Pune, April 27, 2023 (GLOBE NEWSWIRE) -- According to a recent market study by Quince Market Insights, the Global Earthing Wire Market Size is expected to value at USD 2,309.6 million in 2023 million to reach USD 3,567.8 million by 2032 and is projected to exhibit a CAGR of 4.95% during the forecast period.
Earthing wires are an important component of electrical systems as they help protect people and equipment from electrical hazards such as electric shock and equipment damage. The market for earthing wires is driven by the growing demand for reliable and safe electrical systems, particularly in the construction, automotive, and aerospace industries. As these industries continue to grow and develop, the demand for earthing wires is expected to increase. The market is also influenced by factors such as government regulations and initiatives to promote renewable energy sources, which are expected to drive the demand for earthing wires in the solar and wind energy sectors. Copper and aluminum are the most used materials for earthing wires, while the construction and power generation sectors are the largest application segments for earthing wires.
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Some Significant Market Developments Considered in the Report:
- January 2021- Schneider Electric has acquired DC Systems B.V., a startup based in the Netherlands. The company specializes in active AC/DC microgrids, DC power conversion, and a wide range of DC solutions. Schneider Electric's expertise in providing resilient and sustainable energy infrastructures was strengthened by this acquisition.
- January 2021 - Eaton acquired Tripp Lite, a leading supplier of power quality products and connectivity solutions in the Americas, including single-phase uninterruptible power supply systems, rack power distribution units, surge protectors, and enclosures for data centers, industrial, medical, and communications markets. This acquisition expanded the company's distribution and product portfolio in the single-phase power supply system.
COVID-19 Impact on the Global Earthing Wire Market
The QMI team is closely monitoring the impact of COVID-19 on the global earthing wire market, and it has been observed that the demand for earthing wire is high during the pandemic time. It is anticipated to grow sharply during the analysis period.
To control the spread of the pandemic, many countries across the globe have enforced strict lockdown norms, which is hampering all kinds of business activities. COVID-19 has had a significant impact on the lives of entrepreneurs and their businesses. The pandemic struck without warning, wreaking havoc on the small business in the middle of nowhere.
The global economy and various industries have been significantly impacted by the COVID-19 pandemic, including the electrical equipment market, thereby the earthing wire market. The pandemic has caused supply chain disruptions, decreased product demand, and changed consumer behavior. The pandemic has had a variety of effects on the earthing wire market. For startups, the closure of manufacturing facilities and disruptions in the supply chain has resulted in a shortage of raw materials and components, slowing production and causing delivery delays. This has had an impact on the availability of earthing wires, affecting both manufacturers and end-users.
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Global Earthing Wire Market Analysis by Region
Based on region, the earthing wire market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
The US, Canada, and Mexico are covered under North America for market analysis. The US is the largest market for earthing wires in North America, with a significant CAGR expected during the forecast period. The US is the largest stakeholder among other countries due to higher electricity consumption and the presence of established residential, commercial, and industrial sectors.
The earthing wire market in Europe is also expected to grow significantly as a result of increased investments in the repair of traditional grid networks. Furthermore, the deployment of various array and export wire configurations will increase as the number of high-capacity offshore wind projects grows. The market for earthing wires is expected to grow due to the exponential rise in power consumption across residential businesses. Telecommunications, consumer electronics, automotive, and other low-voltage secondary applications all make use of these wires.
The earthing wire market in Asia Pacific is expected to witness growth at a high rate during the forecast period, owing to massive expansion of transmission and distribution networks, as well as growing urbanization and industrial projects in China and India. Rising demand for electricity also propels the power transmission and distribution systems market in Asia Pacific, and thereby drive the earthing wires market. The rising demand for electricity will drive the demand for earthing wires for infrastructural development.
The earthing wire market in the Middle East & Africa is expected to grow as well during the forecast period due to heavy investments on numerous projects in the construction, infrastructure, oil, and power sectors. Earthing wires are commonly used in industrial and commercial settings. They are frequently used in power transmission applications such as overhead, building, and underground wires. The regional market growth will be driven by rapid technological advancements in telecommunications and core electronics.
Brazil held the largest share of the South American earthing wire market due to the increase in construction and industrial operations in the country. The increased urbanization as a result of higher purchasing power is the primary driver for the demand for electricity and thereby earthing wires. Additionally, rising investment in a variety of projects in the construction, infrastructure, oil, gas, and power sectors is expected to drive the demand for earthing wires during the forecast period. Earthing wires and cords of various capacities are used on the low-voltage side of distribution transformers, buildings, and networks.
Some Major Findings of the Earthing Wire Market Report include:
- Major global market trend & forecasts analysis along with a country-specific market analysis for up to 25 countries
- An in-depth analysis of the earthing wire market by the segments, along with an analysis of trend-based insights and factors
- Profiles of major market players operating in the global earthing wire market, which include Abb (Switzerland), Eaton (Ireland), Schneider Electric (France), American Wire Group (US), Zenith Wire Industries (India), Harger Inc. (US), Jiangsu Jinling Special Cable Co. Ltd. (China), Longyou Longhui Plating Co. Ltd. (China), Zhejiang Meitong Conductor Technology Co. Ltd (China), Neskeb Wires & Cables (India), Squirrel Systems (Canada)
- Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players, along with their major investments in the last five years
- Key impact factor analysis across regions includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global earthing wire market
- Impact of the COVID-19 on the global earthing wire market
Leading Companies
The earthing wire market is highly competitive and is dominated by a few major players such as ABB, Schneider Electric, Siemens, Eaton, and Legrand. These companies are involved in the manufacture and supply of earthing wires, as well as related products such as grounding rods, clamps, and connectors. These players provide lower-cost alternatives to established multinational corporations' products, and they meet local demand for earthing wires in their respective markets.
Some prominent players in the global earthing wire market include:
- Abb (Switzerland)
- Eaton (Ireland)
- Schneider Electric (France)
- American Wire Group (US)
- Zenith Wire Industries (India)
- Harger Inc. (US)
- Jiangsu Jinling Special Cable Co. Ltd. (China)
- Longyou Longhui Plating Co. Ltd. (China)
- Zhejiang Meitong Conductor Technology Co. Ltd (China)
- Neskeb Wires & Cables (India)
- Squirrel Systems (Canada)
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Market Segmentation
Type of Wire Outlook (Revenue, USD Million, 2019 - 2032)
- Copper
- Aluminum
- Galvanized iron
- Others (Stainless Steel, etc.)
Type of Earthing Outlook (Revenue, USD Million, 2019 - 2032)
- Strip or Wire Earthing
- Pipe Earthing
- Rod Earthing
- Plate Earthing
- Earthing Through Water Main
End-User Outlook (Revenue, USD Million, 2019 - 2032)
- Industrial
- Commercial
- Residential
Regional Outlook (Revenue, USD Million, 2019 - 2032)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- South Africa
- Rest of Middle East & Africa
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