Global U.S. Lightning Product Market is Estimated to Witness High Growth

Lighting products are widely used to enhance visibility and safety during harsh weather conditions such as thunderstorms and heavy rain. Lightning products such as lightning protection system help in protecting lives and property from lightning strikes. The increasing incidences of lightning strikes each year have increased the need for installing efficient lightning protection systems in residential and commercial buildings.

Market Opportunity:

The opportunity to provide safety from lightning strikes is expected to drive the growth of the U.S lightning product market during the forecast period. As lightning strikes have potential to cause human casualties and property damage, there is an increasing need for effective lightning protection systems. Installation of lightning protection systems helps in diverting lightning strikes away from buildings and critical infrastructure, thus preventing loss of lives and minimizing property damage. With growing awareness about safety benefits, the demand for lightning rods and other lightning safety products is expected to increase markedly over the coming years. This growing need for safety will support the growth of the U.S. lightning product market size.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the market is highly fragmented with presence of many regional and local players. However, the requirement of strong supply chain, distribution network and brand recognition poses challenges for new players.

Bargaining power of buyers: The bargaining power of buyers is high due to availability of multiple options from regional, local and global brands. This leads to price sensitivity among buyers.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as suppliers have to maintain long term relationships with established brands for sustained supply of quality raw materials.

Threat of new substitutes: The threat of new substitutes is low as there is no direct substitute for specialized lightning protection systems used in various industries.

Competitive rivalry: The competitive rivalry is high due to presence of multiple global and regional brands competing on the basis of product portfolio, pricing and innovation.

SWOT Analysis

Strengths: Strong distribution network of key brands across regions. Established brands with strong brand recognition and loyal customer base.

Weaknesses: High dependence on seasonality and weather conditions leads to fluctuations in demand. Significant R&D investments required to develop innovative solutions.

Opportunities: Growing construction industry creating demand for integrated lightning protection solutions. Rising adoption in renewable energy industry due to increasing installations of solar farms.

Threats: Price wars among regional players impacting profit margins. Stringent quality & safety standards increasing compliance costs.

Key Takeaways

The U.S. Lightning Product Market Demand is expected to witness high growth over the forecast period supported by rapid growth of key end use industries. The construction industry in the U.S. is booming with increasing non-residential and infrastructure investments. This is driving demand for specialized lightning systems to protect large commercial buildings, industrial facilities and critical infrastructure from lightning strikes.

The global U.S. Lightning Product Market is estimated to be valued at US$ 255.7 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030.

Regional analysis: The Western U.S. region currently dominates the market and is expected to maintain its lead over the forecast period. This is attributed to high construction spending for transportation, energy and commercial projects in states like California, Texas and Florida. The Midwest region is projected to witness fastest growth during 2023-2030 on account of reviving manufacturing activity driving establishment of new production facilities.

Key players: Key players operating in the U.S. lighting product market are Elgo Irrigation Ltd., Netafim Ltd., Eurodrip SA, Jain Irrigation Systems Ltd., Hunter Industries, Inc., The Toro Company, and Rain Bird Corporation. These established brands have strong distribution presence across the country and are investing in new product development to consolidate their market position.

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