Surge Arrester Market worth $2.01 Billion by 2023

According to the new market research report "Surge Arrester Market by Type (Polymeric, Porcelain), Voltage (Medium, High, Extra-High), Class (Distribution, Intermediate, Station), End-User (Utilities, Industries, Transportation), and Region - Global Forecast to 2023", published by MarketsandMarkets™, The surge arrester market is expected to grow from an estimated USD 1.56 Billion in 2018 to USD 2.01 Billion by 2023, at a CAGR of 5.11%, during the forecast period. The positive growth rate of this market can be attributed to investments in smart grids and energy systems, the need to reduce equipment failure caused by frequent voltage spikes, and aging power infrastructure.

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Extra-high voltage surge arresters find application in utilities to protect switchgears, transformers, circuit breakers, and overhead lines, among others. In the US the majority of the transmission infrastructure was installed between 1960 and 1970; this aging infrastructure needs to be replaced, which is expected to drive the surge arrester market during the forecast period.

Browse and in-depth TOC on "Surge Arrester Market"
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39 - Figures
130 - Pages

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Target Audience:
• Transmission and distribution utilities
• State and national regulatory authorities
• Power generation utilities
• Consulting companies and associations in the energy and power sector
• Government and research organizations
• Surge arrester manufacturers
• Investment banks
• Engineering, procurement, and construction companies in the distribution sector

The surge arrester market has been analyzed with respect to 5 regions, namely, North America, Europe, Asia Pacific, South America, and the Middle East & Africa. Europe is expected to hold the largest share of this market during the forecast period. European utilities are in the process of revaluating their assets and are shifting their focus to long-term sustainable business. The power generation, transmission, and distribution systems in the region are comparatively mature. The EU is focusing on upgrading its aging infrastructure, integrating renewable energy sources such as solar and wind power, and building interconnections to enable more efficient power and energy trading.

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In this industry, most players are global multinational companies. Some of the leading players in the surge arrester market include ABB (Switzerland), Siemens (Germany), Eaton (Ireland), Hubbell (US), Schneider (France), CG Power (India), GE (US), Mitsubishi Electric (Japan), TE Connectivity (Switzerland), CHINT Group (China), and Lamco (India).

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This release was published on openPR.