Surge Arrester Market Size, Growth, Upcoming Opportunity and Forecast 2023-2028
According to IMARC Group’s latest research report, titled “Surge Arrester Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” provides an extensive analysis of the industry, including surge arrester market trends, share, trends, and growth opportunities. The report also covers competitor and regional analysis and the latest advancements in the global market. The global surge arrester market size reached US$ 1.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.2 Billion by 2028, exhibiting a growth rate (CAGR) of 4.7% during 2023-2028.
Surge Arrester Market Overview:
Surge arrester, also known as lightning arrester or surge protector, refers to an electrical device that is designed to protect electrical systems and equipment from voltage spikes or surges. it diverts high-voltage transient currents and voltage spikes to the ground, thereby preventing damaging or disrupting of electrical equipment. A surge arrester is characterized by fast response time, high energy absorption capacity, low voltage protection level, durable construction, and non-linear behavior. It also possesses high insulation level to maintain the integrity of the electrical system, prevent current leakage, as well as protect from faults in the power grid or switching operations.
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Surge Arrester Market Trends:
The global market is primarily driven by the augmenting need for stable and uninterrupted power supply, particularly in urban regions. This can be attributed to the increasing dependency on electricity for various residential, commercial, and industrial applications. In line with this, the rapid product utilization to prevent damage to expensive and critical equipment from voltage surges is providing an impetus to the market. Moreover, considerable growth in the installation of solar panels and wind turbines that are more susceptible to lightning strikes and power surges is also resulting in a higher product uptake to provide protection from transient overvoltages. Furthermore, the rising need for compliance with stringent safety standards and regulations regarding accident prevention in electrical systems is creating lucrative opportunities in the market. Some of the other factors contributing to the market include rapid urbanization, considerable rise in constriction and infrastructure development projects, and continual product innovations.
Key Market Segmentation:
Competitive Landscape with Key Players:
- ABB Ltd.
- CG Power and Industrial Solutions Limited
- Eaton Corporation plc
- General Electric Company
- Hubbell Incorporated
- Izoelektro d.o.o.
- Siemens Energy (Siemens AG)
- TE Connectivity Ltd.
Material Insights:
- Polymeric
- Porcelain
Class Insights:
- Distribution Class
- Intermediate Class
- Station Class
Voltage Range Insights:
- Low Voltage
- Medium Voltage
- High Voltage
End User Insights:
- Industrial
- Commercial
- Residential
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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