Canada Surge Arresters Market Size, Share, Analysis, Trends, Growth, 2032

Canada Surge Arresters Market Insights

According to Zion Market Research, the global Canada Surge Arresters Market was worth USD 2.23 Billion in 2023. The market is forecast to reach USD 3.39 Billion by 2032, growing at a compound annual growth rate (CAGR) of 4.8% during the forecast period 2024-2032. The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Canada Surge Arresters Market industry over the next decade.

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Canada Surge Arresters Market:? Overview  

A surge arrester 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 the 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 predicted to witness significant growth owing to the increasing demand for consumer electronics products.  Growing demand for renewable energy is an emerging trend that is probably going to open new market avenues within the near future. However, some restraints like the complexity of installation and high cost may hamper the expansion of this market.

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Canada Surge Arresters Market:? COVID-19 Impact Analysis  

The most significant near-term impacts on surge arresters that are already contracted or under the manufacturing process could also be felt through supply chains. Industry executives are anticipating delivery and construction slowdowns, either due to the closure of industries to scale back the spread of coronavirus or because the workers start getting sick. Manufacturing disruptions in China and therefore the US could contribute to a big short-term decline within the surge arresters market. However, considering future opportunities, MNC’s are investing more in Canada's surge arresters due to the increasing demand from consumer electronics across the world.

Canada Surge Arresters Market:? Growth Factors

The main driving factor for the Canada surge arresters market is the rising demand for power generation. Canada is that 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 predicted to possess a positive impact on the surge arresters market. The rising need to safeguard expensive electrical equipment from unexpected electrical surges is predicted to boost market growth. Acceptance of the latest trends and technology development are propelling the long-term future development of the Canada surge arresters. Also, increasing efforts by market players to sustain within the market is another reason for the growth of the Canada surge arresters. 

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Canada Surge Arresters Market: Report Scope

Type Segment Analysis Preview  

Based on voltage type, the Canada surge arresters market is segmented into high voltage, low voltage, and medium voltage. High voltage surge arresters dominated the surge arresters market in 2019, which accounted for around 38% share of the Canadian market due to the high demand from the utility sector for uninterrupted power supply. High voltage surge arresters have 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.

Application Segment Analysis Preview  

Industrial, commercial, and household are the different application segments of surge arresters. In 2023, the industrial segment dominated the surge arresters market and accounted for a 40% share of the total market. Technological advancements have meaningly enhanced the prevailing manufacturing techniques which have increased the demand for Canada and are predicted to grow over the forecast period

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Canada Surge Arresters Market:? Competitive Landscape

Key industry participants include

• Emerson Electric
• Eaton Corporation Plc
• Siemens AG
• ABB Ltd
• Schneider Electric S.E.
• Raycap Corporation
• Mitsubishi Electric Corporation
• Crompton Greaves. 

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The Canada Surge Arresters Market is segmented as follows:

Surge Arresters Market By Type

• Medium Voltage Surge Arresters
• High Voltage Surge Arresters

By Application

• Commercial
• Household
• Industrial

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa