Surge Arrester Market worth $2.01 Billion by 2023
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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.
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• 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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