Japan Surge Protector Market Analysis - 2030
The Japan surge protector market was valued at $410.4 million in 2020, and is projected to reach $575.8 million by 2030, growing at a CAGR of 3.3% from 2021 to 2030. Surge protector provide best protection from both externally and internally generated surges when located as close to the building distribution system as possible. For cost and space reasons, many buildings only include one surge protection device (SPD) located at the main incoming panel and do not cascade SPDs throughout the building.
Since surge protectors are economical and easy to install in most panels throughout a building, this acts as driving factor for the market growth in the country. The whole facility protection can be obtained by the use of surge protectors. However, lack of awareness among small scale manufactures and competition from uninterrupted and non-fluctuating power supply systems and no guaranteed protection hampers the market growth for surge protectors.
The key players operating and profiled in the Japan surge protector industry report include ABB Ltd., Eaton Corporation, General Electric, Schneider Electric, Honeywell, Siemens AG, Johnson Controls, Legrand, Havells, and Vertiv Group Corp.
Japan surge protector Market, by Type
Depending on type, the type 1 segment dominated the market for 202,0 owing to wide use of the product in residential and industrial sectors. The type 3 segment is expected to grow at higher CAGR during the forecast period, owing to rise in demand from the residential sector.
Type 3 is projected as the most lucrative segment.
Japan surge protector Market, by Voltage
On the basis of voltage, the high voltage segment dominated the market share for 2020, owing to their application in heavy industry operations. However, low voltage surge protectors are forecasted, owing to growth at the higher CAGR due to use in residential areas where applications of such surge protectors is growing.
High voltage are projected as the most lucrative segment.
Japan surge protector Market, by Application
On the basis of application, the industrial segment dominated the market share for 2020, owing to wide application of surge protectors in the sector. It is also expected to grow at the higher CAGR during the forecast period.
Industrial are projected as the most lucrative segment.
Japan surge protector Market, by Sales Channel
By sales channel, the offline sales channel segment dominated the market share for 2020, which is attributed to the fact that consumer is much more comfortable in purchasing such devices after getting proper knowledge about, product, especially technical information. However, growing e-commerce industry and benefit of home delivery is anticipated to drive growth for online channel at a higher CAGR during the forecast period.
By Sales Channel
Online sales channel is projected as the most lucrative market.
Covid-19 Impact Analysis
- The coronavirus's unfavorable global effects are already evident and have impacted the demand for surge protector in 2020.
- The World Health Organization has declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and has resulted in massive deaths all across the world. Exports & imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
- The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy's already declined development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
Key Benefits For Stakeholders
- The report provides an in-depth analysis and Japan surge protector Market forecast along with the current and future market trends.
- This report highlights the key drivers, opportunities, and restraints of the Japan surge protector Market along with the impact analyses during the forecast period.
- Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the Surge protector industry for strategy building.
- A comprehensive analysis of the factors that drive and restrain the market growth is provided.
- The qualitative data in this report aims on Japan surge protector Market trends, dynamics, and developments.
- The Japan surge protector Market size is provided in terms of revenue.
Japan Surge Protector Market Report Highlights
By Sales Channel
Key Market Players
Johnson Controls, Siemens AG, General Electric, Eaton Corporation, Schneider Electric, Honeywell, Legrand, ABB Ltd., Havells, Vertiv Group Corp
This section provides opinions of top-level CXOs operating in the surge protector market. According to the insights of CXOs, the market is consolidated in nature, and is expected to grow at a significant rate during the forecast period. This is attributed to rise in demand for protection of electrical and electronics devices from sudden power surges. The market growth is hampered by lack of awareness and no guaranteed protection of electronics by surge protectors. Innovation in the current surge protector technology can offer wide opportunity for the market growth in the future.