Lightning Protection Products Market Size, Share & Trends Analysis Report By Product Type (Air Terminals and Adaptors, Conductors, Fittings and Connectors, Surge Protectors), By End-Use (Building and Factories, Electric Power, Transportation, Oil and Gas) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Market Overview

The global lightning protection products market size was valued at USD 5.0 billion in 2023 and is projected to reach USD 8.6 billion by 2032, registering a CAGR of 6.1% during the forecast period 2024-2032. The continuous increase in infrastructure construction worldwide significantly drives the Lightning Protection Products market growth.

Lightning protection goods include specialized equipment and systems designed to reduce the destructive consequences of lightning strikes on structures, equipment, and people. These products are critical in protecting against lightning-related risks such as fire, electrical damage, data loss, and personal injury. 

As companies rely more on electrical equipment to run, lightning and currents can cause harm, which is safeguarded by lightning protection devices. Additionally, governments in emerging and developed nations are focused on promoting the goods because they are low-cost and readily available. This will likely drive growth in the worldwide lightning protection products market over the forecast period. 

Similarly, emerging technologies such as artificial intelligence (AI), robotics, and the Internet of Things (IoT) rely on complex structures to function and are susceptible to damage. These trends will be essential drivers of lightning protection product growth throughout the projected period. Restriction factors such as country-specific norms and regulations and consumer-driven redesigns may impede the development of the lighting protection product market during the projection period.

Highlights

• Air Terminals and Adaptors dominate the market by product type.
• Building and Factories are the major end-users of the market.

Market Dynamics

Global Lightning Protection Products Market Drivers

Increasing Incidence of Lightning Strikes

The increasing frequency and severity of thunderstorms and lightning strikes drive demand for lightning protection solutions. Climate change and environmental factors contribute to more frequent extreme weather events, increasing the likelihood of lightning damage to structures, infrastructure, and electronic equipment. As a result, corporations and individuals invest in lightning protection technologies to reduce risk and protect assets from lightning-related threats.

In 2023, there were 2,102,170,206 lightning strikes globally, averaging 67 every second. The United States accounted for 11% of such strikes, with more than 240 million. This represents a 6.6% increase over the previous year, with around 252,000 lightning flashes daily, or 26 flashes per square mile. This increase in lightning activity has raised awareness of the need for appropriate lightning protection systems in various sectors, including residential, commercial, industrial, and infrastructure. Further, According to a meteorologicaltechnologyinternational.com statement dated January 2024, the American Meteorological Society (AEM) recorded a 6.6% rise in lightning activity in the United States in 2023, with 92 million lightning flashes and 558 million lightning pulses. However, global lightning activity is highly changeable and can be influenced by changes in the number of thunderstorms or the flash rate per thunderstorm. 

Furthermore, several areas suffer very high lightning activity due to topographical and meteorological variables. Lightning hotspots include the Southeastern United States, regions of South America, Central Africa, and Southeast Asia, where lightning strikes are joint throughout the year. The concentration of lightning activity in these areas emphasizes the significance of establishing effective lightning protection systems to reduce threats to life and property.

Global Lightning Protection Products Market Restraints

Cost of Implementation

Large-scale projects, such as commercial buildings, industrial facilities, and utility infrastructure, frequently necessitate complete lightning protection systems to reduce the risks of lightning strikes. However, the initial cost of deploying these systems can be significant, particularly when considering design complexity, structural constraints, and installation requirements. For example, The average price of installing a lightning protection system in a residence ranges between USD 436 and USD 2,649, with an average cost of USD 1,542. A business building's lightning protection system typically costs about USD 35,000. A lightning rod for a residence can cost anywhere from USD 60 to USD 2,500 per rod, depending on the material, kind, and size of the structure and roof.

According to the NFPA, the cost of a lightning protection system varies based on the size and complexity of the structure, the type of lightning protection system utilized, and the structure's location. However, the NFPA estimates that the average cost of a single-family home's lightning protection system is USD 1,000 to USD 5,000. 

