What are the Main Drivers of Surge Arresters Market in North America?
Surge arresters are used to protect electronic appliances and machineries from damages caused due to sudden voltage surges. The surge arresters are attached on the conductors just before it enters the electrical equipments.
Surge Arresters Market Global Description at-
The market of surge arresters in primarily being driven due to the changing lifestyle of the working population, and the increasing disposable income, which is creating a need for automated electronic products to reduce their household works. This in return is creating a demand for protecting these devices from voltage fluctuations. This need is fueling the growth for surge arresters market. Furthermore, the growing awareness for need of renewable energy sources is also acting as a driver for the market. Emerging nations such as India and China is witnessing the development of power plants which will be generating energy by using renewable sources of energy such as sun, water and wind. This factor is creating the need for surge arresters in order to protect the heavy machineries from damages caused due to voltage overflow and fluctuations. In addition, the commercial sector is also witnessing the growth in electronic devices in order to reduce the manpower. However, the introduction of electronic devices is also increasing the maintenance costs due to electrical damages of the devices such as short circuit. This is in return spurring the growth of surge arresters in the commercial sector.
Regionally, the surge arresters market has been divided into four geographic regions, North America, Europe, Asia Pacific and Rest of the world. The changing lifestyle and increasing disposable income across the globe is creating the need for electronics and automated products and solutions in households. This is return is creating a demand for surge arresters in order to protect the electronic appliances from sudden voltage surges.
North America is leading the global surge arresters market in 2015 and is expected to dominate the market during the forecast period. The dominance is due to the region being early adapters of technology and the presence of several vendors of surge arresters such as Eaton Corporation Plc, ABB Ltd and Emerson Electric among others. Europe is following North America and has over 25% market share globally. Asia Pacific has been anticipated to be the fastest growing region during the forecast period. The ongoing industrialization in emerging economies such as China and India is acting as a driver for surge arresters in this region.
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In addition, the surge arresters have also been segmented by applications into industrial, commercial and household applications. Industrial applications have the highest market share in 2015 and expected to dominate the market during the forecast period. The dominance is due to increasing industrialization across the globe.