Global Lightning Arrester Market is Projected to Attain 6.5% CAGR to Reach US$ 1,466.7 Million by 2032

The global lightning arrester market is on track to achieve a valuation of US$ 782.1 million in 2022, showcasing a Compound Annual Growth Rate (CAGR) of 6.5% in its pursuit to attain a worth of US$ 1,466.7 million by the conclusion of 2032. Lightning arresters, an essential safety precaution for structures, are gaining prominence in diverse settings including homes, infrastructure, and power plants, driven by an increased emphasis on electrical equipment safety. This trend is projected to propel the global lightning arrester market during the span from 2022 to 2032.

The North American region, susceptible to frequent lightning strikes that contribute to elevated electrical equipment damage, is expected to lead the charge. The North American lightning arrester market is anticipated to exhibit a CAGR of 5.8% throughout the forecast period, driven by the necessity for enhanced electrical protection.

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Key Insights from Market Analysis:

Dominant Rating Type: The above 110 KV rating type is projected to maintain its dominance throughout the forecast period, accounting for over 40% of the market share by 2032.

Growth in Valve Type Segment: The valve type lightning arrester segment is anticipated to experience robust growth with a CAGR of 7.7% during the forecast period.

Leading End-Use Segment: The power industry segment is poised to lead the lightning arrester market and is expected to create a significant absolute dollar opportunity valued at US$ 145.9 million by 2032.

Promising South Asia & Pacific Region: Sales of lightning arresters in the South Asia & Pacific region are estimated to increase at a CAGR of 7.2%.

Lightning Strikes and Protection:

Countries such as the U.S., China, India, Indonesia, Malaysia, among others, are prone to lightning strikes. According to the National Lightning Safety Institute, lightning-related incidents have significantly increased over the past decade, resulting in over $2 billion in property damage reported annually. While traditional lightning rods are common, lightning arresters are gaining popularity due to their ability to provide broader protection at a lower cost.
Competitive Landscape:

Prominent players in the industry include Eaton, ABB, Hubbell, GE Grid, Schneider Electric SE, TE Connectivity, Toshiba, and others.

The lightning arrester market demonstrates moderate consolidation, with major players contributing to over 40% of the market share. These industry leaders are expected to invest in technology advancements, expand distribution networks, and establish partnerships with significant 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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This release was published on openPR.