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The global surge arrester market is projected to reach USD 1.9 billion by 2025 from an estimated USD 1.5 billion in 2020, at a CAGR of 4.9% during the forecast period.
The rising demand for electricity in APAC and the growing focus on increasing renewable energy installed capacity are encouraging utilities to invest in the electricity transmission and distribution networks, as well as in electrification projects. These investments, along with investments to replace aging electric infrastructure in North America and Europe are expected to create the demand for surge arrester market.
However, Due to the COVID-19 pandemic, local currencies of many countries have depreciated. There is a misalignment of supply and demand, leading to financial losses for components/parts manufacturers. Key components used in manufacturing surge arresters are procured typically in US dollars, which results in increased component
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The global circuit breaker market size is projected to grow from an estimated USD 5.7 billion in 2020 to USD 7.7 billion by 2025, at a CAGR of 5.9% from 2020 to 2025.
The key drivers for the circuit breaker market include growing investments in power generation, specifically from renewable energy sources; rising demand for reliable and secure power supply worldwide; increasing capacity additions and enhancements for T&D networks; and accelerating investments in railways sectors.
The gas circuit breaker segment is expected to hold the largest share of the circuit breaker market, by insulation type, during the forecast period.
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