According to a new report by Univdatos, the Global Lightning Rod Market, is expected to reach USD Billion in 2030 by growing at a CAGR of 11.56%.
Key Highlights of the Report:
In October 2020, TRUMPF Scientific Lasers, based in Munich, launched the first commercial laser-guided lightning rod. This laser-guided lightning rod can extend the protective area of a traditional lightning rod to heights that would be impractical and costly for a physical object. The laser-guided lightning rod was developed by a consortium of Swiss lighting experts at the EPFL, with Prof. André Mysyrowicz, and ArianeGroup.
The world is seeing a surge in infrastructure spending as governments and private investors look to modernize and expand their networks. For instance, in the United States, President Biden's USD 1 trillion infrastructure bill is the largest investment in the nation's infrastructure in decades. Furthermore, in Europe, the European Commission has proposed a EUR 750 billion recovery plan to help the region's economy recover from the pandemic. In Asia, China is investing heavily in its Belt and Road Initiative, a massive infrastructure project that will span more than 60 countries.
In the United States, private investments in infrastructure have increased by more than 50% since 2017, reaching a record high of USD 51.7 billion in 2020. In Europe, private investments in infrastructure have more than doubled since 2015, reaching EUR 64.7 billion in 2020.
Green energy infrastructure spending is also on the rise globally. In the United States, the Biden administration has proposed a USD 2 trillion plan to invest in clean energy infrastructure, including electric vehicle charging stations, renewable energy sources, and energy efficiency measures. In Europe, the European Commission has proposed a EUR 1 trillion investment in green energy infrastructure over the next decade. In Asia, China is investing heavily in renewable energy sources, such as solar and wind power.
Lightning rods are a type of electrical safety device designed to protect buildings and structures from lightning damage. They are typically made of metal and are installed on the highest point of a building or structure, such as the roof or tower. The primary function of lightning rods is to intercept lightning strikes and conduct the electrical energy safely to the ground. This is achieved using a conductive material, such as copper or aluminum, which is designed to attract and conduct lightning strikes. Overall, lightning rods are an important safety measure that can help protect buildings and structures from the damaging effects of lightning strikes. They are a reliable and effective way to minimize the risk of property damage and personal injury caused by lightning.
The report suggests that the increasing number of high-rise infrastructures globally is one of the major factors driving the Lightning Rod Market during the forthcoming years. Furthermore, with the global construction industry growing at a steady pace, the demand for lightning rods is also increasing. As more buildings and structures are being constructed, there is a greater need for electrical safety devices, including lightning rods. Moreover, the increasing use of aircraft and watercraft has increased the demand for lightning rods. These rods are essential for protecting these vehicles from lightning strikes, which can cause severe damage to their electrical systems and pose a safety risk to passengers and crew. They are particularly important for aircraft and watercraft because they are often exposed to open skies and bodies of water, making them more susceptible to lightning strikes.
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Additionally, Additionally, the rising demand for renewable energy infrastructure is driving the growth in the market for lightning rods. As more wind turbines, solar farms, and nuclear power plants are installed, the need for lightning protection will continue to increase. This presents a significant opportunity for companies in the lightning rod industry to capitalize on this growing trend.
· For instance, as per the International Energy Agency (IEA), by 2022, the record-breaking increase in wind electricity generation by 265 TWh (14%) secured it a place as the second highest growth among renewable power technologies, behind solar PV. Striving for a Net Zero Emissions by 2050 Scenario, however, necessitates an average annual generation growth rate of approximately 17%. To make this a reality, the annual capacity increase from 75 GW in 2022 needs to be increased to 350 GW in 2030.
Several big companies are seeing a golden opportunity for growth in this field due to these factors and launching their products catering to the increased demand that’s been generated due to increased infrastructure development globally, which can also be seen from the pace at which products are getting launched in this segment. For example, In February 2023, Researchers at the Indian Institute of Science (IISc) developed a unique computational model to simulate how lightning can strike an aircraft, unveiling valuable insights that will aid in the design of effective lightning protective measures for aircraft. Lightning strikes can cause serious damage to an aircraft's surface, leading to temporary or permanent disruption in its electrical and electronic systems. In extreme cases, it can even ignite the fuel-air mixture around the engine, potentially resulting in an explosion, according to an IISc release.
The Meshed Conductor Lightning Protection System Segment of the Lightning Rods is Generating Maximum Traction in the Market
Meshed conductor lightning protection systems are the most widely used and hold most of the market share. The primary factor that is responsible for this domination is meshed conductor lightning protection systems consisting of a network of conductive wires or cables that are installed on the highest point of a structure, such as a tower or chimney. These wires or cables are designed to intercept lightning strikes and safely conduct them to the ground. Furthermore, meshed conductor lightning protection systems provide increased protection compared to other types of lightning rods. This is because the mesh of conductors creates a continuous and constant pathway from the top of the structure to the ground. Additionally, meshed conductor lightning protection systems also provide better coverage than other types of lightning rods. This is because the mesh of conductors covers the entire roof and walls of the structure, rather than just a few points. These are some of the factors that are responsible for the rising demand for meshed conductor lightning protection systems and can also be seen in the recent product launches in this space.
Conclusion
In conclusion, the future of lightning rods looks promising with advancements in technology and increasing environmental concerns. The benefits, such as increased lightning protection enabling building safe high-rise buildings, increasing green energy investments, and protection of electronics and electrical failure as well as fatal accidents in aircraft and watercraft will continue to attract more buyers. As the wind and solar energy infrastructure keeps on increasing globally, will further drive up the demand. Additionally, growing connectivity globally will further drive up the demand for aircraft for traveling as well and the telecommunication infrastructure will also increase and will lead to an increase in demand for lightning rods in the future.
Key Offerings of the Report
Market Size, Trends, & Forecast by Revenue | 2023−2030
Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
Market Segmentation – A detailed analysis by type, application, and end-user
Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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