In the year 2022, the global lightning arrester market stands poised for significant expansion, with a valuation of USD 782.1 million, marking the onset of substantial growth over the next decade. Forecasts project a remarkable ascent to USD 1,466.7 million by 2032, indicating a robust Compound Annual Growth Rate (CAGR) of 6.5%. Lightning arresters, often overlooked yet indispensable, assume a pivotal role in ensuring the safety of electrical equipment across various sectors, including residential, industrial, and infrastructure applications.
As global demand for reliable lightning protection solutions continues to surge, the lightning arrester market anticipates noteworthy advancements, emphasizing the crucial role these devices play in fortifying the safety and resilience of electrical systems. Stakeholders and industry participants are urged to stay abreast of this dynamic market landscape as it progresses towards unprecedented growth and innovation.
Of significant concern, North America grapples with an escalating vulnerability to frequent lightning strikes, resulting in a surge of damage to electrical infrastructure within the region. Consequently, the North American lightning arrester market is poised to witness a robust CAGR of 5.8% throughout the forecast period. This underscores the critical need for advanced lightning protection solutions in the region to effectively mitigate the risks associated with lightning-induced damage to electrical infrastructure.
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This growth can be attributed to a combination of factors, including stringent safety regulations and the ever-increasing power consumption of high-rise buildings. Lightning arresters serve as the ultimate guardians against the unpredictable forces of nature, acting as a barrier that dissipates the energy of lightning strikes and prevents them from wreaking havoc within buildings. This pivotal role in safeguarding lives and property underscores their significance in ensuring electrical safety in an electrified world.
As we surge forward into the future, the global lightning arrester market plays a critical role in fortifying our defenses against the capricious forces of nature, proving that safety and innovation go hand in hand in the modern world of electrical engineering.
Key Takeaways from Market Study:
- By rating type, above 110 KV sales are expected to remain dominant during the forecast period and will account for more than 40% by 2032.
- By product type, the valve type lightning arrester segment is anticipated to grow with a CAGR of 7.7% through the forecast period.
- By end Use, the power Industry segment is projected to lead the lightning arrester market and is further anticipated to create an absolute dollar opportunity worth USD 145.9 Mn by 2032.
- In terms of region, lightning arrester sales in South Asia & Pacific are estimated to increase at a CAGR of 7.2%.
Countries such as the U.S., China, India, Indonesia, Malaysia, etc. are prone to lightning strikes. Further, according to a study from the National Lightning Safety Institute, there has been a significant increase in lightning-related incidents over the past decade, with more than $2 billion in property damage reported each year. While traditional lightning rods are still the most prevalent kind of protection, lightning arresters are becoming a more popular option since they can protect a larger area for a lower cost.
Lightning Arrester Market Competitive Landscape:
Key Players Operating in the Industry:
- Eaton
- ABB
- Hubbell
- GE Grid
- Schneider Electric SE
- TE Connectivity
- Toshiba
The lighting arreter market is moderately consolidated, with leading players accounting for more than 40% of the market share. These players are likely to invest in new technology developments, expansion of their distribution networks, and tie-ups with prominent end-users to maintain their market presence.
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Key Segments Covered In Lightning Arrester Industry Analysis
By Rating:
- Below 35 KV
- 35-110 KV
- Above 110 KV
By Product Type:
- Rod gap arrester
- Horn gap arrester
- Multi gap arrester
- Expulsion-type lightning arrester
- Valve-type lightning arrester
- Metal oxide varistor lightning arrester
- Others
By End Use:
- Infrastructure
- Power Industry
- Industrial
- Municipal
- Residential
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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