Additionally, the LPI predicts that a commercial building's lightning protection system will cost between USD 5,000 and USD 50,000. However, the expense of installing a lightning protection system in a large commercial structure or industrial site might be significantly more significant. The LPA predicts that a lightning protection device for a wind turbine will cost between USD 50,000 and USD 100,000. However, the cost of installing a lightning protection system for a large wind farm can be significantly greater. This suggests that cost is frequently cited as a barrier to deploying lightning protection systems, particularly by small and medium-sized businesses and residential property owners.

Global Lightning Protection Products Market Opportunity

Infrastructure Development and Modernization

Infrastructure projects, such as highways, railways, bridges, and airports, provide considerable prospects for lightning protection system integration. For example, the expansion of airports or the construction of new railway lines frequently require the installation of critical infrastructure vulnerable to lightning strikes. Robust lightning protection systems are essential for protecting passengers, crew, and equipment while ensuring continued operations.

ACI estimates worldwide airport capital expenditures (CAPEX) will reach $2.4 trillion by 2040 to fulfill rising travel demand. As airports expand and modernize, there is a greater need to integrate lightning protection systems into terminal buildings, control towers, runway lighting systems, and other critical infrastructure to reduce the risk of lightning disruptions and ensure aviation safety.

Furthermore, railway electrification projects, particularly in areas with significant rail networks, such as Europe and Asia, provide potential for deploying lightning protection systems. Lightning strikes threaten electrified railway infrastructure, including overhead catenary systems, signaling equipment, and traction substations, causing electrical disturbances, equipment damage, and safety risks. Lightning protection measures must be incorporated into railway electrification projects to ensure rail operations' reliability and safety.

Regional Analysis

Asia-Pacific Dominates the Global Market

The global lightning protection products market analysis is conducted in North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.

Asia-Pacific is the most significant global lightning protection products market shareholder and is estimated to grow at a CAGR of 6.3% over the forecast period. Asia-Pacific is predicted to rise rapidly because of increasing investments in infrastructure upgrades and population urbanization, particularly in developing countries such as China and India. China dominates the Lightning Protection Products Market in Asia Pacific due to rapid infrastructure development. 

In addition, investments in smart grid technology and smart cities, including smart meters, distribution grid automation, and demand response systems, are also expected to increase in nations such as India, South Korea, Japan, and Australia. For example, India's "Smart Cities Mission" intends to build 100 smart cities with contemporary infrastructure and services like transportation, energy, and public safety. Similarly, Indonesia, Malaysia, and Vietnam are investing in infrastructure projects such as airports, ports, and urban development programs, all requiring dependable lightning protection systems to ensure the safety and continuity of operations.

Furthermore, Asia is undergoing significant urbanization, with millions of people migrating from rural areas to cities annually. According to the United Nations, Asia has more than half of the world's urban population, a trend that is anticipated to continue in the future decades. Urbanization increases demand for infrastructure development, including residential complexes, commercial buildings, and public facilities, opening up prospects for using lightning protection technologies to protect these structures from lightning-related hazards.

Europe is anticipated to exhibit a CAGR of 5.9% over the forecast period. Countries like Germany, France, and the United Kingdom also require lightning protection for power plants, telecommunications installations, and historic structures. AI, IoT, and robotics have made the world more complicated and linked, forcing UK lightning protection products industry businesses to improve their design capabilities. Advanced Lightning Protection Systems Ltd., based in the United Kingdom, is gaining attention for using high-quality materials in solutions that protect both humans and buildings from the unpredictable threat of lightning. 

Additionally, the UK lightning protection goods market companies are expanding their R&D capabilities to develop lightning protection methods that catch lightning strikes before they impact the building and securely transport electrical energy to the ground. Additionally, Historic England recommends lightning protection for all churches and towering historic structures in the UK. 

Furthermore, German directives, regulations, and legislation have rigorous lightning protection requirements. The Industrial Safety Regulation 3(3) mandates that the operator of a monitoring system select and commission a qualified person to conduct relevant tests. Lightning risk assessments according to EN 62305-2 ("Lightning Protection - Part 2 Risk Assessment"). The goal of the evaluation is to precisely characterize the property to be safeguarded while also maintaining the necessary levels of security for the installations.

