The lightning protection products market accounted US$ 2.7 Bn in 2020 with a significant CAGR of 9.6% during the analysis period of 2021 to 2028.
A properly installed lightning protection system (LPS) is more than 98% effective in preventing lightning-related damage. LPS installation is a tried and true protection method that has been used for over a century. Lightning protection products or equipment use modern electricity and other technology to prevent lightning strikes on the equipment. Because electricity is so widely used, the development of lightning protection products has accelerated.
Lightning protection products show promising results on installation contributing for the overall growth of global market
According to the EDP Science report, improved results were seen in 2017 as a result of improved and implemented lightning protection systems. In comparison to 2017 and 2016, there were 10 lightning strike obstacles reduced, 8 accidents reduced, and various power outages reduced by 60 hours, all of which improved the safety and reliability of the power supply system. Furthermore, lightning protection is becoming increasingly important as a result of recent climate changes and the frequency with which lightning strikes are occurring worldwide. The aforementioned factors all play a significant role in the overall growth of the global lightning protection products market.
|Market||Lightning Protection Products Market|
|Analysis Period||2017 - 2028|
|Forecast Data||2021 - 2028|
|Segments Covered||By Product, By Application, And By Geography|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||ABB, A.N. Wallis & Co. Ltd, Alltec, DEHN SE + Co KG, East Coast Lightning Equipment, LPI Lightning Protection International Pty Ltd, JEF Techno, Harger Lightning & Grounding, Lyncole (A division of VFC), Cirprotec, S.L., and others|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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Rising modern infrastructure fuel the growth of global lightning protection products market
According to the Lightning Protection Institute (LPI), lightning kills approximately 2,000 people worldwide each year. In a lifetime, the average American has a 1 in 5,000 chance of being struck by lightning. Apart from that, severe thunderstorms and convective weather cost insurance companies a record-breaking US$5.7 billion in losses in 2017. Furthermore, when compared to 2015 and 2014, there were 38 lightning deaths in the United States (roughly 0.1 per million). As lightning is a major issue for Tenaga Nasional Berhad (TNB) in Malaysia, such factors have accelerated demand for lightning protection products. For example, in Malaysia, lightning is responsible for more than 70% of power outages, whereas in Germany, lightning is responsible for 26% of damage. To avoid this, several developments related to the installation of various systems are in the progressive stage. Photovoltaic (PV) systems, for example, are typically installed in large open outdoor spaces, such as a rooftop or a solar farm. As a result, a complete lightning protection system in a PV installation is critical and a practical requirement to avoid system interruption, while also avoiding destruction and faults that result in casualties.
Government involvement propel the growth of global lightning protection products market
According to the report from the US Department of Commerce, any lightning protection system must adhere to the national safety standards and requirements of the Lightning Protection Institute, National Fire Protection Association, and Underwriters Laboratories. Certain grounding, bonding, and protection features in the National Electric Code (NEC) are intended to protect against lightning. These safeguards greatly reduce the risk of shock or electrocution to a person in the house, as well as the risk of lightning-caused fires. These also reduce the likelihood of residents being injured and the damage to the structures due to lightning. Furthermore, the design and installation of lightning protection systems has been revised for this code, with significant improvements made, particularly for the requirement to install surge protectors to protect the electrical and electronic equipment inside the house. Passive strike terminating devices such as metal rods and heavy wires are now recognized by the new code. These factors have a positive impact on the growth of the global lightning protection products market.
The global lightning protection products market is segmented as product and application. Based on product, the market is segregated as air terminals & adopters, grounding, surge suppression, conductors and earthing system, bases, cable holders, splicers, fasteners, and other lightning protection products. By application, the market is segmented as commercial, residential, and industrial.
In terms of products, conductors and earthing systems have gained significant market share in the global market. According to the RINA S.p.A. report, earthing is critical to the safety of any electrical installation. With proper installation systems, it is unaffected by even the most powerful recorded lightning strike; however, it is inspected on a regular basis to ensure that mechanical damage is avoided. Such factors have a significant impact on segmental growth, which ultimately contributes to market growth.
Asia Pacific remains the dominant region for lightning protection products market
Asia Pacific is expected to maintain its dominant position in the lightning protection products market from 2021 to 2028. This is due to emerging Asia's strong economic performance in 2019, with an average growth rate of 5.8%, fueled by a rapidly growing urban population, and robust digital transformation. According to the Economic Outlook for Southeast Asia, China, and India 2020, emerging Asia was expected to grow at a rate of 5.7% on average. China is leading the way in lightning protection products among APAC provinces, assuming a new role at the epicenter through the influx of technology and innovation. These aforementioned factors have impactful results for the growth of the lightning protection products market during the forecast period of 2021 to 2028.
Companies operating in lightning protection products market are expanding their presence through launching of new products, partnerships, and collaboration. The prominent players of the global lightning protection products market involve ABB, A.N. Wallis & Co. Ltd, Alltec, DEHN SE + Co KG, East Coast Lightning Equipment, LPI Lightning Protection International Pty Ltd, JEF Techno, Harger Lightning & Grounding, Lyncole (A division of VFC), Cirprotec, S.L., and others
Market By Product
Market By Application
Market By Geography
The estimated value of global lightning protection products market was US$ 5.5 Bn in 2028
The projected CAGR of global lightning protection products market during the forecast period of 2021 to 2028 is accounted to be 9.6%
North America accounts for the fastest growing CAGR for lightning protection products market during the projected period of 2021 to 2028
Lightning protection products show promising results on installation, rising modern infrastructure, and government involvement are the factors that contribute for the global growth of lightning protection products market during the analysis period of 2021 to 2028