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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Insights on- Lightning
Protection Products Market
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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