North America holds a significant market share. Extensive infrastructure, strong safety standards, and growing awareness of lightning-related threats fuel the North American lightning protection products market. The 2023 version of NFPA 780, the National Fire Protection Association's (NFPA) lightning protection standard, mandates residential buildings in the United States to include lightning protection equipment. The standard specifies installation, regulatory, and design requirements to safeguard people and property from lightning-related dangers and fire risk, increasing demand for certified lightning protection products and services.

Similarly, according to data from the National Oceanic and Atmospheric Administration (NOAA), the United States experiences over 20 million cloud-to-ground lightning strikes yearly, emphasizing the importance of effective lightning protection systems to mitigate potential hazards and ensure public safety. 

Segmental Analysis

The global lightning protection products market is segmented based on product type and end-user.

The market is further segmented by product type into Air Terminals and Adaptors, Conductors, Fittings and Connectors, Grounding Equipment, and Surge Protectors.

The Air Terminals and Adaptors product type category will lead the market in 2023 and is expected to increase significantly during the forecast period. Air terminals, or lightning or air rods, are projecting metal rods erected at the highest points of structures to catch lightning strikes and provide a safe channel for lightning currents to dissipate into the earth. Adaptors securely link air terminals to structural frameworks or mounting surfaces. Air terminals and adaptors are critical components of lightning protection systems, acting as the first line of defense against lightning strikes by deflecting the electrical discharge away from the protected structure.

Additionally, the segment is expanding since they are often used to protect tiny structures or zones such as pylons, chimneys, tanks, water towers, and aerial masts. Most lightning current is carried and dissipated by conductors and earthling systems close to the lightning strike's impact point. This aspect fuels the expansion of the Lightning Protection Products Market. 

Conductors, usually composed of copper or aluminum, provide a low-resistance conduit for the lightning currents to move from the air terminals to the grounding system. Conductors safely direct the electrical discharge away from the structure and aid in the dissipation of lightning energy into the ground. These conductive pieces are intentionally placed to direct lightning current down a specified path, reducing the chance of electrical damage, fire, or structural failure.

The market can be bifurcated by end-use into Buildings and Factories, Electric Power, Transportation, and Oil and Gas.

The Building and Factories, end-use application segment, leads the Lightning Protection Products Market in 2023 and is expected to grow significantly over the forecast period due to increased urbanization and industrialization, facilitating factory and household construction activities. Lightning protection systems are critical for safeguarding buildings, factories, and other facilities from the destructive consequences of lightning strikes. 

Buildings and factories are vulnerable to lightning-related hazards such as fire, structural damage, and electrical outages. Lightning protection systems for buildings and factories typically consist of air terminals, conductors, grounding devices, and surge protectors. These systems are intended to intercept lightning strikes, safely discharge electrical energy into the earth, and protect occupants, equipment, and assets from injury. Lightning protection is critical in industrial settings to preserve operational continuity, prevent production downtime, and ensure workplace safety.

The electric power industry relies significantly on lightning protection to protect key infrastructure such as power plants, substations, transmission lines, and distribution networks. Lightning strikes can cause electrical interruptions, equipment damage, and power outages, posing severe threats to the electric grid's stability and safety. Lightning protection systems in the electric power industry include a variety of components such as lightning rods, surge arrestors, grounding systems, and insulation coordination measures. These solutions aim to reduce the impact of lightning-related disturbances, improve grid resilience, and ensure that consumers receive an uninterrupted electrical supply.

Recent Developments

• April 2024- The new CGCRFE and CGFEXCR are made of a high-strength copper alloy and are excellent for high-compression grounding applications. The distinctive "Figure 8" design enables irreversible compression grounding connectors for cable-to-ground rod and Reinforcing Steel connections, boosting HarGround's product diversity.
• May 2024- ABB and Niedax Group will form a joint venture to fulfill North America's growing demand for cable tray systems.