Pune, June 08, 2021 (GLOBE NEWSWIRE) -- Earthing Equipment Market Analysis / Earthing Equipment Market Outlook
The global earthing equipment market size is predicted to grow at a 5.5% CAGR in the forecast period (2020- 2027), as per the Market Research Future's (MRFR) current report.
Earthing equipment, put simply, are various devices that are used to transfer electricity to the earth’s plate directly. The most widely used earthing equipment includes operating rod bags, specialist and earth clamp application heads, clamp sticks, pruning heads, insulated operating rods, and low resistance cables. Such components help in connecting buildings with a conductive surface placed inside the earth or at neutral point in the soil for enhanced safety. They offer protection against significant electrical disturbances like power surges and lightning strikes and aid to minimize the risk of electric shock from current leaking from uninsulated metal parts of electrical devices. Thus, they have wide applications in residential and commercial buildings and industrial plants. CI earthing flat, GI earthing flat, and MS earthing flat are the different types of earthing equipment. Owing to its alluring features and manifold benefits it has wide applications in various residential, commercial, and industrial sectors.
Attractive Features that Bolster Market Growth
As per the MRFR report, there are several factors that are fuelling the global earthing equipment market share. Some of these entail the growing need for alternative energy sources, rapid growth of the construction industry in emerging economies including India, China, & other South Asian countries, growing construction activities, rising government investments in infrastructure development in emerging economies, rapid industrialization, growth in the construction industry, and increasing construction of residential and commercial buildings, railway tracks, manufacturing plants, tunnels, and roads in developing nations. The additional factors adding to the global earthing equipment market value include the growing need for efficient earthing equipment, increasing use of smart devices like refrigerators and televisions that need constant earthing, the increasing product demand from automobile manufacturers and reconstruction of existing power grids. Besides, several technological advances like integration of consumer electronics with internet of things and artificial intelligence are the latest earthing equipment market trends.
On the flip side, fluctuating prices of raw materials, high price, and changes & absence of standards for product design may limit the global earthing equipment market revenue over the forecast period.
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COVID-19 Analysis
Unfortunately, the global earthing equipment market has faced the brunt of the COVID-19 outbreak. This is owing to several factors such as supply chain disruptions, demand share fluctuations, the economic outcomes of the pandemic, and the instant as well as future impact of the global crisis due to physical distancing trends and lockdowns imposed by the government all across the world have all affected the market growth negatively. However following relaxation of the lockdown in some parts the market is likely to return to normalcy soon.
The global earthing equipment market is fragmented and competitive due to the presence of different international as well as domestic industry players. They have incorporated an array of strategies to remain at the vanguard and also cater to the burgeoing requirements of the customers, including collaborations, contracts, partnerships, new product launches, geographic expansions, joint ventures, and more. Additionally, these players are also making huge investments in varous research and development activities for strengthening their portfolios as well as creating a hold in the market.
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Market Segmentation
The MRFR report highlights an inclusive analysis of the global earthing equipment industry based on end user and product.
By product, the global earthing equipment market is segmented into CI earthing flat, GI earthing flat, and MS earthing flat. Of these, the CI earthing flat will lead the market over the forecast period for the rise in industrial construction projects.
By end user, the global earthing equipment market is segmented into residential, commercial, and industrial. Of these, the industrial segment will dominate the market over the forecast period for the expansion of the industrial sector in India and China. These countries have expanded their manufacturing capabilities in the last decades to cater to the growing need for electronic goods and services.
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Regional Takeaway
North America to Precede Earthing Equipment Market
Geographically, the global earthing equipment market is bifurcated into Europe, North America, the Asia Pacific, and Rest of the World (RoW). Of these, North America will precede the market over the forecast period. Technological advances in the electrical equipment industry, the presence of several leading earthing equipment manufacturing companies like Harger Lightning & Grounding, GE, and Emerson Electric, increase in demand for technologically advanced electrical equipment, rising electricity consumption, presence of developed industrial, commercial, and residential sectors, and increasing manufacturing sectors are adding to the global earthing equipment market growth in the region. The US has the utmost market share with regards to both volume and value.
APAC to Have Promising Growth in Earthing Equipment Market
In the APAC region, the global earthing equipment market is predicted to have promising growth over the forecast period. Burgeoning need for earthing equipment, companies setting up operations in China and India that offer tax benefits and reduced manufacturing costs, the introduction of new industrial and commercial developments, constant launch of new and improved technologies, increasing adoption in the construction industry, various global manufacturers investing in the manufacturing sector, and the growing need for technologically advance electrical equipment are adding to the global earthing equipment market growth in the region.
Europe to Have Second Largest Share in Earthing Equipment Market
In Europe, the global earthing equipment market is predicted to have second-largest share over the forecast period.
RoW to Have Sound Growth in Earthing Equipment Market
In RoW, the global earthing equipment market is predicted to have sound growth over the forecast period for modern system or structure for safety and operational reasons are adding to the global earthing equipment market growth in the region.
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