Dublin, March 11, 2021 (GLOBE NEWSWIRE) -- The "Lightning Protection Technologies (LPT) - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
The Pandemic Strikes an Unprecedented Lightning Blow to Lightning Protection Technologies. Market Slumps by -7.1%.
The global market for Lightning Protection Technologies is expected to decline by -7.1% in the year 2020 before recovering to reach US$ 1.1 billion by the year 2027, trailing a post COVID-19 CAGR of 4.8% over the analysis period 2020 through 2027.
Postponements of Infrastructure development projects have come as a heavy blow for building material manufacturers and suppliers. Transport restrictions have additionally played their role in disrupting production and supply of construction materials. Real estate, both commercial & residential, is collapsing under the weight of falling consumer disposable incomes and plummeting business confidence.
Lightning protection devices such as lightning arrester rod and lightning conductor which are installed on buildings to protect against voltage surges are therefore feeling the heat of disruptions consuming the construction industry. While the healthcare industry is likely to deliver a decent performance, lack of tax rebates for retrofit installations is expected to reduce investment in retrofit installations in industry and commercial verticals.
Lightning strikes hold negative economic implications owing to their impact on facilities and other structures, leading to heavy disruptions and losses. The Earth experiences around 100 lightning strikes per second, which culminates into over eight million strikes per day. The US witnesses around 25 million incidents of lightning strike a year.
The annual loss associated with unplanned downtime for the major businesses in the US has been estimated at $2.5 billion, which is considerably higher than deployment cost of lightning protection systems. The impact of lightning strikes increases sharply when the cost to small- to medium-sized businesses is also included. The overall cost related to lightning strikes to US property and industry is projected to be around 8-10 billion per year.
The US economy and industry relies heavily on the electronic and telecommunication infrastructure. However, these digital assets and infrastructure are susceptible to the damage caused by lightning or transient currents. The increasing incident of these strikes along with heavy economic consequences creates the need to properly absorb or control lightning strikes.
There are advanced technologies to offer effective protection for facilities and buildings from lightning strikes. The integration of sophisticated technologies for potential equalization, grounding, surge protection, lightning warning and structural lightning protection can reduce the damage and save billions of dollars per year.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- COVID-19 Pandemic Impacts Lightning Protection Market
- Pandemic Crisis Weakens Economic Environment, Triggering Negative Tide in GDP
- An Introduction to Lightning Protection Technologies
- Components of Lightning Protection System
- Types of Lightning Protection Systems
- Building Codes & Standards for Lightning Protection Systems
- Major End-Markets for Lightning Protection Systems
- Lightning: A Spectacular yet Destructive Natural Phenomenon
- Key Lightning Facts
- Global Lightning Protection Technologies - Growth Drivers and Challenges in a Nutshell
- Global Lightning Protection Systems Market to Exhibit Long Term Growth
- Recent Market Activity
- Pressing Need to Mitigate & Manage Lightning Strike Risks
- Market to be Driven by Increased Demand for LPT Installation in Commercial Facilities
- Comprehensive Solution and Improved End-User Experience to Drive Market
- Market Challenges
- Ignorance of Lightning Protection: Major Restraint in Developing and Under Developed Countries
- Installation and Functionality of LPT: Core Areas of Consideration
- Sluggish Technological Advancements Restraining LPT Market
- Lack of Harmonization in LPT Standards Leads to Obscurity and Uncertainty
- LPT Efficacy Data Empirical Rather Than Scientific
2. FOCUS ON SELECT PLAYERS(Total 119 Featured):
- A. N. Wallis & Co Ltd.
- Alltec Corporation
- AXIS Electrical Components Pvt. Ltd.
- Fatech Electronic Co., Ltd.
- K.M.L. Technology Co., Ltd.
- Lightning Eliminators & Consultants, Inc.
- Lightning Protection International Pty Ltd.
- Littelfuse, Inc.
- MTL Instruments Group
- NexTek, Inc.
- nVent Electric plc
- PT. Zeus Prima Garda
3. MARKET TRENDS & DRIVERS
- Construction Activity: A Key Demand Determinant
- Growth in Smart Home Numbers Drive the Need for Lightning Protection Solutions
- Growing Population & Urbanization Trend Influence Market Prospects
- Opportunity Indicators
- Relevance of Lightning Protection in Industrial Facilities
- Opportunities in Commercial Buildings
- Next-Generation Lightning Protection with Lasers
- Aircraft Industry: A Prominent Consumer of LPTs
- Rising PV Installations Up the Demand for LPTs
- Innovative LPT Crucial to Combat Petrochemical Tank Fires
- LPT Providers Benefit from Rising Demand for Wind Energy
- Wireless Antenna Industry Drives Demand for LPT
- Lightning Protection Standards and Guidelines
- Global Lightning Protection Codes and Standards
- Certification Process
- LPI Certified Designers & Installers
- International Lightning Protection Association (ILPA)
- FAA Lightning Protection Standards
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
- GEOGRAPHIC MARKET ANALYSIS
- UNITED STATES
- Lightning Insurance Reimbursement Scenario
- Assessment of Life and Property Damage by Lightning Fires in the US
- Urbanization Brings Down Lightning Fatalities
- Lightning Death Statistics in the US
- Lightning Protection Standards Drive Growth
- Market Analytics
- CANADA
- JAPAN
- CHINA
- EUROPE
- Lightning Protection Standards Drive Demand in Europe
- Standards for Design, Installation and Maintenance of Lightning Protection Systems (LPS) in Select European Countries
- Market Analytics
- FRANCE
- GERMANY
- ITALY
- UNITED KINGDOM
- SPAIN
- RUSSIA
- REST OF EUROPE
- ASIA-PACIFIC
- Asia-Pacific to Power Growth of Global Lightning Protection Technologies Market
- Asia-Pacific Standards for Design, Installation and Maintenance of Lightning Protection Systems (LPS) in Select Asian Countries
- AUSTRALIA
- INDIA
- Urban Constructions to Drive Demand for Lightning Protection Systems
- Market Analytics
- SOUTH KOREA
- REST OF ASIA-PACIFIC
- LATIN AMERICA
- Tall Building Structures Drive Demand for Lightning Protection in Middle East
- Market Analytics
- REST OF MIDDLE EAST
- AFRICA
- South Africa: More Lightning Deaths than Elsewhere in the World
- Market Analytics
IV. COMPETITION
- Total Companies Profiled: 223
For more information about this report visit https://www.researchandmarkets.com/r/fz5fli