The global lightning protection products market was estimated at USD 4.79 billion in 2021 and is expected to reach USD 7.7 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 6% during the forecast period 2021 to 2030.
The rapid surge in infrastructural development across the globe is a major factor that is driving the market growth. These developments include buildings, hotels, airports and chimneys. In order to protect these infrastructures from lightning the lightning protectors are installed. For instance, On 28th June 2021, Alltec Corporation announced its partnership with E&S Grounding Solutions, a company known for its expertise in “gold standard” grounding solutions. E&S will enable Alltec to solve customers more complex project needs. Alltec can employ E&S's world-class knowledge in grounding system design and analysis to provide customers with superior lightning protection, grounding, and grounding solutions. Customers will benefit from Alltec and E&S Grounding's collaborative efforts, which will provide a far more comprehensive approach to severe grounding difficulties. This partnership will allow for the modification of existing products or the development of new ones in instances when standard solutions are ineffective. With this potential cooperation, many new and exciting things will be in the works.
The telecom industry is the major end user of lightning protection products as the towers installed are having high vulnerability to lightning and hence needs the installation of lightning protection equipment’s. Therefore, the growth in telecom industry is estimated to fuel the growth of the lightning protection products market. For instance, On 25th February 2021, Streamer announced that it has supplied Line Lightning Protection with LLPDd69z for NGCP in Pampanga, Philippines. for the installation of tower.
Electronic gadgets and electrical installations are transforming into incremental opportunities for businesses in the lightning protection products market as technology improves. Branch conductors, which connect metal items to the grounding system and provide protection against side flashes, are an example of bonding component innovation.Some of the broadening revenue streams for lightning protection components includes Tunnels, refineries, hospitals, and commercial towers. For instance, On 7th July 2021 Streamer announced that the developed lightning protection device which will be supplied to SGCC sites, has passed certification tests at CEPRI (Wuhan) owned by SGCC. New design and process solutions were discovered and implemented during the development process, resulting in improved technical characteristics and lower costs of a multi-chamber system, which is the main functional element of a lightning protection device whose design is protected by Russian Federation and PRC patents.
Artificial intelligence (AI), robotics, and the Internet of Things (IoT) are all expanding their capabilities, resulting in a more complex and interconnected world. These trends are driving the growth of the lightning protection products market.
In the recent times, industries and the global economy are extremely reliant on electronic infrastructure, which is highly vulnerable to damage from lightning and transient currents. Therefore, proper lightning protection systems to be installed that will mitigate damage caused by the lightning and thus save industries and the global economy billions of dollars. Thus, the financial and social benefits related with the use of lightning protection products are forcing governments to focus on encouraging the use of lightning protection products at the targeted areas. All these attributes will accelerate the market growth. For instance, On 13th October 2021, Raycap,a global supplier of electrical components for surge protection, communication, and monitoring, has announced that its 2-in-1 surge protection product line will be expanded. The new RaycapProTec T1SF arrester with integrated backup fuse not only reduces space in the control cabinet, but it also makes installation and maintenance easier, lowering overall costs.
Based on the Product Type, the Lightning Protection Products Market is divided into Air Terminals and Adaptors, Conductors, Fittings and Connectors, Grounding Equipment, Surge Protectors and Others. The Air Terminals and Adaptors product type segment leads the Lightning Protection Products Market contributing more than xx% in 2020 and is estimated to grow significantly during the forecast period. It's because they're typically employed to defend small structures or zones like pylons, chimneys, tanks, water towers, and aerial masts. The majority of lightning current is carried and dissipated through conductors and earthling systems located closest to the lightning strike’s impact location. This factor drives the growth of the Lightning Protection Products Market. For instance, On 3rd August 2021, Alltec Corporation announced that it has obtained the contract to inspect, design and provide products for installation at all SC AWOS sites. Alltec will be responsible for the Protection of airport AWOS systems from lightning-related damage.
Based on the End-Use, the Lightning Protection Products Market is divided into Building and Factories, Electric Power, Transportation, Oil and Gas and Others. The Building and Factories end use application segment leads the Lightning Protection Products Market contributing more than xx% of revenue share in 2020 and is expected to grow significantly during the forecast period owing to the rise of urbanization and industrialization that has facilitated the construction activities of factories and households.
For instance, On 23rd September 2021, HARGER Inc. has announced the release of two new surge safety device series for downstream equipment fed by AC power system panels. Both series include a low let-through voltage of 100KA Imax(minimum) and are UL 1449 4th edition listed. These items have a 20kA I-nominal rating, making them appropriate for lightning protection systems according to NFPA 780 and UL96A.
Asia Pacific leads the market with a revenue share of more than xx% in 2020 and is expected to continue to grow significantly throughout the forecast period due to increased investments in upgrading infrastructure and population urbanization, particularly in developing nations such as China and India. In Asia Pacific region, China dominates the Lightning Protection Products Market due to its rapid growth in infrastructural development.
Also likely to boost market expansion in this area is a spike in investments in smart grid technologies and smart cities, which include smart meters, distribution grid automation, and demand response systems, in countries such as India, South Korea, Japan, and Australia.
The global Lightning Protection Products Market is characterized by the presence of various small and big players. The major market players include Pentair, Harger, Alltec Corporation, AN Wallis, Fatech Electronic, NexTek, AXIS Electrical Components, K.M.L.Technology, MTL Instruments Group, Lightning Protection International, Kumwell, Lightning Master, ABB, Streamer, TSTLP, Independent Protection, Jishnu Control Systems, Fatech Electronic and Raycap. As the market is competitive in nature, the players are indulged in rapid adoption of advanced technologies to improve the efficiencyand in raising their competitive share by means of strategic initiatives like mergers, new product and acquisitions.
Report Scope of the Lightning Protection Products Market
|Market Size||USD 7.7 Billion by 2030|
|Growth||CAGR of 6% From 2021 to 2030|
|Largest Market||Asia Pacific|
|Forecast Period||2021 to 2030|
|Segments Covered||Product Type, End Use|
|Companies Mentioned||Pentair, Harger, Alltec Corporation, AN Wallis, Fatech Electronic, NexTek, AXIS Electrical Components, K.M.L.Technology, MTL Instruments Group, Lightning Protection International, Kumwell, Lightning Master, ABB, Streamer, TSTLP, Independent Protection, Jishnu Control Systems, Fatech Electronic and Raycap.|
Segments Covered in the Report
By Product Type
By End Use
No cookie-cutter, only authentic analysis – take the 1st step to become an Precedence client