New York, USA, Nov. 14, 2022 (GLOBE NEWSWIRE) -- Earthing Equipment Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Earthing Equipment Market Information By Product, End Use, And Region - Forecast till 2028”, the market is estimated to grow at a 5.5% CAGR to reach USD 7,140 Million by 2028.
Market Synopsis
An earthing device is a metal link that connects the neutral point, or body, of any electrical item, to a deeper layer of dirt. It contains a copper-bonded grounding rod, grounding wire, grounding clamp, solid circular, flat tape, and stranded conductor. Humans are protected from electric shock by the equipment, which is also used in residential and commercial settings to protect electronic equipment from overvoltage and lightning current flow. They aid in the prevention of electric shock from current flowing from electrical devices' uninsulated metal elements and protect against large electrical disturbances like lightning strikes and power surges. As a result, they are frequently utilized in industrial facilities and residential and commercial buildings.
The demand for alternative energy sources is likely to increase in the next years, and the construction industry is projected to expand quickly in emerging economies like China, India, and some other South Asian nations. The market for earthing equipment is anticipated to grow more rapidly due to the global expansion of the consumer electronics industry. By using low-resistance electrical wires, earthing is the technique of sending electricity straight to the ground plate. An earthing system or grounding system links installation components to the earth's conductive surface for functional and safety reasons. Fuse and residual current devices are examples of earthing equipment, which is a class of protective equipment. They are employed, among other things, to lessen the possibility of electric shock caused by current flowing from electrical devices' uninsulated metal components.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2028 | USD 7,140 Million |
| CAGR | 5.5% (2021–2028) |
| Base Year | 2020 |
| Forecast Period | 2021–2028 |
| Historical Data | 2019 |
| Forecast Units | Value (Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product, End Use, And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increased building activity and increased government investment in infrastructure development |
| Rapid industrialization, combined with strong growth in the building industry in recent years |
Market Competitive Landscape:
The focal contenders in the earthing equipment market are:
- ABB Ltd (Switzerland)
- GE (US)
- Harger Lightning & Grounding (US)
- Schneider Electric (France)
- Alstom SA (France)
- Crompton Greaves, Eaton (Ireland)
- Emerson Electric (US)
- Kings mill Industries Ltd (UK)
- Toshiba (Japan)
Market U.S.P. Covered:
Market Drivers:
The primary elements driving a good outlook for the market include rapid industrialization and the construction industry's notable recent expansion. There is a growing need for effective earthing equipment as commercial and residential structures, highways, tunnels, manufacturing facilities, and railroad tracks are built at an increasing rate, particularly in developing countries. In turn, this is fueling market expansion. Buildings must be earthed to neutralize short-circuit currents and safeguard occupants, equipment, and appliances against electrical surges. Other growth-promoting technical developments include the fusion of consumer devices with the Internet of Things (IoT) and artificial intelligence (AI), among others. Additionally, government requirements for earthing systems and the ongoing introduction of new and enhanced technologies are credited with creating profitable growth prospects for the earthing equipment market internationally.
In the upcoming years, the market for earthing equipment will experience significant expansion thanks to the industry's implementation of modern structures and systems for safety and operational reasons. Buildings must be earthed to expel short-circuit currents and safeguard occupants, equipment, and appliances against electrical surges. Other growth-promoting elements include technological developments, such as the fusion of consumer devices with the Internet of Things. This has led to a rise in smart appliances that require continual earthing, such as refrigerators and televisions, which is good news for the market. It is projected that further factors, such as the rising product demand from automakers and the reconstruction of the current power networks, would propel the industry further.
Market Restraints:
However, the market expansion is hampered by fluctuating raw material prices and a lack of design standards. Competitor businesses utilize a variety of defenses against copper theft concerns, including robust earthing systems. The market for earthing equipment faces several challenges, including a lack of product differentiation and rapid changes in product design specifications. The market for earthing equipment is also constrained by the high Voltage requirements for most earthing devices. These devices also need to be protected from overload currents because defective currents can harm the circuit and put users at serious risk.
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COVID 19 Analysis
The pandemic has seriously hit the earthing equipment market. The majority of sectors, except for those for medical aid and life support items, have been significantly interrupted. However, numerous manufacturers from around the world dominate the global market for earthing equipment. The firms employed various strategies to broaden their worldwide reach and establish a presence in the global market. Thus, it will support the expansion of the earthing equipment market and the industry.
Market Segmentation
By end-user, the market includes commercial, industrial, and residential. By product, the market includes GI earthing flats, MS earthing flats, and CI earthing flats.
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Regional Insights
Throughout the whole projection period, North America is the dominant area. However, LAMEA is predicted to come in second to Asia-Pacific as the profitable region with the highest development potential. Additionally, the North American region holds the largest market share for earthing equipment, which is anticipated to grow at a significant CAGR due to the rise in demand for technologically advanced electrical equipment that makes earthing equipment necessary. Due to its larger electricity usage and developed residential, commercial, and industrial sectors, the United States is the largest shareholder. Due to the expansion of the residential and construction sectors in developing countries like India, China, Brazil, and Mexico, the market for earthing equipment is anticipated to grow throughout the projected period. The range of applications for earthing equipment utilized in their electrical systems expands due to player competition and growth in sectors like industry and power. These elements have accelerated the market adoption of earthing equipment.
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