Japan Surge Protector Market to grow at a CAGR of 3.3% from 2021-2030 | Valuates Reports

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 Compound Annual Growth Rate (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.

Emergence of COVID-19 has declined growth of the surge protector market in 2020, and is estimated to witness slow growth till the end of 2021.

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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.

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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.

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.

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.

By Type
➣Type 1
➣Type 2
➣Type 3

By Voltage
➣High
➣Medium
➣Low

By Application
➣Industrial
➣Commercial
➣Residential

By Sales Channel
➣Online
➣Offline

Key Players
➣ABB Ltd.
➣Eaton Corporation
➣General Electric
➣Schneider Electric
➣Honeywell
➣Siemens AG
➣Johnson Controls
➣Legrand
➣Havells
➣Vertiv Group Corp.

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This release was published on openPR.