Lightning Protection Products Market
Lightning Protection Products Market (Product: Air Terminals & Adopters, Grounding, Surge Suppression, Conductors, Bases, Cable Holders, Splicers, Fasteners, and Others; and Application: Residential, Commercial, and Industrial) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
- Automotive & Transport
- 266 Pages
Lightning Protection Products Help Avoid High Hospitalization Cost amid COVID-19 Crisis
Areas and regions with high active COVID-19 cases are being advised to prepare for emergency in cases of thunderstorms. Stakeholders in industrial and commercial sectors are avoiding extra costs associated with hospitalization and insurance by investing in lightning protection products. Thus, manufacturers in the lightning protection products market are taking advantage of shifting consumer trends during the coronavirus crisis.
Restricted transportation and a significant dip in overall expenditures by consumers are disrupting the revenue flow in the lightning protection products market. As such, COVID-19 vaccines are anticipated to ignite trade activities and bring them back to normal by the end of 2021. Thus, suppliers and manufacturers are focusing on mission-critical projects in construction, healthcare, and infrastructure sectors to keep economies running during the pandemic.
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Pros, Cons of Grounding Systems Require Continuous Troubleshoot, R&D
Different protection systems such as rods, meshed conductors, and catenary wires, among others have several advantages including easy installation, reduction of electromagnetic radiating effects within the protected structure, and protection of open zones, respectively. However, disadvantages of rods lead to limitations in protecting small size structures, while meshed conductors are complex and costly to install. On the other hand, catenary wires are potentially dangerous in handling areas where lifting equipment is used. Hence, continuous troubleshoot of issues and R&D helps to advance in product innovations.
Companies in the lightning protection products market are increasing their production capabilities in protection by natural components that are gaining popularity for external protection applications.
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High-rise Modern Infrastructures in India Trigger Demand for Lightning Protection Products
High-rise structures such as buildings, hotels, chimneys, and airports in India are fueling the demand for lightning protection products. JMV LPS Ltd. - an earthing & lightning safety equipment manufacturing company is capitalizing on this opportunity to provide air terminals, ground connections, lightning arrestors, and the likes to meet demanding specifications of high-rise modern infrastructures.
Technological advancements in electronic devices and electrical installations are translating into incremental opportunities for manufacturers in the lightning protection products market. Innovations in bonding components include branch conductors that offer protection against side flashes by connecting metal objects with the grounding system. Tunnels, refineries, hospitals, and commercial towers are broadening revenue streams for lightning protection components.
Certified Lightning Protection Professionals Install Components in Accordance with Recognized Standards
The proliferation of artificial intelligence (AI), robotics, and the Internet of Things (IoT) technologies are giving rise to a more complex and interconnected world. Such trends are emerging as key drivers of the lightning protection products market, since the need to keep electrical systems away from damage is gaining importance. Hence, UL, LLC - a global independent safety science company is creating awareness about certified suppliers pertaining to lightning protection for smart structures and surge protection.
Rigorous tests and certificates for lightning protection systems are bolstering the credibility of manufacturers. Service providers in the lightning protection products market are increasing efforts to install electrical components in accordance with applicable recognized standards.
High Quality Materials in Products Ensure Safety of Individuals, Buildings
A more complex and interconnected world owing to AI, IoT, and robotics has compelled manufacturers in the U.K. lightning protection products market to upgrade their design capabilities. Advanced Lightning Protection Systems Ltd. based in the U.K. is gaining recognition for using high quality materials in products that ensure safety of both individuals and their buildings from unpredictable threat of lightning.
Companies in the U.K. lightning protection products market are increasing their R&D capabilities to innovate in lightning protection mechanisms that are designed to intercept the lightning strike before it hits the building and brings the electrical energy down to the ground safely.
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Product and service providers continue to conduct lightning protection system inspections during the challenging times of COVID-19 whilst ensuring the health & safety of field engineers under specific conditions prior to scheduling an inspection. The U.K.-based manufacturers are innovating in early streamer emission lightning protection devices to avoid damage to buildings and its contents. However, limitations of rods and catenary wires such as mechanical withstand constraints of masts and reduced aesthetics, owing to complexity of catenary wires, respectively, are inhibiting growth of the lightning protection products market. Hence, manufacturers should continuously troubleshoot issues in products and invest in R&D to increase the availability for certified and future-ready components.
Lightning Protection Products Market: Overview
- The global lightning protection products market is anticipated to expand at a CAGR of ~10% during the forecast period, owing to increase in use of sensitive electronics for vital functions, including building security, climate control, data storage and processing, lighting, manufacturing and processing equipment, door hardware and 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, which is propelling the use of lightning protection products.
- Major lightning protecting end users such as utilities, water treatment and nuclear power plants, warehouses, seaports, airports, military, broadcast industry, houses as well as residential complexes, and healthcare organizations are estimated to boost the demand for these products significantly. Commercial sectors, including offices, stadiums, and golf courses are other major end users.
- State legislatures mandating the installation of lightning protection technology (LPT) systems in schools, hospitals, and other public buildings has 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.
