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Surge Arrester Market Overview - Forecast Market Size, Analysis And Forecast 2023-2032 | Hitachi ABB, Siemens Energy, General Electric, Eaton, Hubbell.
Surge Arrester Market
The Business Research Company's Surge Arrester Global Market Report 2023 identifies increasing demand for continuous and reliable power supply as the major driver for the Surge Arrester market's growth in the forecast period. The increase in demand for electrical appliances and increasing investments in T&D (transmission and distribution) networks are helping the surge arrester market to grow. According to IEA World Energy Outlook 2020, nearly $1.03 trillion was invested globally in the electric network which is necessary to reliably meet the towering electricity demands.
The global surge arrester market size grew from $1.97 billion in 2022 to $2.1 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The surge arrester market size is expected to grow to $2.83 billion in 2027 at a CAGR of 7.7%.
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Major competitors in the Surge Arrester market are Hitachi ABB, Siemens Energy, General Electric, Eaton, Hubbell.
A key trend in the Surge Arrester market includes technological advancement. Many companies operating in surge arresters are developing new products or new technologies for strengthening the demand for the surge arrester market. For instance, in April 2020, Hitachi ABB Power Grids, a Swiss-based company manufacturing and marketing of electronics and electrical equipment semiconductors, consumer products, and power and industrial equipment introduced utilities in South America to supply air-insulated switchgear (AIS), gas-insulated switchgear (GIS), instrument transformers, circuit breakers, instrument transformers, shunt reactors, and hybrid modules.
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The Surge Arrester market is segmented -
1. By Type: Polymeric, Porcelain
2. By Class: Distribution Class, Intermediate Class, Station Class
3. By Application: AIS, GIS
4. By Voltage Type: Low Voltage Surge Arresters, Medium Voltage Surge Arresters, High Voltage Surge Arresters
5. By End User: Utilities, Industries, Transportation
6. By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Surge Arrester market.
The Business Research Company's "Global Surge Arrester Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Surge Arrester Market Include:
1. Executive Summary
2. Surge Arrester Market Characteristics
3. Surge Arrester Market Trends And Strategies
4. Surge Arrester Market - Macro Economic Scenario
5. Surge Arrester Market Size And Growth
……
26. Africa Surge Arrester Market
27. Surge Arrester Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Surge Arrester Market
29. Surge Arrester Market Future Outlook and Potential Analysis
30. Appendix
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