Surge Arrester Market

ABB (Switzerland) and Siemens (Germany) are the Major Players in the Surge Arrester Market

The global surge arrester market is projected to reach USD 2.01 Billion by 2023, growing at a CAGR of 5.11%, from 2018 to 2023. Market growth is primarily driven by investments in smart grids and energy systems, the need to reduce equipment failure caused by frequent voltage spikes, and aging power infrastructure.

Europe will continue to be the largest market for surge arresters followed by Asia Pacific till 2023. The global surge arrester market is dominated by major players such as ABB (Switzerland), Siemens (Germany), Eaton (Ireland), Hubbell (US), Schneider (France), CG Power (India), GE (US), and Mitsubishi Electric (Japan).
The growth strategies adopted by key players in the surge arrester market include contracts & agreements, new product launches, expansions and investments, mergers & acquisitions, joint ventures, and partnerships and collaborations. Contracts & agreements was the most widely adopted strategy by market players from January 2015 to March 2018. Industry players also adopted expansions and investments to enhance their market shares.

ABB is a global engineering company that offers power, automation, and electrification technologies. It offers a wide range of products to various industries such as utilities, industrial, infrastructure, and transportation. The company operates through 4 divisions, namely, power grids, electrification products, robotics and motion, and process automation. It provides surge arresters through its power grid division in the high voltage segment and the electrification division under the medium voltage segment. ABB is de-risking and changing its business model for engineering, procurement, and construction (EPC) by establishing joint ventures with EPC partners. The ABB and SNC-Lavalin joint venture, established in 2017, is a prime example of this de-risking strategy. Apart from this, the company is focusing on high-growth markets in Africa and Asia Pacific. ABB also plans to divest businesses that are no longer to core its portfolio; this will help the company gain momentum during this transition phase.

Siemens is one of the leading German conglomerates that provides products and solutions for the infrastructure, healthcare, and energy sectors. It operates through the power and gas, energy management, building technologies, mobility, digital factory and process industries and drives, Healthineers, and Siemens Gamesa Renewable Energy segments. The energy management segment provides products and solutions for transmitting, distributing, and managing electrical power and intelligent power infrastructure. The company has strong research and development capabilities, which is evident from the development of new surge arrester solutions for overhead line systems. The company’s R&D innovation is centered on power electronics, digitalization, and grid stabilization.

Related Reports:

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

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Report Code
EP 6148
Published ON
Apr, 2018
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