Future Market Insights (FMI) forecasts a compelling journey for the lightning arrester market across the forecast period of 2022–2032, projecting a noteworthy Compound Annual Growth Rate (CAGR) of 6.5%. This trajectory is set to propel the market’s valuation to a substantial US$ 1,466.7 Million by the conclusion of 2032.
Amid this projection, a pivotal catalyst emerges in the form of an escalating emphasis on enhancing the safety of electrical equipment, spanning diverse applications including residential, infrastructure, and power plants. This focus on safeguarding against lightning-related risks stands as a pivotal driver, bolstering the growth dynamics of the lightning arrester market.
Elevated regulatory standards, harmonized with the escalating power demands of towering skyscrapers, culminate in an upswing in lightning arrester sales. Serving as a pivotal defense mechanism, the lightning arrester dissipates the potentially destructive energy of lightning strikes, thwarting their entry into a building and averting potential fires or electrical hazards.
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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 than 40% by 2032.
- By product type, the valve type lightning arrester segment is anticipated to grow with a CAGR of 7.7% 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$ 145.9 Mn by 2032.
- In terms of region, lightning arrester sales in South Asia & Pacific are estimated to increase at a CAGR of 7.2%.
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 billion in 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 Arrester Market Competitive Landscape
Among the industry’s key players are Eaton, ABB, Hubbell, GE Grid, Schneider Electric SE, TE Connectivity, Toshiba, and others
The lighting arreter market is moderately consolidated, with leading players accounting for more than 40% of the 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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About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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