Power Plant Lightning Protection Services Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 11.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Power Plant Lightning Protection Services Market Analysis
The power plant lightning protection services market is expected to grow at a CAGR of around 11.5% during the forecast period. With the COVID-19 pandemic, the market witnessed no significant adverse impact. Though the nuclear and thermal power plants projects were delayed in 2020 however, the renewable utility sector saw growth with the commissioning of projects like 3.2 GW of solar PV projects in India. Power plant lighting protection is an essential service that needs to be installed in most power utility projects to save guard plants from lightning. Factors like the growing adoption of nuclear and renewable energy sources are likely to drive the market. However, factors like the availability of low-grade protection devices are expected to hinder the market during the forecast period.
- Renewable power plants are likely to be a significant segment that is expected to dominate the market during the forecast period.
- Countries like China, India, and several others have clean energy targets to reduce carbon emissions by 2030. In order to achieve the targets, the countries are likely to commission more renewable and nuclear power plants, which is likely to create an opportunity for the market to grow in the upcoming years.
- Asia-Pacific is expected to dominate the market, with the presence of countries like China and India during the forecast period.
Power Plant Lightning Protection Services Market Trends
This section covers the major market trends shaping the Power Plant Lightning Protection Services Market according to our research experts:
Renewable Power Plants is Likley to Dominate the Market
- Renewable power plants are the source of the cleanest and cheapest form of energy, due to which it has high adoption in several countries. During the last two decades, renewable energy has increased by more than threefold, from 753.8 GW in 2000 to 3063.9 GW in 2020.
- Solar photovoltaic is one of the significant segments that has increased tremendously during the last twenty years, and hence it is one of the major segments behind the market growth historically. Solar photovoltaic projects, primarily in the utility sector, requires lighting protection service to prevent a lightning strike.
- Hence, the market is expected to grow in the renewable sector with upcoming projects. The renewable industry has several upcoming investment plans and projects. As of 2021, the United States has nearly 70 GW of under-construction solar PV projects. Further, countries like India have almost 47.5 GW of solar utility projects in the pipeline at the end of 2020.
- Further, the majority of the countries in the world have targets for renewable energy by 2030. Hence to pursue the targets, the countries have various subsidy programs. For example, countries like China had provided a subsidy of around CNY 1.5 billion in 2020.
- Hence, with government support and upcoming renewable projects, the market is expected to have substantial growth during the forecast period.
Asia-Pacific to Dominate the Market
- Asia-Pacific is one of the leading regions with the highest power plant installed capacity. The region is primarily dependent upon thermal power plants for power generation. However, renewable is growing in a faster manner.
- China is the leading country with around 1110 coal power plants, followed by India with about 285 coal-fired power plants as of January 2022. However, these numbers would get reduced with the growing concern regarding air pollution in the region. Hence, to fill the gap in coal-fired power plants, the government are planning to have renewable, natural gas, and nuclear as an alternate power source.
- The region has a number of upcoming power plant projects, which are likely to increase the demand for lightning protection services. Some of the major projects are the 450GW of renewable projects in the Gobi desert and other desert locations in China.
- Apart from renewables, China planned 43 coal-fired power plants in August 2021. Further, the country had approved USD 1.1 billion for the construction of the Zhejiang coal-fired power plant (2 GW).
- India, on the other hand, has several power plant projects like the Godda (1.6 GW), Chhindwara (1.3 GW), Dahej (2.6 GW), and several other upcoming projects in 2021.
- Hence, with upcoming projects, the region is expected to dominate the market during the forecast period.
Power Plant Lightning Protection Services Industry Overview
The power plant lightning protection services market is moderately fragmented. Some of the significant companies include Ingesco Lightning Solutions, Scientific Lightning Solutions LLC, LightningMaster Corporation, VFC Group, and Lightning Eliminators & Consultants Inc, among others.
Power Plant Lightning Protection Services Market Leaders
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Ingesco Lightning Solutions
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Scientific Lightning Solutions LLC
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LightningMaster Corporation
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VFC Group
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Lightning Eliminators & Consultants Inc
*Disclaimer: Major Players sorted in no particular order
Power Plant Lightning Protection Services Market News
- In April 2022, ReNew Power Pvt planned to invest USD 9 billion in wind and solar projects in India until 2025. Goldman Sachs is likely to be a prime investor in the projects. Such projects are likely to increase the utilization of lightning protection services in India.
- Further, countries like the United Arab Emirates in October 2021 planned to invest USD 163 billion by 2050 in the renewable sector, thus would support the growth of the market during the upcoming years.
Power Plant Lightning Protection Services Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Forecast in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 End-User
5.1.1 Thermal Power Plants
5.1.2 Renewable Power Plants
5.1.3 Nuclear Power Plants
5.2 Geography
5.2.1 North America
5.2.2 Asia-Pacific
5.2.3 Europe
5.2.4 Middle-East and Africa
5.2.5 South America
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Ingesco Lightning Solutions
6.3.2 Scientific Lightning Solutions LLC
6.3.3 LightningMaster Corporation
6.3.4 VFC Group
6.3.5 Lightning Eliminators & Consultants Inc
6.3.6 Dehn SE
6.3.7 Plankton Engineering Pvt Ltd.
6.3.8 Brooke Edgley Specialist Technical Services Ltd
6.3.9 Empire Trading Agency Pvt Ltd
6.3.10 Hokushin Telnex Co. Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Power Plant Lightning Protection Services Industry Segmentation
The power plant lightning protection services market includes:
| End-User | |
| Thermal Power Plants | |
| Renewable Power Plants | |
| Nuclear Power Plants |
| Geography | |
| North America | |
| Asia-Pacific | |
| Europe | |
| Middle-East and Africa | |
| South America |
Power Plant Lightning Protection Services Market Research FAQs
What is the current Power Plant Lightning Protection Services Market size?
The Power Plant Lightning Protection Services Market is projected to register a CAGR of greater than 11.5% during the forecast period (2024-2029)
Who are the key players in Power Plant Lightning Protection Services Market?
Ingesco Lightning Solutions, Scientific Lightning Solutions LLC, LightningMaster Corporation, VFC Group and Lightning Eliminators & Consultants Inc are the major companies operating in the Power Plant Lightning Protection Services Market.
Which is the fastest growing region in Power Plant Lightning Protection Services Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Power Plant Lightning Protection Services Market?
In 2024, the Asia-Pacific accounts for the largest market share in Power Plant Lightning Protection Services Market.
What years does this Power Plant Lightning Protection Services Market cover?
The report covers the Power Plant Lightning Protection Services Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Power Plant Lightning Protection Services Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Power Plant Lightning Protection Services Industry Report
Statistics for the 2024 Power Plant Lightning Protection Services market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Power Plant Lightning Protection Services analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
