DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
The surge arrester market is projected to grow from an estimated USD 1.56 billion in 2018 to USD 2.01 billion by 2023, at a CAGR of 5.11%, from 2018 to 2023. Investments in smart grids and energy systems, the need to reduce equipment failure caused by frequent voltage spikes, and aging power infrastructure are driving the surge arrester market across the world. Counterfeiting of products by local players could hinder market growth to a certain extent.
Medium voltage surge arresters are predominantly used in industrial, transportation, and distribution substations. A rise in the demand for electricity in residential areas and expansion of electrical distribution networks to reduce power outages are the key factors driving the segment during the forecast period.
Asia Pacific is expected to be the fastest-growing surge arrester market during the forecast period. Asia Pacific is the most populated region in the world and consequently witnesses a high demand for electricity. The T&D infrastructure in the region is in the initial stage of grid restructuring. Countries such as China, Japan, and India are investing in grid expansion projects to increase distribution grid reliability.
The leading players in the surge arrester market are 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).
- Investments in Smart Grids & Energy Systems
- Need to Reduce Equipment Failure Caused by Frequent Voltage Spikes
- Aging Power Infrastructure
- Increasing Competition from the Unorganized Sector
- Increasing Investments in Transmission & Distribution Infrastructure
- Growing Cross-Border Electricity Trade
- Delays in Grid Expansion Projects
Key Topics Covered
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Surge Arrester Market, by Type
7 Surge Arrester Market, by Class
8 Surge Arrester Market, by Voltage
9 Surge Arrester Market, by End-User
10 Surge Arrester Market, by Region
11 Competitive Landscape
12 Company Profiles
- TE Connectivity
- Schneider Electric
- Mitsubishi Electric
- CG Power
- NGK Insulators
For more information about this report visit https://www.researchandmarkets.com/research/hlpnhm/global_surge?w=4