According to Future Market Insights (FMI), the lightning arrester market is estimated to develop at a CAGR of 6.5% from 2022 to 2032, reaching a worth of US$ 1,466.7 Million by the end of 2032. Increasing emphasis on electrical equipment safety in the home, as well as other applications such as infrastructure, power plants, and others, will play a significant role in driving the lightning arrester market during the forecast period.
The combination of a stringent regulatory environment and rising skyscraper power consumption has resulted in a rise in lightning arrester sales. A lightning arrester is a device that is installed on a building’s electrical system to protect it from lightning damage. The energy of the lightning strike is dissipated by the arrestor, preventing it from entering the building and triggering a fire or electrical shock.
Increasing electricity consumption, along with a greater emphasis on increasing renewable energy installed capacity, is encouraging utilities to invest in transmission and distribution networks. As a result, the lighting arrester market is expected to grow, as lighting arresters are used as safety devices in electrical systems.
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Lightning strikes are common in countries such as the United States, China, India, Indonesia, and Malaysia. Furthermore, a National Lightning Safety Institute study found that there has been a considerable increase in lightning-related accidents over the last decade, with more than $2 billion in property damage reported each year. While traditional lightning rods remain the most common type of protection, lightning arresters are becoming increasingly popular since they can protect a broader area for a lower cost.
Key Takeaways from Market Study
- By rating type, above 110 KV sales are expected to remain dominant during the forecast period and will account for more than 40% by 2032.
- By product type, the valve type lightning arrester segment is anticipated to grow with a CAGR of 7.7% through the forecast period.
- By end Use, the power Industry segment is projected to lead the lightning arrester market and is further anticipated to create an absolute dollar opportunity worth US$ 145.9 Million by 2032.
- In terms of region, lightning arrester sales in South Asia & Pacific are estimated to increase at a CAGR of 7.2%.
“Increasing lighting strokes incidents coupled with growing awareness regarding electrical equipment safety will boost the sales of lightning arresters in the forecast period.” says a Future Market Insights analyst.
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
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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