|By Business Wire||
|January 12, 2017 04:03 PM EST|
The global lightning rod market is expected to grow at a CAGR of close to 8% during the forecast period, according to Technavio’s latest report.
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Technavio has published a new report on the global lightning rod market from 2017-2021. (Graphic: Business Wire)
In this report, Technavio covers the market outlook and growth prospects of the global lightning rod market for 2017-2021. By end-users, the lightning rod market is divided into industrial, commercial, and residential segments.
Lightning protection systems are installed to ensure a safe passage for the lightning current to travel to the ground, without harming people or infrastructure. Currently, the majority of the manufacturers in the market are adhering to the safety standards provided by various international, national, and regional organizations. This provides customers the safety assurance for installing lightning rods. These standards are majorly affecting the increased adoption of lightning rods in the market, thus driving market growth.
Technavio’s research study segments the global lightning rod market into the following regions:
Americas: largest lightning rod market segment
“The market for lightning rods in the Americas is driven by the North American market, which is an established region accounting for maximum sales. The US registers the highest frequency of lightning strikes in North America, mainly from states like Florida, Louisiana, and Mississippi. The high levels of consumer awareness in the region is driving the adoption of lightning rods,” says Sarah Haque, one of the lead analysts at Technavio.
|This region is also home to Lake Maracaibo in Venezuela. The lake is along the Northern Andes Mountains, and the climate around the lake creates nocturnal thunderstorms 260 days in a year, the highest in the world.|
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EMEA: demand from the Middle East driving lightning rod market
The adoption of lightning protection systems is highest from the already existing buildings in Western Europe, and from newly constructed buildings in the Middle East. In Africa, the small town of Kifuka, in the Democratic Republic of Congo, experiences 158 lightning strikes per square kilometer per year on an average. The increasing awareness of lightning protection systems to prevent any accidents will have a positive impact on the lightning rod market in EMEA.
Also, the construction of tall buildings in the Middle East will have a massive impact on the adoption of lightning rods. Including Burj Khalifa, 19 of the tallest buildings in the world are in the Middle East. These buildings require lightning protection systems as they are more susceptible to lightning strikes.
APAC: fastest growing lightning rod market segment
“APAC is expected to post the highest growth globally, recording a CAGR of more than 8% through the forecast period. This growth is due to the increasing penetration of manufacturers of lightning protection systems in this region. The increased manufacturing is complemented by the increasing awareness programs for lightning protection, which is also a key driver for the region’s growth,” says Sarah.
The Lightning Awareness and Research Centre in India conducts lightning protection training programs, awareness camps, and workshops to create awareness among people, which will help lightning rod manufacturers to increase market penetration. Similarly, Sri Lanka conducts awareness programs through the school, administration, engineering, and research levels, thus driving market growth.
The top vendors in the global lightning rod market highlighted in the report are:
- A. N. Wells
Browse Other Reports:
- Global Aluminum Conductors Market 2017-2021
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- Global Power Cables Market 2016-2020
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
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.
If you are interested in more information, please contact our media team at [email protected].
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