According to Future Market Insights (FMI), over the forecast period of 2022–2032, the lightning arrester market is expected to grow at a CAGR of 6.5% to reach a valuation of US$ 1,466.7 Mn by the end of 2032. During the projection period, growing focus on electrical equipment safety in the home, as well as other applications like infrastructure, power plants, and others, will play a key role in boosting the lightning arrester market.
Stringent regulatory environment coupled with rising power demand of skyscraper have led to a increased in lightning arrester sales. A lightning arrester is a device that is installed on the electrical system of a building to protect it from damage caused by lightning. The arrestor dissipates the energy of the lightning strike, preventing it from entering the building and causing a fire or electrical shock.
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Rising electricity demand, combined with growing focus on boosting renewable energy installed capacity, is driving utilities to invest in electricity transmission and distribution networks. Owing to which the lighting arrester market is anticipated to gain momentum, as lighting arresters are used as protective equipment in electrical systems.
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 $2 billion in property damage reported each year. While traditional lightning rods are still the most prevalent kind of protection, lightning arresters are becoming a more popular option since they can protect a larger area for a lower cost.
Key Takeaways from Market Study
- By rating type, above 110 KV sales are expected to remain dominant during the forecast period and will account for more than 40% by 2032.
- By product type, the valve type lightning arrester segment is anticipated to grow with a CAGR of 7.7% through the forecast period.
- By end Use, the power Industry segment is projected to lead the lightning arrester market and is further anticipated to create an absolute dollar opportunity worth US$ 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%.
“Increasing lighting strokes incidents coupled with growing awareness regarding electrical equipment safety will boost the sales of lightning arresters in the forecast period.” says a Future Market Insights analyst.
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Lightning Arrester Market Competitive Landscape
Among the industry’s key players are Eaton, ABB, Hubbell, GE Grid, Schneider Electric SE, TE Connectivity, Toshiba, and others
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.