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 global surge arrester market is estimated to be USD 1.56 Billion in 2018 and is expected to grow at a CAGR of 5.11%, during the forecast period, to reach USD 2.01 Billion by 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.
In this report, the surge arrester market has been segmented, by type, into polymeric and porcelain. The polymeric surge arrester segment dominated the market due to the versatility of design, which leads to a wide range of arresters with respect to mechanical properties, short-circuit behavior, and costs.
The surge arrester market has been further segmented, by class, into distribution, intermediate, station class. 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. The distribution class market is expected to grow at the highest CAGR, during the forecast period, in Asia Pacific and South America, with growth centered on India, China, Brazil, and Argentina.
Based on voltage rating, the market has been segmented into medium, high, and extra-high voltage. The extra-high voltage segment is expected to dominate the surge arrester market during the forecast period. 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.
Market Dynamics
Drivers
- Investments in Smart Grids & Energy Systems
- Need to Reduce Equipment Failure Caused by Frequent Voltage Spikes
- Aging Power Infrastructure
Restraints
- Increasing Competition From the Unorganized Sector
Opportunities
- Increasing Investments in Transmission & Distribution Infrastructure
- Growing Cross-Border Electricity Trade
Challenges
- Delays in Grid Expansion Projects
Companies Featured
- ABB
- Eaton
- Siemens
- GE
- Hubbell
- TE Connectivity
- Schneider Electric
- Lamco
- Mitsubishi Electric
- CG Power
- Elpro
- NGK Insulators
For more information about this report visit https://www.researchandmarkets.com/research/jvpc4j/global_2?w=4
