Surge Arrester Market Share

APAC Market Forecast

Asia Pacific industry is set to dominate majority revenue share of 35% by 2037. The growth of the market can be attributed majorly to the rise in the establishment of renewable energy facilities. For instance, Tata Power has announced setting the country’s first solar plant exclusives for captivating the need of the residential sector. The project will begin by October 2023 and will provide green energy at 40% less than the current price. Furthermore, the development of emerging economies has boosted has led to unprecedented demand for surgery arrestors in the region.

North American Market Statistics

The North America surge arrester market is estimated to be the second largest, registering a share of about 28% by the end of 2037. The growth of the market can be attributed majorly to the rising investment plans by the government for the expansion of the smart grid. For instance, the US government started the Smart Grid Investment Grant (SGIG) programs focus on modernizing the electrical grid of the region, most of the transmission lines are over 40 years old, under this program, the government supported around 99 projects and covered the 50% of the total cost of the project.