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

Lightning Protection Products Market Size and Trends

The global lightning protection products market is estimated to be valued at US$ 4.86 Bn in 2024 and is expected to reach US$ 8.18 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.7% from 2024 to 2031.

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The lightning protection products market is expected to witness significant growth over the forecast period. Rising infrastructure development activities around the world along with increasing demand from the construction industry are the key factors driving the demand for efficient and effective lightning protection systems. Moreover, the growing importance of implementing safety measures in industries and public places along with strict government regulations regarding lightning protection are prompting various end-use industries to adopt these systems. However, high initial installation and maintenance costs associated with these products may hamper the market growth to some extent over the coming years.

Rising safety awareness

There is growing worldwide cognizance about the dangers posed by unprotected exposure to lightning strikes. While lightning-related casualties were considered acts of nature in the past, advancements in lightning science and technology have enabled evaluating this risk more objectively. Research providing deeper understanding of lightning mechanics and behavior is helping increase education around lightning safety. With easy access to information through digital media and internet, communities across geographies are learning about simple practices which if adhered to, can prevent loss of lives as well as reduce financial losses significantly.

International organizations are also playing an active role in driving conversations around building lightning-resilient structures. They are raising awareness about formulating lightning safety policies and mandating compliance with established lightning protection standards. Several developed countries have already institutionalized lighting safety regulations for public facilities and infrastructure development. This is percolating greater safety consciousness even in less developed markets. There is now widespread recognition that proper lightning protection supported by periodic maintenance can offer strong defense against lightning catastrophes. These attitudes are providing crucial push for the lightning protection products market.

For instance, in June 2021, Alltec Corporation, a premier professional corporation offering top-quality Auxiliary, Data Center, and IT services announced a partnership with E&S Grounding Solutions, a company renowned for its expertise in "gold standard" grounding solutions. This partnership will enable Alltec Corporation to better address its customers' more complex project requirements. Through this collaboration, Alltec Corporation can leverage E&S's world-class knowledge in grounding system design and analysis to provide customers with superior lightning protection, grounding, and grounding-related solutions.

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Global rise in lightning strikes

With climate change resulting in extreme weather patterns across the world, the instances of lightning strikes have seen a significant rise globally in the past few decades. The increased temperatures have led to greater atmospheric disturbances and more volatile conditions that are conducive for lightning storms. Tropical countries and coastal areas closer to the equator that already experience high temperatures are reporting marked jumps in lightning-related incidents. This has naturally led to a greater felt need for effective lightning protection amongst homeowners and industries exposed to this risk.

Furthermore, increasing urbanization around the world has resulted in taller man-made structures that attract lightning strikes. The growth of infrastructure such as skyscrapers, telecom towers, wind turbines, and transmission lines have contributed to escalating risks. While lightning rods and other grounding systems were not a major requirement in the past, the construction of more vertical infrastructure has highlighted the importance of implementing organized lightning protection plans. This is driving a strong demand for specialized products and technical solutions that can safeguard expensive assets from lightning damage.