Published Date : 14 Nov 2022
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:
Lightning Protection Products Market Report Scope
|Market Size In 2022||USD 5.04 Billion|
|Market Size By 2030||USD 7.7 Billion|
|Growth Rate from 2022 to 2030||
CAGR of 6%
|Forecast Period||2022 to 2030|
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.
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.
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.
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.
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.
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
By End Use
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