LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global lightning protection system market is expected to grow at a CAGR of more than 5% during the forecast period.
This research report titled ‘Global Lightning Protection System 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Safety standards defined by the NFPA, UL, and BS EN 62305 (IEC 62305) have set the requirements for lightning protection systems to use quality products and installations standards. Vendors in the market follow these standards for reliability and services in terms of installations and maintenance. As buildings are equipped with a variety of sensitive electronic systems, lightning protection system serves as an integral protection equipment. The rising development of smart homes is also a factor that will influence the demand for lightning protection systems positively.
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Technavio’s energy research analysts categorize the global lightning protection system market into the following segments by end-user. They are:
Commercial end-users include buildings such as office buildings, educational institutions, shopping malls, churches, museums, and hospitals; transportation sources such as marine vehicles and aircraft; and the telecom industry. As commercial buildings deploy sensitive electrical equipment and are also occupied by a substantial number of people, it is critical for building owners to ensure proper lightning protection.
According to Neelesh Prakash Singh, a lead power research analyst from Technavio, “In commercial buildings, damages from electrical transients or surges are the major cause of equipment failure. Surge protection devices, a key component of lightning protection systems, play an integral role in applications across the commercial end-user segment.”
Residential end-users include apartment buildings, individual houses, row houses, and residential colonies. The growing number of incidences of lightning damages in the residential sector have led to the rising adoption of lightning protection systems.
“Manufacturers in the market are also offering decorative finials, antique structures, and glass balls that can be fitted with lightning rods. These decorative motifs encourage architects and clients to install lightning rods, which can not only protect their properties and lives but also enhance the appearance of a building,” says Neelesh.
The industrial segment includes end-users such as manufacturing plants, water and sewage plants, and nuclear power plants. Industrial end-users are highly prone to lightning strikes due to their structural aspects like use of extensive electrical wirings, the presence of flammable gasses and liquids, and large areas of operation.
Owing to the high risk involved in industrial end-users, the market for lightning protection systems in the segment is quite mature. This implies that the growth potential of lightning protection systems will be slow during the forecast period.
The top vendors highlighted by Technavio’s research analysts in this report are:
- A.N. Wallis & Co
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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