection systems to ensure the safety of their electrical infrastructure, which drives up sales of lightning arresters in the area.
North America is expected to grow the fastest in the global lightning arrester market during the anticipated time frame, due to high product penetration rates and technological advances in lightning protection systems. Increased demand for electricity and upgrades to electric infrastructure are expected to boost the regional market. Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global lightning arrester market are ABB, Siemens, Hubbell, Cooper Lighting LLC., Toshiba Corporation, MEIDENSHA CORPORATION, SHREEM ELECTRIC LIMITED, General Electric, LPI Lightning Protection International Pty Ltd, Emerson Electric Co., Schneider Electric, Leviton Manufacturing Co., Inc., Belkin, TE Connectivity, Eaton & Others.
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Market Segment This study forecasts revenue at global, regional, and country levels from 2022 to 2033. Spherical Insights has segmented the Global Lightning Arrester Market based on the below-mentioned segments:
Global Lightning Arrester Market, Type Analysis
Global Lightning Arrester Market, Ratings Analysis
Global Lightning Arrester Market, Application Analysis
Global Lightning Arrester Market, End User Analysis
Global Lightning Arrester Market, Regional Analysis
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