Surge Arrester Market worth 2.01 Bn USD by 2023

The report, now available on ASDReports, "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", The 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 the forecast period. The positive growth rate of this market can be attributed to investments in smart grids and energy systems, the need to reduce equipment failure caused by frequent voltage spikes, and aging power infrastructure.

The polymeric segment is expected to hold the largest share of the surge arrester market during the forecast period.
Polymeric surge arresters offer numerous benefits such as light weight, extremely high mechanical resistance, and safe short-circuit behavior. Polymeric surge arresters have replaced porcelain in the medium voltage segment to a large extent due to these benefits. Polymer technology is also used increasingly in high voltage power systems even up to 800 kV.

The extra-high voltage surge arrester market is expected to grow at a high rate during the forecast period.
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.

Europe is expected to dominate the surge arrester market during the forecast period.
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.

For an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the surge arrester market. These players include ABB (Switzerland), Siemens (Germany), Eaton (Ireland), Hubbell (US), Schneider (France), and Mitsubishi Electric (Japan).

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