by A lightning strike can potentially endanger lives, damage properties and disrupt industries. The increasing frequency of lightning strikes due to climate change has boosted the demand for effective lightning protection systems globally. Lightning protection products help to provide a safe path for lightning to pass to the earth, thereby averting damage. These products comprise of air terminals, lightning conductors, earth termination systems and surge protection devices.
The Global Lightning Protection Market is estimated to be valued at US$8.18 Billion 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 market 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. Major players are focusing on new product launches and technological advancements to gain a competitive edge in the market.
The growing importance of safety and protection of assets from lighting strikes is a key factor driving the demand for Lightning Protection Products Market Size products globally. Furthermore, rising infrastructure projects and increasing construction of commercial buildings, airports and industries have further accelerated the adoption of these systems across different regions. The lightning protection market is anticipated to witness significant growth in the Asia Pacific region over the forecast period on account of rapid industrialization and urbanization in countries such as China and India.
Market key trends
One of the Lightning Protection Products Market Size and Trends is the growing popularity of microprocessor-based early streamer emitter air terminals. Compared to conventional triggered spark gap air terminals, these air terminals ensure faster and more consistent initiation of upward streamers during lightning strikes. They help to reduce lightning stroke damage and work reliably even at high altitudes and in extreme climates. With advanced digital control and self-monitoring abilities, microprocessor-based designs offer improved safety and protection capabilities. Ongoing research towards making these systems more efficient using nanotechnology, energy harvesting techniques and AI-assisted damage detection is expected to open up new growth avenues for lightning protection products.
Porter’s Analysis
Threat of new entrants: The lightning protection products market requires high initial investments which act as a barrier for new players. The established players have strong brand recognition and economies of scale which further increase entry barriers.
Bargaining power of buyers: The buyers have moderate bargaining power since there are many established vendors offering differentiated products. However, switching costs for buyers are low.
Bargaining power of suppliers: The suppliers have low bargaining power due to availability of substitute raw materials and lack of product differentiation.
Threat of new substitutes: While technological advancements are expected, there are limited viable substitutes for lightning protection systems. Regulations also support use of lightning protection systems.
Competitive rivalry: The market has presence of global players with strong brand value and diversified product portfolios. However, low differentiation results in intense price competition.
Geographical Regions
North America holds the largest market share currently due to advanced infrastructure and implementation of strict regulations for lightning safety. The U.S. in particular has seen high demand due to frequent lightning strikes and established standards.
Asia Pacific is projected to grow at the fastest pace during the forecast period. This is attributed to rapid urbanization and infrastructure development activities across emerging nations such as China and India. Increasing investments towards renewable energy projects will further drive the regional market.
Geographical Regions
Europe represents another substantial regional market for lightning protection products. Majority of demand originates from Western European countries where advanced technologies are readily adopted. Regulations for lightning safety of residential and commercial buildings provide steady momentum. Germany leads the European market due to robust manufacturing industry and stringent regulations.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
About Author - Money Singh
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, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
