PORTLAND, Oregon, December 10, 2018 /PRNewswire/ --
Increased demand for electricity due to rapid industrialization and launch of new and improved technologies are expected to propel the growth of the global earthing equipment market.
Allied Market Research recently published a report, titled, "Earthing Equipment Market By Product (MS Flat, CI Flat, And GI Wire) And End User (Residential, Commercial, And Industrial): Global Opportunity Analysis And Industry Forecast, 2018-2025". The report offers detailed analyses of the driving forces & opportunities, major market segments, top investment pockets, key player positioning, and competitive landscape. According to the report, the global earthing equipment market was pegged at $4.54 billion in 2017 and is estimated to reach $7.14 billion by 2025, registering the CAGR of 5.8% during the forecast period.
Increase in demand for electricity due to rapid proliferation of the industrial and residential sectors coupled with rise in demand for turnkey earthing solution and rapid growth of the construction industry drive the growth of the global earthing equipment market. However, fluctuating cost of raw materials and low product differentiation hamper the market growth. On the contrary, launch of new and improved technologies is expected to create lucrative opportunities for the market players in the coming years.
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GI wire segment to govern the global market
The GI wire segment held the largest share in 2017, contributing more than half of the total market revenue, owing to its increased usage in small- to large-scale earthing system and its requirement in completing the grounding circuit. Moreover, the segment is expected to manifest the fastest CAGR of 6.7% during the forecast period. The other segments analyzed in the report include MS flat and CI flat.
Major end users of the industry
The major end users analyzed in the global earthing equipment market include residential, commercial, and industrial. The industrial segment is expected to create lucrative opportunities in future. In 2017, the segment held the largest market share, contributing about half of the revenue owing to increased industrialization, where high power devices are used that require proper earthing for safety and security.
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Asia-Pacific to witness fastest growth through 2025
Asia-Pacific region is estimated to witness the fastest growth during the study period, registering the CAGR of 8.0%, owing to the introduction of new commercial and industrial building and developments in the region. However, North America dominated the global earthing equipment market in terms of revenue, contributing more than one-third of the total market share, owing to increased demand for earthing equipment due to higher number of electrically advanced residential, commercial, and industrial sectors. The other regions analyzed in the report include Europe and Latin America, Middle East and Africa (LAMEA).
Leading companies in the market
The report analyzes the major active players in the global earthing equipment market, including ABB, Crompton Greaves, Emerson Electric, Harger Lightning & Grounding, Kingsmill Industries UK Ltd., Alstom, Eaton, GE, Schneider Electric, and Toshiba.
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