Market Size of Power Plant Lightning Protection Services Industry
| 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 |
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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.
