The globallightning arrester marketis expected to achieve a striking valuation of US$ 782.1 million in 2022, and it's poised for an impressive journey ahead. With a substantial compound annual growth rate (CAGR) of 6.5%, it's set to cross the remarkable milestone of US$ 1,466.7 million by 2032. Lightning arresters, the silent guardians of safety in buildings, play a pivotal role in ensuring electrical equipment safety in various applications, including homes, infrastructure, power plants, and more.
Regionally, North America is an area particularly susceptible to frequent lightning strikes, which have been a leading cause of increased electrical equipment damage in the region. As a result, the North American lightning arrester market is projected to experience a robust CAGR of 5.8% throughout the forecast period.
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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 than40%by 2032.
- By product type, the valve type lightning arrester segment is anticipated to grow with a CAGR of7.7%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$145.9Mn by 2032.
- In terms of region, lightning arrester sales inSouth Asia Pacific are estimated to increase at a CAGR of7.2%.
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 billionin 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 ArresterMarket 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 than40% ofthe 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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