Lightning Diverter Market Size, Share, Growth, and Industry Growth by Type (Below 35 KV, 35-110 KV and Above 110 KV), By Application (Transmission Line, Substation and Distribution Line), By Company (ABB (Thomas & Betts), Regional Forecast To 2031

Updated On: 22 April 2024

Lightning Diverter Market Report Overview

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The global market for Lightning Diverter is estimated at USD 1.1277 billion in the year 2022 and the market is projected to touch USD 1.3095 billion by 2030, exhibiting a CAGR of 1.9% during the forecast period. The market's growth and demand returning to pre-pandemic levels when the pandemic is finished is what caused the abrupt increase in CAGR.

A Lightning Diverter is a device, used on power lines, which contains billions of electronic switches that divert lightning around electronic device and protects them from damage of lightening incidences. Lightning strike adds wear and tear to electronic equipment’s, prematurely aging them, and requiring replacement. Even the smallest surge can shorten device life. Lightning diverter are key parts of the transmission and distribution lines. They protect the system's insulation and conductors from the harmful effects of lightning.

Strict regulations and increasing power consumption of developing and developed countries have led to a surge in demand for lightning diverters market growth. The Lightning Diverter market is predicted to grow at a considerable rate during the forecast period, between 2022 and 2030. In 2020, the market is growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected period. Demand from the telecom industry and the increasing incidence of damages caused by lightning strikes will be crucial in driving the growth of the market. Although, the lack of awareness in developing countries will affect market growth.

COVID-19 Impact: Disruptions in Machinery & Equipment Sector Impacted Market

The effects of the COVID-19 pandemic are already being felt on a global level, the global Lightning Diverter Market was significantly influenced. The outbreak of COVID-19 had a negative impact on production of lightning diverter devices. Before the COVID-19 pandemic, a modest growth rate in the Lightning Diverter market was witnessed globally. During the pandemic, the global electronic device manufacture industry has faced a dual impact. The production facilities of the electronics devices have been halted owing to the logistics slowdown and unavailability of the workforce across the globe. On the other hand, various companies all across the globe have discontinued the delivery of non-essential items which is affecting the Machinery and Equipment industry.

LATEST TRENDS

"Increasing Demand For Lightning Diverter From Coastal Regions To Aid Market Progress  "

Demand for lightning diverters is rising as coastal area and businesses are increasingly looking for ways to protect their electrical lines and devices from the threat of a lightning strike.  Although lightning rods remain the most common form of protection, lightning diverters are becoming increasingly popular as they can provide safety for a larger area at low cost. Therefore, as part of their modernization efforts, several countries have adopted to construct smart distribution Line technology. Increasing demand for lightning diverter from coastal regions coupled with growing focus on substation modernization is set to create a opportunity for the global lightning diverter market in the forecast period.

Lightning Diverter Market SEGMENTATION

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• By Type

Based on type; the market is divided into Below 35 KV, 35-110 KV and Above 110 KV . The Below 35 KV segment is anticipated to hold the major market share.

• By Application

Based on application; the market is divided into Transmission Line, Substation and Distribution Line. The transmission line segment is projected to capture the maximum market share during 2022-2030.

DRIVING FACTORS

"Renewable Energy Adoption To Boost Demand"

Growing demand for renewable energy has increased in order to control carbon release, and thus, ensuring the reliability of the power lines, Transmission Line, Substation and distribution Line has become more important. In addition, there is a need to improve the resilience of transmission lines for lightning strikes, so the need for surge diverter, which are protective equipment, is expected to increase more and more.

"Growing Electricity Demand To Boost Market Growth"

Growing electricity demand and electric transmission lines up-gradation is set to create significant chances for lightning diverter market. Demand from the telecom industry and the increasing vulnerability to damages caused by lightning strikes are driving the growth of the market. Although, the lack of awareness in developing countries will affect market growth.

RESTRAINING FACTORS

"High Initial Cost Of Lightning Diverter To Effect Market Growth "

Challenge for lightning diverter market players is the high initial capital requirement. New and alternative technologies are estimated to have a medium-to-high impact on the lightning diverter market in the forecast span. With the adoption of new technologies are being invented to increase the safety of electric devices such as CVM (collection volume method). CVM is an alternative to conventional lightning diverter products.

Lightning Diverter Market REGIONAL INSIGHTS

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"North America To Dominate Market Owing To High Lightning Incidence And Urbanization"

The North America is a lightning sensitive zone, with lightning strikes alone causing more damage to transmission Line and substation each year. Increased urban area have resulted in an increased demand of lightning diverter devices in the country. Distribution Line require proper lightning protection systems for the safety of their electrical devices, which in turn increases the demand of lightning diverter in the area.

KEY INDUSTRY PLAYERS

"Market Players to Boost Market Growth"

The report delivers information about the list of market players and their operations in the industry. The information is collected and reported with proper research, technological developments, acquisitions, mergers, expanding production lines, and partnerships. Other aspects examined for this market include companies producing and introducing new products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• ABB (Thomas & Betts)
• SIEMENS
• Hubbell
• Cooper
• TOSHIBA
• MEIDEN (TRIDELTA)
• Streamer
• Lamco
• Shreem
• Ensto
• GE Grid
• Jingguan
• China XD
• Fushun Electric Porcelain
• Hengda ZJ
• PG Toshiba (Langfang) Arrester
• FVA Electric Apparatus
• Silver Star
• Yikun Electric

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.