Press release
Surge Arrester Market Estimated to Expand at a Robust CAGR over 2021-2031 | Hitachi ABB, Siemens Energy, General Electric, Eaton, Hubbell
Surge Arrester Market
A surge arrester is a device used to protect electrical equipment from damage caused by voltage spikes. Voltage spikes can be caused by lightning strikes, power outages, and other events. Surge arresters are placed between the electrical equipment and the power source. They work by diverting the excess voltage away from the equipment and into the ground.
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Key Trends
The key trends driving the market growth are the rising demand for electricity, the growing urbanization and industrialization, and the increasing awareness about the importance of surge protection.
The rising demand for electricity is one of the key drivers of the surge arrester technology market. The growing population and the increasing industrialization and urbanization are resulting in the need for more electricity.
The growing urbanization and industrialization are also contributing to market growth. The surge arresters are used in various industries such as power generation, transmission, and distribution, oil and gas, chemicals, and others.
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Key Drivers
The surge arrester market is primarily driven by the growing demand for electricity, the increasing number of substations, and the need to protect equipment from voltage spikes.
The Asia-Pacific region is expected to be the largest market for surge arresters due to the growing population and industrialization in the region.
Market Segment
The surge arrester market is segmented by type, end-use, application, and region. By type, the market is classified into polymeric, and porcelain. On the basis of end-use, it is bifurcated into utilities, industries, and transport. Based on application, it is divided into AIS, and GIS. Region-wise, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World.
Key Players
The global surge arrester market includes players such as Hitachi ABB, Siemens Energy, General Electric, Eaton, Hubbell, CG Power, Schneider Electric, Meidensha, Mitsubishi Electric, Toshiba, and others.
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