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In North America, The Market For Lightning Arresters Is Anticipated To Grow At A 5.8% CAGR.

09-23-2022 07:13 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Future Market Insights

In North America, The Market For Lightning Arresters

The global lightning arrester market is expected to reach US$ 782.1 Mn in 2022, at a CAGR of 6.5% to reach a valuation of US$ 1,466.7 Mn by 2032. Lightning arresters are a necessary safety precaution for any building. Increased focus on electrical equipment safety in homes as well as other applications like infrastructure, power plants, etc., will boost global lightning arrester market between 2022 and 2032.

Regionally, North America is prone to frequent lightning strikes, which has been a leading cause of increased electrical equipment damage in the region. Hence, North America lightning arrester market is anticipated to grow at a CAGR of 5.8% through the forecast period.

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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.

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%.

"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.

Want More Insights?

The research report analyses the market demand trend for the lightning arrester. The global market is based on COVID-19 impact, macroeconomic factors, market trends & market background. As per Future Market Insights' research scope, the lightning arrester market report is studied and analyzed in the following segments such as by rating type, product type, end-use & regions. The lightning arrester market report gives us qualitative and quantitative information about the companies.

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About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10 years.

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