Market Trends of Power Plant Lightning Protection Services Industry
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.
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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.
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