According to the report, the global lightning protection products market is projected to surpass US$ 6.1 Bn by 2031, expanding at a CAGR of ~10% during the forecast period. This can be attributed to an increase in use of sensitive electronics for vital functions, including building security, climate control, data storage and processing, lighting, manufacturing & processing equipment, door hardware & access systems, and healthcare systems. At the same time, occurrence of more frequent extreme weather events associated with climate change is increasing the risk of failure of these electronic systems, and growing awareness among the public to equip lightning protection products to protect their digital assets are propelling the market for lightning protection products.
Expansion of Lightning Protection Products Market
State legislatures mandating the installation of lightning protection technology (LPT) systems in schools, hospitals, and other public buildings have considerably fueled the demand for lightning protection products. Telecommunications and wireless sectors can also boost the lightning protection products market, as their control towers and base stations need protection from lightning strikes. The industrial segment is expected to expand at a rapid pace during the forecast period. The Industry 4.0 initiative is being applied to vehicles and electrical machinery in order to facilitate remote diagnostics, remote maintenance, and remote data capture. Such initiatives have increased the need for data centers, servers, and communication systems. Rise in use of electronic equipment is also fueling the demand for protection systems. This, in turn, is driving the market for lightning protection products in the industrial segment. The industrial lightning protection products market is estimated to reach 22.47 Bn, in terms of value, by 2031.
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Regional Analysis of Lightning Protection Products Market
In terms of region, the global lightning protection products market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is projected to be a highly lucrative region of the global lightning protection products market during the forecast period primarily due to increase in investments in modernizing infrastructure and urbanization of population, especially in developing economies such as China and India.
Lightning Protection Products Market Players
Key players operating in the global lightning protection products market include ABB, A.N. Wallis & Co. Ltd, Alltec, DEHN SE + Co KG, East Coast Lightning Equipment, Nvent, and Lightning Protection International Pty Ltd.
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Lightning Protection Products Market: Segmentation
- Lightning Protection Products Market, by Product
- Air Terminals & Adopters
- Grounding
- Surge Suppression
- Conductors
- Bases
- Cable Holders
- Splicers
- Fasteners
- Others
- Lightning Protection Products Market, by Application
- Residential
- Commercial
- Industrial
- Lightning Protection Products Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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