Canada Surge Arresters Market Set for Rapid Growth to Reach around USD 105.84 Million By 2022

Zion Market Research has published a new report titled “Surge Arresters Market (Low Voltage Surge Arresters, Medium Voltage Surge Arresters and High Voltage Surge Arresters) for Industrial, Commercial and Household Application: Canada Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2016 – 2022”. According to the report, the surge arresters market in Canada was valued at around USD 82.69 million in 2016 and is expected to reach approximately USD 105.84 million in 2022, growing at a CAGR of slightly above 4.02% between 2017 and 2021.

 

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A surge arresters is an electrical device used to protect electrical/electronic equipment from getting damaged due to the over-voltage transients. Normally surge occurred due to the sudden interruption of the flow of electricity which increased the electrical potential energy in the device. Surge arresters protect device from internal and external voltage fluctuations. Surge arresters cannot protect electronic equipment from direct lightning. It protects the equipment from external voltage fluctuation such as lightning.

 

The surge arresters market is expected to witness significant growth due to the increasing demand for consumer electronics products. The major driving factor for surge arresters market is rising demand of power generation.Canada is the world’s second-largest producer of hydroelectricity after China and accounted for 60% of all electric generation in 2007.This shows the energy production in Canada which is expected to have a positive impact on surge arresters market. Growing demand for renewable energy is an emerging trend which is likely to open new market avenues in the near future.However, some restraints like high cost and complexity of installation may hamper the growth of this market.

 

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On the basis of voltage type the surge arresters market is segmented into the high voltage, low voltage, and medium voltage. High voltage surge arresters dominated the surge arresters market in 2016, which accounted for around 38% share of the Canada market due to the high demand from utility sector for uninterrupted power supply.High voltage surge arresters are emerged as the most attractive segment of the market owing to rising demand to protect heavy machinery and equipment in several industries.Medium voltage surge arresters were the second largest segment of the Canada surge arrester market.

 

Industrial, commercial and household are the different application segment of surge arresters. In 2016, the industrial segment dominated the surge arresters market and accounted for 39.25% share of the total market.

 

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Key industry participants include Emerson Electric, Eaton Corporation Plc, Siemens AG, ABB Ltd, Schneider Electric S.E., Raycap Corporation, Mitsubishi Electric Corporation, and Crompton Greaves.

 

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