Lightning Protection Products Market Size USD 7.7 Bn By 2030

The global lightning protection products market size was exhibited at USD 5.04 billion in 2022 and is expected to hit USD 7.7 billion by 2030, poised to grow at a noteworthy CAGR of 6% from 2022 to 2030.

Lightning is a natural phenomenon that causes destruction to buildings, electronic equipment, and others. Sometimes, based on the intensity it’s also fatal for human lives. In order to protect from lightning damage, many companies are involved in manufacturing products that will protect from the harmful effects of lightning. Lightning protection solutions provide total lightning protection, secure vital equipment, and provide transient overvoltage protection via a low-resistance path from the lightning protection system to the ground. These solutions can protect against data loss or destruction, expensive maintenance work for remote or unattended sites, equipment damage, loss of critical services, fire, and electric shock dangers. Cables, rods, and air terminals are the basic components of lightning protection systems, which work together to transport massive electricity away from the structure, preventing fire and most appliance damage. It contributed US$ 4.79 billion in 2020 in terms of revenue share and is estimated to grow at a CAGR of 6% during the forecast period. 

Crucial factors accountable for market growth are:

• The rapid increase of infrastructural development across the world.
• The growth of the telecom industry.
• Vulnerability of electric installation to lightning.
• Expansion of artificial intelligence (AI), robotics, and the Internet of Things (IoT) technologies.

Lightning Protection Products Market Report Scope

Report Highlights

• The Air Terminals and Adaptors product type segment is expected to lead the market contributing more than xx% of the revenue share in the upcoming years.
• The Building and Factories end-use application segment of the Lightning Protection Products Market is estimated to lead the market with a market share of more than xx% in 2021.
• By Geography, Asia Pacific holds a significant share accounting for more than xx% in 2020 in the Lightning Protection Products Market in terms of revenue share because of the modernizing infrastructure and urbanization of populations in this region.

Regional Snapshots

Asia Pacific dominates the Lightning Protection Products Market in terms of revenue share contributing more than xx% in 2020 and is estimated to grow remarkably in the upcoming years owing to the surge in investments in modernizing infrastructure and urbanization of populations. 

Market Dynamics

Driver

The rapid surge in the growth of the telecom industry requiring the installation of lightning protection equipment in order to safeguard the telecom towers is expected to drive the growth of the lightning protection products market.

Restraint

The major restraining factor that will negatively impact the growth of the Lightning Protection Products Market includes confusion and misinterpretation among customers on protection products, for instance, every country has different standards and regulations. 

Opportunity

Industries and the global economy are extremely reliant on electronic infrastructure, which is highly vulnerable to damage from lightning. In order to protect the electronic installation, it needs to guard by lightning protection products, and this creates a huge opportunity for market growth. For instance, On 28th June 2021, to further fulfill client needs and expansion, Alltec Corporation engaged six new manufacturer representatives in the United States. Alltec's comprehensive line of lightning protection, surge suppression, grounding, and connection equipment, as well as engineering and design services, will be available through these companies.

Challenges

The confusion and misinterpretation among customers on protection products created by the different standards and regulations, followed by the different countries is estimated to be a major challenge in the market growth. 

Recent Developments

• On 25th October 2021, Herger, a leader in exothermic solutions for grounding, bonding, and lightning protection, developed Ultra Weld Ultra Shot Technology, which aids in the creation of an everlasting connection by including a copper container in the connection.
• On 24th September 2021, Nexteer announced that they are expanding and upgrading their facility with advanced features.
• On 29th April 2021, Streamer announced the installation of a new TRANSEC at Gazprom's Elizavetinskaya compressor station in Russia, which will pump gas into Europe via the Nord Stream gas pipeline. The installed equipment will continually monitor the TMN-2500/35 power transformer's insulation status, ensuring safe operation and maintaining the standard values for the oil and paper insulation state.

Key Players

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 the rapid adoption of advanced technologies to improve efficiency and in raising their competitive share by means of strategic initiatives like mergers, new products,s and acquisitions.

Segments Covered in the Report

By Product Type

• Air Terminals and Adaptors
• Conductors
• Fittings and Connectors
• Grounding Equipment
• Surge Protectors
• Others

By End Use

• Building and Factories
• Electric Power
• Transportation
• Oil and Gas
• Others

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