Lightning Protection Products Market is Anticipated to Witness High Growth Owing to Increasing Lightning Strikes Threat

 
Lightning Protection Products Market Size

The lightning protection products market includes lightning rods, air terminals, lightning conductors, grounding systems and surge protectors. These products play a vital role in preventing lightning-induced damages to life and property. The need for lightning protection systems is increasing across the globe due to rising frequency of lightning strikes each year which poses threat to buildings, infrastructure, aviation and telecommunication industries.

The Global lightning protection products market is estimated to be valued at US$ 8.18 Bn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the lightning protection products are ABB, A.N. Wallis, Advanced Lightning Protection Systems Ltd., Belkin, Citel, Eaton, Emerson Electric Co., General Electric, Harger Lightning & Grounding, Hubbell, Leviton Manufacturing Co., Inc., LPI Lightning Protection International Pty Ltd, Schneider Electric, Siemens, and TE Connectivity. These players are focused on developing innovative lightning protection solutions and expanding their geographical footprint through partnerships and acquisitions.

There is vast potential for growth of Lightning Protection Products Market Size in developing countries owing to rapid urbanization and construction activities. Moreover, rising investments by governments andprivate players in critical infrastructure such as aviation, telecom towers, oil & gas facilities will also drive the demand. Major players are investing heavily in R&D to develop advanced lightning location systems and lightning detection mobile applications to capitalize on these opportunities.

Globally, countries in North America and Europe have stringent building codes that mandate installation of lightning protection systems. However, Asia Pacific region is expected to offer lucrative growth opportunities with China, India, Japan and Southeast Asian nations being major markets on account of rapid industrialization and urbanization. Key players are focusing their efforts on these emerging economies through partnerships with local integrators.

Market drivers:

1) Increasing frequency of lightning strikes every year poses serious threats to critical infrastructure, buildings, telecom towers, and oil & gas facilities. This is driving the need for advanced lightning protection systems globally.


2) Stringent regulations and codes in developed regions mandating installation of lightning protection systems in high-rise buildings, airports, industrial plants. This is supporting the market growth.

Market restrains:

1) High initial installation costs of advanced lightning protection systems is a major restraint, especially in price-sensitive developing markets.
2) Lack of awareness about benefits of lightning protection systems in certain regions hampers the market demand. Most property owners in these regions do not consider lightning protection a priority.

Segment Analysis

Lightning Protection Products Market Size and Trends can be segmented by product type and application. By product type, air terminals segment holds the dominant market share as they are required almost in every lightning protection system. They efficiently conduct lightning strikes to the down conductors and grounding systems. However, the lightning rods sub segment is expected to grow at the highest rate during the forecast period. This is because lightning rods provide targeted protection whereas air terminals provide perimeter protection.

By application, commercial sector dominates the market due to presence of tall structures, oil and gas industries, airports etc that require robust lightning protection systems. However, residential segment is estimated to grow at the highest CAGR during the forecast period owing to rising construction of modern homes equipped with lightning protection systems, especially in developing regions.

Global Analysis

North America dominates the lightning protection products market due to strict lightning safety codes and regulations in commercial sector. Europe holds the second largest market share due to presence of major players and growing construction industry. However, Asia Pacific is estimated to grow at the fastest pace during the forecast period. This is attributed to rapid urbanization and industrialization coupled with increasing construction of commercial buildings and infrastructure projects in emerging economies like China and India. Rising safety concerns is also driving the adoption of lightning protection products in the region.

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About Author:

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)


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