Lightning Rod Market: Current Analysis and Forecast (2023-2030)

Report Description

The Lightning Rod Market was valued at 1.7 billion in the year 2022 and is expected to grow at a steady rate of around 11.56% during the forecast period (2023-2030), owing to the increasing number of high-rise infrastructures. Furthermore, with the global construction industry growing at a steady pace, the demand for lightning rods is also increasing. As more buildings and structures are being constructed, there is a greater need for electrical safety devices, including lightning rods. Moreover, the increasing use of aircraft and watercraft has increased the demand for lightning rods. These rods are essential for protecting these vehicles from lightning strikes, which can cause severe damage to their electrical systems and pose a safety risk to passengers and crew. They are particularly important for aircraft and watercraft because they are often exposed to open skies and bodies of water, making them more susceptible to lightning strikes. Additionally, the rising demand for renewable energy infrastructure is driving the growth in the market for lightning rods. As more wind turbines, solar farms, and nuclear power plants are installed, the need for lightning protection will continue to increase. This presents a significant opportunity for companies in the lightning rod industry to capitalize on this growing trend. For instance, as per the International Energy Agency (IEA), by 2022, the record-breaking increase in wind electricity generation by 265 TWh (14%) secured it a place as the second highest growth among renewable power technologies, behind solar PV. Striving for a Net Zero Emissions by 2050 Scenario, however, necessitates an average annual generation growth rate of approximately 17%. To make this a reality, the annual capacity increase from 75 GW in 2022 needs to be increased to 350 GW in 2030.

Some of the major players operating in the market are Holland Shielding Systems BV; France Paratonnerres; TECHNOLOGICAL APPLICATIONS SA; Sutter Instrument Company; Thorlabs, Inc.; LBA Group, Inc.; ABB; Wardray Premise; Harger Lightning & Grounding; and Kingsmill Industries (UK) Ltd. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst Type, the Meshed Conductor Lightning Protection System segment holds the majority of the market share in 2022.”

Based on type, the market is segmented into air-termination lightning protection systems, meshed conductor lightning protection systems, catenary wire lightning conductors, streamer emission lightning conductors, and others. Among the different types of lightning protection systems, meshed conductor lightning protection systems are the most widely used and hold most of the market share. The primary factor that is responsible for this domination is meshed conductor lightning protection systems consisting of a network of conductive wires or cables that are installed on the highest point of a structure, such as a tower or chimney. These wires or cables are designed to intercept lightning strikes and safely conduct them to the ground. Furthermore, meshed conductor lightning protection systems provide increased protection compared to other types of lightning rods. This is because the mesh of conductors creates a continuous and constant pathway from the top of the structure to the ground. Additionally, meshed conductor lightning protection systems also provide better coverage than other types of lightning rods. This is because the mesh of conductors covers the entire roof and walls of the structure, rather than just a few points. These are some of the factors that are responsible for the rising demand for meshed conductor lightning protection systems and can also be seen in the recent product launches in this space.

“Amongst Applications, the Renewable Energy Industry segment is anticipated to grow at a significant CAGR during the forecasted period (2023-2030).”

Based on application, the market is segmented into towers, space shuttle launch pads, factories, buildings, telecommunication infrastructure, solar and wind energy facilities, and others. The renewable energy sector, specifically solar and wind energy facilities, is growing the fastest and showing rapid growth rates generating the maximum demand for lightning rods in the market. Several factors are driving this growth in the industry such as government policies and support, where many governments around the world have implemented policies and incentives in terms of feed-in tariffs, tax credits, grants, and renewable portfolio standards promoting the adoption of renewable energy. Furthermore, advances in solar and wind energy technologies have made them more efficient and cost-effective. Improved solar panels, wind turbines, and energy storage systems have contributed to the growth of the sector. Moreover, the rising global demand for electricity, coupled with the need for cleaner and sustainable energy sources, has driven the growth of solar and wind energy. Additionally, the cost of solar and wind energy has significantly decreased in recent years. The declining costs of equipment, installation, and maintenance make renewable energy more economically viable and attractive to investors. These are some of the factors that are responsible for the rising investments in renewable energy infrastructures across the globe, especially in the wind and solar industry, which in turn is further generating huge demand for lightning rods in the market and presents a huge growth opportunity as well in for the lightning rod industry.

“APAC is anticipated to grow at a significant CAGR during the forecasted period (2023-2030).”

Asia Pacific’s lightning rod market is going to grow fastest at a significant CAGR during the forecast year. The primary factors responsible for this growth are growing infrastructure development in the region where countries such as China, India, Taiwan, Thailand, etc., are investing heavily in their infrastructure to create favorable conditions for efficient manufacturing to become manufacturers for the world. Furthermore, renewable energy capacity additions such as wind and solar farms are highest in this region, with China leading the charge. For instance, as of 2021, China installed almost 47,000 megawatts of wind power capacity, which was the highest in the world, whereas the USA was only at almost 12,000 megawatts capacity. Moreover, the thriving service industry of these countries is also contributing to this growth, as with the growing services industry, the demand for commercial spaces is also increasing, which in turn is driving up the demand for lightning rods in the region.

Lightning Rod Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global lightning rod market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team

Research Methodology

Research Methodology for the Lightning Rod Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global lightning rod market were the three major steps undertaken to create and analyze the adoption of lightning rods in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global lightning rod market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the lightning rod market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the lightning rod market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, application, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the lightning rod market. Further, we conducted factor analysis using dependent and independent variables such as type, application, and end-user of the lightning rod market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the lightning rod market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global lightning rod market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the lightning rod market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global lightning rod market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global lightning rod market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the type, application, and end-user in the global lightning rod market.

The main objective of the Global Lightning Rod Market Study

The current & future market trends of the global lightning rod market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the lightning rod market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of type, application, and end-user
• Define and analyze the regulatory framework for the lightning rod
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the lightning rod market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the lightning rod market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team