Earthing Lightning Protection System Market Size, Share & Industry Analysis, By Type (Lighting Protection System, Earthing System), By Application (Commercial and Residential, Oil and Gas, Power Generation, Renewable Energy, Transportation, Others) and regional Forecast, 2024-2032
KEY INDUSTRY INSIGHTS
Extreme weather conditions like high wind speeds, heavy rainfall and lightning are on rise across the world. The consequences of lightning is always devastating as it damages the structures, as well as may create explosion, fire, and electric shock hazards. More than 50% of the lightning current discharged from the building’s protection system, rises back into the earthing systems of the electrical installation. Thus, the building protection system becomes incapable to protect the electrical installation. Therefore, earthing lightning protection systems should be implemented to provide protection to an electrical installation system.
The earthing lightning protection system delivers reliable, and long-lasting protection for structures and electronic systems seized within the building structure. The installers of this system need to choose the components in accordance with the requirements of individual sites. The mechanical requirements as well as the electrical criteria need to be considered and complied while installing the system. This solution has wide application in the commercial and residential buildings, oil and gas, power generation, renewable energy and transportation areas.
The market for earthing lightning protection is expected to excel in the coming years owing to growing concern of damage that would cause by lightning to building or structure, rising number of smart homes. However, rising industrial standards and stringent government regulations across regions may limit the growth of the market in near future.
Key Market Driver -
• Growing concern of damage by lightning to building or structure to drive the market • Rising smart home projects to fuel the market growth
Key Market Restraint -
• Stringent government regulations across the region may hamper the market growth
Key Players Covered:
Companies like ABB, Thorne & Derrick Among Others Continuously Strives to Provide Better and Safety Solutions
The main aim of companies operating in this market is to provide best safety product to industrial, commercial and technical customers across the world. The companies adhere to the standards require to develop this system to provide the highest level of safety available. The key players follow organic and inorganic growth strategies to stay competitive in the market.
Regional Analysis
The Asia Pacific region to hold maximum share in the market owing to rapid growth in urbanization, and growing preference for voltage sensitive home automation technologies. North America and Europe to hold significant share in the earthing lightning protection system market. Growing demand for electronic devices, rising safety standards, and increasing home automation technologies are some of the factors propelling the growth of the market. The Middle East & Africa and Latin America is projected to show relatively less share as compared to other regions.
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Segmentation
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Key Industry Developments
- June 2018 — The electrical department of Kolkata, India installed lighting protection system at many major parks in the state owing to frequent incidence of lightning which has caused the death of many people in the state.
- April 2016 — ABB launched QuickSafe, a next-generation surge protection device (SPD) to protect critical installations of hospitals, data centres, and banks from damage caused by surges in the power supply
- Ongoing
- 2023
- 2019-2022
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