Global Lightning Protection Technologies (LPT) Market to Reach $1.1 Billion by 2026

SAN FRANCISCO  , March 24, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Lightning Protection Technologies (LPT) - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 16; Released: February 2022

Executive Engagements: 7499
Companies: 119 - Players covered include A. N. Wallis & Co Ltd.; Alltec Corporation; AXIS Electrical Components Pvt. Ltd.; Fatech Electronic Co., Ltd.; K.M.L. Technology Co., Ltd.; Lightning Eliminators & Consultants, Inc.; Lightning Protection International Pty Ltd.; Littelfuse, Inc.; MTL Instruments Group; NexTek, Inc.; nVent Electric plc; PT. Zeus Prima Garda and Others.
Coverage: All major geographies and key segments
Segments: Technology (Conventional, Unconventional); End-Use (Commercial, Residential, Industrial)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

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ABSTRACT-

Global Lightning Protection Technologies (LPT) Market to Reach $1.1 Billion by 2026
Lightning represents a highly frequent and most dangerous weather hazard that packs a powerful electricity punch of up to 100 million volts. Lightning strikes are capable of ripping through roofs, exploding brick or concrete walls, igniting fires and killing people. There are more than 40 million incidents of lightning strikes per year in the US, with lightning being the main culprit behind church fires. Lightning holds staggering costs, requiring commercial property owners to spend millions of dollars as a result of damages. Lightning strikes result in significant inventory loss, insurance claims, and damage to equipment and production. Yearly structural damages associated with lightning in the US exceed $1 billion. In addition, lightning damages account for 3-5% of commercial insurance claims. Majority of structures, mainly buildings with modern designs, are highly vulnerable to the damage owing to various service entrances, expensive equipment and reliance on isolated metal-based building components.

Amid the COVID-19 crisis, the global market for Lightning Protection Technologies (LPT) estimated at US$891.1 Million in the year 2022, is projected to reach a revised size of US$1.1 Billion by 2026, growing at a CAGR of 4.8% over the analysis period. Conventional LPT, one of the segments analyzed in the report, is projected to grow at a 5.2% CAGR to reach US$734 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Unconventional LPT segment is readjusted to a revised 4.2% CAGR for the next 7-year period. This segment currently accounts for a 38.3% share of the global Lightning Protection Technologies (LPT) market.

The U.S. Market is Estimated at $171 Million in 2022, While China is Forecast to Reach $210.4 Million by 2026
The Lightning Protection Technologies (LPT) market in the U.S. is estimated at US$171 Million in the year 2022. The country currently accounts for a 19.26% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$210.4 Million in the year 2026 trailing a CAGR of 6% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.5% and 4.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4% CAGR while Rest of European market (as defined in the study) will reach US$224.2 Million by the close of the analysis period.      

The market in the post COVID-19 period will grow on account of the convergence of numerous drivers, mainly increasing construction of high-rise buildings and tall structures coupled with advancements in electrical systems. Rapid industrialization and urbanization globally have resulted in emergence of tall structures that are exposed to lightning due to the presence of various conductors, requiring effective protection from lightning.  Growth will also be favored by stringent regulations for public services and ongoing advancements in the telecom sector along with expansion of the telecommunication infrastructure. The need to protect smart homes from high current and voltage spikes due to lightning is expected to further bolster demand for lightning protection systems. These products are anticipated to find increasing acceptance across different end-user segments like utilities, water treatment plants, warehouses, nuclear power units, military, airports, residential areas and healthcare facilities. The adoption is favored by development of telecommunication facilities coupled with mounting regulatory pressure for protecting commercial facilities like offices, schools and healthcare units. Deployment of lightning protection systems in commercial units is likely to be one of the prominent trends driving the global market. The pressing need for surge protection and spectral power distribution for home offices is slated to trigger the demand. More

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