State legislatures mandating the installation of lightning protection technology (LPT) systems in schools, hospitals, and other public buildings have greatly bolstered demand for the product. Telecom and wireless sectors can also provide a major thrust to the LPT market, as their control towers and base stations require protection from lightening strikes.
New analysis from Frost & Sullivan titled World Lightning Protection Technology Market has revealed that the market revenue totaled US $450.2 million in 2004 and is likely to reach US $695.5 million in 2011. Ramya Srinivasan, research analyst, Frost & Sullivan, said: “High-tech electronic equipment is extremely sensitive and damaged by voltage fluctuations and lightning strikes. Grounding solves this problem and ensures their safety.”
Rapid infrastructure development and greater industrialization develop as the market drivers because the increasing number of industries is a positive sign for the LPT market. Greater use of electronic equipment, in homes and offices, can also hike demand for these devices. Major LPT and grounding equipment end users like utilities, water treatment and nuclear power plants, warehouses, seaports, airports, the military, broadcast industry, houses and residential complexes, and healthcare will stimulate demand significantly. Commercial sectors including offices, stadiums, and golf courses are other likely sources of revenue.
Despite such bright prospects, the LPT market is restrained by confusion and misinterpretation among the customers on protection products. Every country has different standards and regulations, and such disorder can waste time, money, and other resources. In the US market, participants have to compulsorily meet the National Fire Protection Association (NFPA) Standard 780 and the Underwriter's Laboratories (UL) 96A standard. The European International Electrotechnical Commission (IEC) 1024 is the most essential and widely adopted document for LPTs.
LPT vendors’ primary focus is rationalization of products to accommodate different standards. Meanwhile, they have to retest and redesign their devices to meet the requirements and specifications of global industry standards. Participants need to expose potential customers to new technology as well. This is especially relevant for smaller firms that are apprehensive about investing in novel systems due to lack of adequate infrastructure and resources on their part. “Manufacturers can overcome this challenge by conducting extensive customer surveys and canvassing to give the products maximum publicity,” noted Srinivasan.