Drivers of Lightning Protection Products Market
- Currently, industries and the global economy are highly reliant on electronic infrastructure, which is highly vulnerable to damage from lightning and transient currents. Modern technologies in grounding, potential equalization, surge protective devices, structural lightning protection, and lightning warning systems can completely mitigate damage if deployed and integrated properly. These cost-effective systems are readily available and have the potential to save industries and the global economy billions of dollars annually. Therefore, the financial and social benefits associated with the use of lightning protection products are compelling governments to focus on the promotion of the use of lightning protection products at the targeted areas.
Challenges for Lightning Protection Products Market
- Despite significant opportunities in the lightning protection products market, it is restrained by confusion and misinterpretation among customers on protection products. Every country has different standards and regulations, and such a disorder is hindering the lightning protection products market.
- Vendors of lightning protection products primarily focus on the rationalization of products to accommodate different standards. Meanwhile, manufacturers have to retest and redesign their devices to comply with the requirements and specifications of the global industry standards.
Lightning Protection Products Market Segmentation
- The global lightning protection products market has been segmented based on product, application, and region
- Based on product, the global lightning protection products market has been segregated into air terminals & adopters, grounding, surge suppression, conductors, bases, cable holders, splicers, fasteners, and other lightning protection products. Air terminals & adopters are usually used to protect small structures or zones such as pylons, chimneys, tanks, water towers, aerial masts, and more. The largest part of lightning current is conducted and dissipated through conductors and earthling systems closest to the point of impact of the lightning strike.
- Based on application, the global lightning protection products market has been classified into commercial, residential, and industrial. Each application is witnessing demand for these products based on social awareness and rules & regulations enacted by governments.
Lightning Protection Products Market: Regional Analysis
- Based on region, the global lightning protection products market has been divided into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific is projected to be a highly lucrative region of the global lightning protection products market during the forecast period. This is primarily due to an increase in investments in modernizing infrastructure and urbanization of populations, especially in developing economies such as China and India. China was, by far, the largest market in the world in terms of infrastructure development in 2015.
- Rise in investments in smart grid technologies and smart cities that include distribution grid automation, smart meters, and demand response systems in countries such as India, Japan, South Korea, and Australia would create opportunities for the lightning protection products market.
Lightning Protection Products Market: Competition Landscape
- Key players operating in the global lightning protection products market include
- A.N. Wallis & Co. Ltd, Alltec
- DEHN SE + Co KG
- East Coast Lightning Equipment
- Lightning Protection International Pty Ltd.
- Companies operating in the lightning protection products business are in plans of expanding their market share by launching new products. For instance, ALLTEC expanded sales and distribution in Latin America due to current and future growth potential in telecom, mining, and renewable energy industries in the region. On May 20, 2019, nVent Electric plc announced the launch of its nVent ERICO Lightning Registration System, which records and instantly reports a strike occurrence and its severity experienced by onshore and offshore wind turbines.
Lightning Protection Products Market – Scope of the Report
Transparency Market Research’s recent report on the lightning protection products market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the lightning protection products market analyzes the scenario for the period of 2017 to 2031, wherein, 2020 is the base year and 2019 and before is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of Information enclosed in the study.
This TMR study on the lightning protection products market also provides data on the developments made by important players and stakeholders in the market, along with a competitive analysis. The report also provides an understanding of the strengths, weaknesses, threats, and opportunities, along with the trends and restraints in the landscape. Presented in a clear sanctioned manner, this report on the lightning protection products market gives readers an individual understanding of the market.
Key Questions Answered in This Report on Lightning Protection Products Market
- How much value will the lightning protection products market generate by the end of the forecast period?
- Which segment of the market is likely to have the maximum market share by 2031?
- What are the impact factors and their effects on the market for lightning protection products?
- What regions currently contribute the maximum share to the overall lightning protection products market?
- What are the indicators expected to drive the lightning protection products market?
- What region is likely to be a lucrative market during the forecast period?
- What are the essential strategies by key stakeholders in the lightning protection products market to expand their geographic presence?
- What are the major advancements witnessed in the lightning protection products market?
- How regulatory norms affected the market for lightning protection products market?
This report answers these questions and more about the lightning protection products market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.
Lightning Protection Products Market – Research Methodology
This TMR report on the lightning protection products market is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. Market volume is determined by country wise model mapping of vehicle through internal & external proprietary databases, and relevant patent and regulatory databases. The competitive scenario of the lightning protection products market is supported by an assessment of different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data, current trends and announcement by the key players, researchers of the lightning protection products market arrive at predictions and estimations, and calculate the forecast for the market.
This report uses an analytical triangulation method to estimate the numbers and figures of the lightning protection products market, with both a bottom-up and top-down approach.
This detailed assessment of the lightning protection products market, along with an overview of the landscape, is provided based on a careful examination of the avenues related to this industry. Analysts’ conclusions on how the lightning protection products market is estimated to expand are based on carefully vetted primary and secondary sources.
Lightning Protection Products Market – Segmentation
This report on the lightning protection products market provides information on the basis of product, application, and region.
This study also discusses the underlying trends and impact of various factors that are driving the lightning protection products market, along with their influence on the evolution of the market.
This study also offers Porter’s Five Point Analysis, value chain analysis, regulatory scenario, and a SWOT analysis of the lightning protection products market in order to elaborate the crucial growth tactics and opportunities for market players contributing to the market.