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Surge Arrester Market Projected to reach $2.01 Billion by 2023

08-05-2020 09:15 AM CET | Energy & Environment

Press release from: MarketsandMarkets

Surge Arrester Market Projected to reach $2.01 Billion by 2023

The global 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 2018 to 2023. Investments in smart grids and energy systems, protection of equipment from failure caused by frequent voltage spikes, and aging power infrastructure are some of the factors driving surge arrester market growth.

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Based on voltage rating, the surge arrester has been segmented into medium, high, and extra-high voltage. 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.

The distribution segment is estimated to grow at the highest CAGR from 2018 to 2023, in Asia Pacific and South America, with growth centered on India, China, Brazil, and Argentina. Countries such as China, Japan, and India are investing in grid expansion projects to increase distribution grid reliability. The expansion of electrical distribution networks along with the efforts by distribution utilities to reduce power outages is driving the surge arrester market. The distribution class segment dominates the surge arrester market due to the growth in smart grid infrastructure and an increase in industrialization in developing countries.

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Asia Pacific is expected to be the fastest-growing market for surge arrester
Asia Pacific is expected to be the fastest-growing surge arrester market during the forecast period. The surge arrester market in Asia Pacific is projected to grow at the highest rate followed by North America and Europe. China accounted for the maximum share of the market in Asia Pacific in 2017. Asia Pacific is the most populated region in the world and consequently witnesses a high demand for electricity. The transmission and distribution infrastructure in the region is in the initial stage of grid restructuring and this continued investment will boost the demand for surge arresters in the region. Countries such as China, Japan, and India are investing in grid expansion projects to increase distribution grid reliability.

Europe: The largest market for surge arrester
In this report, 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.

The leading players in the Surge Arrester Market include ABB (Switzerland), Siemens (Germany), Eaton (Ireland), Hubbell (US), Schneider (France), CG Power (India), GE (US), and Mitsubishi Electric (Japan).

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

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