LIGHTNING PROTECTION PRODUCTS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

The high initial installation cost of lightning protection systems is one of the major factors negatively impacting the growth of the global lightning protection products market. Installing effective lightning protection on structures requires a significant upfront investment which deters many building owners. A full custom lightning protection system designed and installed by professionals can easily cost thousands of dollars depending on the size and attributes of the structure. Even for smaller residential buildings, installation charge generally ranges between US$1,000 and US$3,000. For large commercial buildings, high-rise structures and industrial facilities, the installation expenses run much higher running into tens of thousands of dollars or sometimes over US$100,000. This high initial capital outlay poses a major financial barrier especially for SMEs and residential homeowners who have limited budgets.

The high installation cost is a deterrent even for those who recognize the need for protection against lightning damage. According to the National Oceanic and Atmospheric Administration (NOAA), lightning causes an estimated US$5 billion in insured losses in the U.S. each year. However, many building owners are unwilling or unable to immediately earmark such large capital only for lightning protection even though postponing can severely increase risk of property damage, financial losses and safety hazards in future. The reluctance to invest such huge initial amounts upfront has slowed down the demand growth for commercially installed complete lightning protection systems.

Market Opportunities: Emergence of new lightning protection technologies

The emergence of new lightning protection technologies is presenting a great growth opportunity in the global lightning protection products market. With increasing incidences of lightning strikes owing to climate change, traditionally installed lightning rods are no longer considered adequate for modern large structures. Newly developed embedded lightning protections systems that can be installed within building materials such as composites and concretes during construction are revolutionizing the industry. These advanced embedded systems ensure direct strikes are safely diverted without external rods that require separate installation.